One concern is that the bank has lost too much of the tacit knowledge of the workings of the financial-services industry needed to be a good all-round regulator.

ECONOMIST: The Bank of England

The department has said the lack of knowledge of trusts was a barrier for Guernsey's financial services sector in developing new business.

BBC: Guernsey foundation law 'a welcome boost'

But RSA, the security division of EMC, says 220 companies, including Target, Sears, Macy's, Sprint, T-Mobile and 14 of the 20 largest U.S. financial institutions, use its "knowledge-based authentication" (KBA) service and that it has a "false failure" rate (meaning folks flunking on erroneous public info) of less than 5%.

FORBES: Magazine Article