Jo Peacegood, Guernsey International Business Association Vice Chair and Housing Working Group Leader, said:
“The ability to attract and retain staff with the right skills, is a critical factor in the island’s competitiveness and the health of Guernsey’s economy. The finance sector employs around 20% of Guernsey’s working population but generates nearly 40% of the island’s GDP.
“Anecdotally, we believe that recruitment is still a challenge, and there are currently a number of open vacancies in the finance sector. This will ultimately have an impact on productivity and growth. Firms are resorting to outsourcing off island to deliver which is a missed opportunity in a number of ways including training opportunities and ultimately the impact on GDP / tax revenues.
“Whilst there will be many variables at play, the costs and availability of suitable accommodation play a significant role in recruiting and retaining staff.
“We need to ensure that industry and government are strategically aligned and committed to ensuring that Guernsey remains an attractive place to work and live.”
Guernsey Association of Pension Providers becomes a GIBA member association
22 January 2024
Guernsey Association of Pension Providers (GAPP) has become a member association of The Guernsey International Business Association (GIBA).
Formed in 1990, GAPP represents the interests of all those involved in the pension sector in Guernsey. The association aims to share a knowledge of pension issues and make representations as appropriate to States bodies and the Guernsey Financial Services Commission on pension matters.
GAPP’s members are local professionals who operate pension arrangements and other forms of provision for retirement in Guernsey. The association is also open to trustees and other professionals with an interest in the sector.
Paul Sykes, Chair of GIBA said: ‘GIBA is the representative body of the financial services industry in Guernsey, which represents and promotes the common interests of our members and Guernsey’s international finance industry. Whilst the banking and insurance and funds and fiduciary (trust) industries are long-established sectors of Guernsey’s financial services infrastructure, the pension providers are becoming a more and more important part of our finance industry. The pension sector is increasingly acknowledged as a ‘fifth pillar’ of the sector. As we proudly welcome GAPP, we strengthen our representation of the financial services industry in Guernsey.’
Roger Berry, Vice President of GAPP, said: ‘GIBA’s connections with the other local associations are invaluable and we’re proud to join forces to discuss and influence current issues. We’re looking forward to working more closely with the Association and its member associations in the coming months.’
GIIA’s ‘Insuring the Future’ student conference event
Last October, local students were invited to GIIA’s first ‘Insuring the Future’ student conference event.
GIIA’s aim was to give the next generation a taste of what life in international insurance is like, through an immersive and interactive experience.
When a global crisis hits, whether it’s a flood, fire, hurricane, tornado or something else, insurance providers must step into action to minimise the monetary fallout. Students gained valuable insight into risk management, global governance and the resilience needed to overcome these challenges.
Watch the video from the event here:
Finance Industry body confirms support of funding for promotional agency
21 November 2023
The Guernsey International Business Association (GIBA) has confirmed its support for an increase in members’ funding of Guernsey Finance for 2024. This is the portion of funding that is paid by finance sector companies to cover the costs of Guernsey Finance, which is a joint industry and government initiative.
The agency is jointly funded by industry and the States of Guernsey, with government funding included as a priority in the latest iteration of the Government Work Plan.
Guernsey Finance’s role is to promote Guernsey as an international centre of excellence for financial services through marketing, communications and business development, with representatives active in the island’s chosen markets around the world.
The agency is tasked with helping to promote the island’s finance sector in an extremely crowded marketplace against very well-resourced competitors.
In the last year, Guernsey has been named International Finance Centre of the Year at the Citywealth IFC Awards 2023 and risen 12 places in the latest Global Financial Centres Index. Guernsey also won European Domicile of the Year at the European Captive Review of the Year awards.
The work of Guernsey Finance also helps to ensure that influential bodies such as CityUK, the BVCA and the City of London Corporation understand the role that Guernsey plays in the flow of capital around the world and its value to the UK business community.
Deputy Nick Moakes, Chair of the Guernsey Finance Sector Forum and member of the Committee for Economic Development said: “I welcome this announcement. Guernsey Finance is responsible for promoting Guernsey’s finance sector on the international stage.
“Whilst Guernsey is already a leading international finance centre, it is incredibly important that we continue to promote Guernsey in what is a highly competitive marketplace. This additional funding will help Guernsey Finance to deepen and broaden its international engagement.”
Paul Sykes, Chair of GIBA said: “Our members have supported an increase in what companies will pay towards Guernsey Finance. We believe that the continuation of government funding for Guernsey Finance at the current level at minimum, must be part of the island’s economic development strategy.
“It is wholly appropriate that our industry supports the work of Guernsey Finance and vitally important for government to invest in the development in the sector which makes a significant contribution to the island’s GDP.”
The Guernsey International Business Association welcomes improved air connectivity
26 October 2023
Paul Sykes, Chair, The Guernsey International Business Association (GIBA) said:
“The Guernsey International Business Association (GIBA) believes that Aurigny’s new destinations will be welcomed by the finance community, particularly the London City and Paris routes. London City offers easy access to colleagues, clients and key intermediaries; the City remains an important financial district for Guernsey and this kind of connectivity helps to position the island as an accessible international finance centre. The Paris route will improve connections to Europe, and as an international hub, it offers business travellers more choice and improves the jurisdiction’s appeal to clients around the world.
“We hope the routes will be popular with islanders and can be maintained for the long term economic and social benefit of Guernsey.”
