Categories for Industry News

The Guernsey International Business Association (GIBA) announces leadership changes

The Guernsey International Business Association (GIBA) has appointed a new Chair and Deputy Chair.

Tony Mancini, a Tax Partner at accountancy firm KPMG, takes up the position of Chair. Tony has previously sat on the GIBA Executive Committee as Deputy Chairman. He has also served on the Guernsey International Fund Association (GIFA) Executive Committee and been a member of the Guernsey Society of Chartered and Certified Accountants (GSCCA) tax sub-committee.

Tony has recently worked with the States of Guernsey on their work on the island tax regime in relation to the EU Code of Conduct Group’s economic substance requirements. Over the years he has assisted the States with the formulation of tax policy and administration in a number of areas. He is also a member of the British Venture Capital Association (BVCA) Tax Committee in the UK.

Paul Hodgson, the Managing Director of Butterfield Trust (Guernsey) Limited, takes up the position of Deputy Chair, having also previously sat on the GIBA Executive Committee. Paul is also the current Chairman of the Guernsey Associations of Trustees (GAT).

An experienced finance professional, Paul is also a Non-Executive Director of the Guernsey Training Agency (GTA) and was previously a Non-States Member of Guernsey’s Public Accounts Committee.   He is a Chartered Accountant, Fellow of the Chartered Institute for Securities and Investment and a Member of STEP.

 

David Oxburgh now stands down after two years in the role of GIBA Chair and he will remain on the Council.

GIBA has a membership consisting of the associations representing all the major financial institutions and professional firms on the island and, as such, is the representative body of the financial services industry in Guernsey.

Tony Mancini says: ‘The financial services industry and the island currently face both challenges and opportunities. To meet these challenges and opportunities, it is vitally important for the different sectors and associations to work together and GIBA’s role in facilitating cooperation between the sector associations and presenting the industry view to the government is arguably more important than ever.

‘I am looking forward to supporting the industry in my new role, and on behalf of the GIBA Council, I would like to thank David Oxburgh for the tremendous work he has done in the last two years as our Chair.’

 

Collaboration is Key to Island’s Finance Industry Success

Guernsey’s finance industry is built on a bedrock of collaboration. The close working relationships between the various sector associations, industry bodies, the government and the regulator support the success of the many firms based in the island.

Much of this collaboration is done by volunteers sitting on industry association committees such as Guernsey Society of Chartered & Certified Accountants (GSCCA), Guernsey Investment Funds Association (GIFA),  Guernsey Association of Trustees (GAT) and Guernsey International Insurance Association (GIIA).

The Guernsey International Business Association (GIBA) is the representative body of the island’s financial services industry and engages regularly with the government and civil servants on a diverse range of issues affecting the industry.

GIBA also collaborates with other business associations such as the Institute of Directors, and supports firms with technical updates and tools like the new PDF which shows prospective finance industry employees the advantages of working in Guernsey.

‘The level of work that goes on in the associations and their committees is significant,’ says David Oxburgh, Chair of GIBA. ‘This support structure cannot be underestimated, it is one of the many reasons that Guernsey has much to offer the global finance industry.’

The recent work on the Income Tax (Substance Requirements) (Guernsey) (Amendment) Ordinance, 2018 is typical of the collaboration seen in the island and presented the biggest challenge in over a decade to international finance centres like Guernsey.

‘Guernsey needs to comply with these standards to avoid effective “blacklisting” by the EU and OECD, which would be hugely damaging to the island’s finance industry and ultimately our economy,’ explains Antony Mancini, Vice Chair of GIBA. ‘However, in complying it is vital that, as far as possible, existing business models – which largely meet the standards in practice – can be sustained under the new standards.’

The new legislation was approved by the States of Deliberation on 28 November 2018 following extensive work by a group of industry representatives drawn from the various sectors of the finance industry, who continue to work with Guernsey’s Revenue Service on developing the island’s new economic substance law, regulations and guidance.

‘This work has drawn on the expertise of our working group to understand how affected businesses work, how the international requirements can accommodate those business models and how internationally acceptable law and guidance should be framed,’ says Mr Mancini.

The GSCCA worked closely with the substance working group and continues to play a vital role in checking that the proposed regime fits within the existing tax legislative framework and will be workable for the different industry groups. Chair of the GSCCA’s Taxation Sub- Committee Jo Huxtable says: ‘The sub-committee meets quarterly and comprises representatives from a range of local firms. Our remit is to consider local and international tax developments impacting Guernsey and to work collaboratively as a committee, and sometimes with government, to ensure that the law and published practice make sense and are business friendly.’

These new international standards apply globally and consistently. So the Crown Dependencies, with similar businesses and challenges, need to find a common framework. There is no competitive advantage to be gained from differing rules and it is important for Guernsey, Jersey and the Isle of Man to work together.

The Guernsey Investment Funds Association (GIFA) is another group that proactively supports the local industry. Christopher Jehan, Vice Chairman of the GIFA Executive Committee, explains: ‘Within GIFA we have a number of sub-committees covering education, technical issues and marketing Guernsey’s fund industry in the UK and beyond.  

‘GIFA provides training events for our members which are free to attend and to which the presenters give their time freely.

‘Our technical committee responds to regulatory consultations, and may escalate actions to GIFA’s Executive Committee. We engage directly both with the regulator and with government – with civil servants and politicians – to give the issues we are raising a higher profile.  

‘For example, the new AML/CFT Handbook involved meetings with senior civil servants and senior Guernsey Financial Services Commission (GFSC) representatives on the same day to highlight the industry’s view. The engagement that followed from the GFSC resulted in significant changes in some areas.

‘Our marketing committee engages with Guernsey Finance with regard to roadshows and events, however in recent years we have also teamed up with the Alternative Investment Management Association (AIMA) to put on events in London outside of the work done with Guernsey Finance. We are looking to extend this by working with other associations on events both in London and potentially further afield.’

‘There are many other examples of collaboration,’ says Mr Oxburgh. ‘The Financial Services Policy Framework was the result of the work done by the Committee for Economic Development alongside Guernsey Finance, local politicians such as Gavin St Pier and Lyndon Trott, and key civil servants and representatives from the GFSC and GIBA.

‘The States of Guernsey’s Brexit working group is yet another example of how we are able to draw upon our industry expertise, for the greater good of the island’s economy.

‘It would not be an overstatement to say that our economy, of which the bedrock is the finance sector, is greatly boosted by the many volunteer hours given so freely by many islanders.’

GIBA March Industry News Round-up

The Brexit deadline has been and gone, but Guernsey’s finance sector remains buoyant and upbeat. GIBA’s monthly newsletter has all of the top stories from the industry and our member organisations.

Don’t forget to follow @GIBAGuernsey on Twitter and GIBA – Guernsey International Business Association on LinkedIn for updates and news throughout the month.

 

GIBA NEWS

Brexit Update – A More Level Playing Field is Good for Guernsey

GIBA’s Vice Chair Tony Mancini spoke at a Brexit briefing organised by We Are Guernsey and the States of Guernsey. He talked about international tax transparency and suggested that, as the UK agenda deviates from the EU, the OECD might create challenges for some of Guernsey’s competitive jurisdictions, resulting in a more level playing field. This, he explained, is good news for the island: “When competing on the same terms as other financial centres, Guernsey can hold its own.”

 

GIBA Technical Status Update

The March technical status update is now online in the members’ section of the GIBA website.

Read more

 

Reminder – GIBA’s New Recruitment Tool to Benefit Island’s Financial Services Industry

Anyone recruiting for roles in Guernsey’s financial services industry can use GIBA’s new interactive PDF, which showcases the many positive aspects of working and living in Guernsey.

From the opportunities for career progression to the wonderful work/life balance, Discover Guernsey has been written and designed to help local firms show potential recruits what a new life in Guernsey might have in store.

Download the PDF here.

 

BUSINESS NEWS

Guernsey Confirmed as a Cooperative Jurisdiction by ECOFIN

The Economic and Financial Affairs Council of the European Union (ECOFIN) reaffirmed its previous decision that Guernsey is a cooperative jurisdiction with respect to tax good governance.

Guernsey has met its commitment to address economic substance requirements and is not on ECOFIN’s updated EU list of non-cooperative jurisdictions.

In a statement, We Are Guernsey said: “This confirms that not only does Guernsey meet the international standards of tax transparency and the principles of fair taxation and is committed to fighting base erosion and profit shifting, but now also addresses any concerns that profits were not commensurate with the actual economic substance in the island.”

Read more

 

International Women’s Day Marked by Finance Industry

A number of finance firms marked International Women’s Day, including PwC who released their Channel Islands Women in Work Report which highlighted the gender pay gap and the potential for economic growth. The firm hosted a special event at St James to mark International Women’s Day and discuss the report findings.

Read more

 

Green Finance Continues to Grow

Dr Andy Sloan represented Guernsey Finance at a conference on sustainable finance which took place in Brussels.

The conference has seen the publication of a report, Shifting Gears, by the UN’s Financial Centres for Sustainability (FC4S) network, which is seeking to stimulate the development of green and sustainable finance.

Guernsey is one of 22 financial centre members of FC4S, and the report highlights the progress all are making.

To date, Guernsey’s action on green finance includes:

  • Creation of industry body Guernsey Green Finance.
  • The launch of the Guernsey Green Fund, the world’s first regulated green investment fund product.
  • The launch of the dedicated green segment on The International Stock Exchange.
  • Guernsey Green Finance is also making progress in the insurance and fintech sectors.

Read more

 

GIFA Sets Up Support Service for NEDS

GIFA has set up a support service for funds boards and NEDs. The Financial Protection and Advice Service (FPAS) for GIFA has been designed by Guernsey-based firm Thorndon.

Thorndon Director Jonathan Bates explained why the service is needed: “Fund boards and individual non-executive directors have enormous responsibilities in the pursuit of investors’ interests, yet little support is around them should they find themselves exposed to the risks faced in their roles, such as litigation and regulatory enforcement.”

Read more

 

FINANCE IN THE COMMUNITY

The charitable work done by Guernsey’s finance sector continues to support many people, groups and services in the community. Follow our Twitter feed and the hashtag #GsyFinance4Community; here are just a few examples:

 

 

Oak Group Makes a Splash with Guernsey Swim School

Oak is the new sponsor of the Beau Sejour Barracudas Swimming Club in Guernsey and is also supporting the Beau Sejour Swim School, benefiting over 2,000 swimmers of all ages and abilities.

Oak’s support ensures that Barracudas members can continue to compete at all levels in the sport including club, county, regional, national and international competitions.

Read more

 

Three More Years Support for Annual Soccer Festival

BWCI has announced it will continue its 12-year sponsorship of the annual mini soccer festival for another three years. The tournament benefits children from Years 4 and 5 and sees local teams play against UK academy sides.

The firm, which is marking its 40th year in Guernsey, also announced its support of the Guernsey Symphony Orchestra’s Family Concerts.

Read more

 

Investec Spreads a Little Happiness

‘Happiness expert’ Dr Andy Cope visited Guernsey in March to speak to schoolchildren, teachers and parents about positive psychology and the habits of happy people. The trip, which included three community events, reaching over 250 of the Bailiwick’s schoolchildren, was organised and sponsored by Investec.

Read more

 

APRIL DIARY DATES

There are two We Are Guernsey events this month, including:

 

9th April 2019 – London – Captive Insurance Seminar

30th April 2019 – London – Family Office Seminar

Read more

 

3rd April – Equality Guernsey – Breakfast Seminar

This is the first in a series of events to explore equalities and human rights. Meet the project ambassadors and learn more about what organisations can do to be more inclusive.

Book now

 

3rd-4th April – EY Careers and Skills Show

Beau Sejour

Guernsey’s annual careers show will showcase a number of finance industry careers. Find representatives from over 30 firms in the Dave Ferguson Hall. In addition, on the 3rd March, there is a line-up of informative talks about interviews, future proofing your career and online recruitment.

Don’t forget, the Careers and Skills Show is a fantastic place for people who want to return to work, or switch careers to get the inside track on what careers and jobs are available.

Read more

 

5th April – Guernsey Association of Trustees – Lunchtime Seminar

Lessons from the litigators – Pitfalls for Private Client Practitioners with  Howard Kennedy LLP. The session will focus on three key areas of practice for private client practitioners and the potentially contentious complications which can crop up in relation to them.

Book tickets

 

25th April – GIFA Academy – A Tax Haven?

Information about this event will be available shortly.

Book tickets

GIBA February Industry News Round-up

February Industry News Round-Up

February has been another busy month for Guernsey’s finance sector; here is our monthly newsletter with all of the top stories from the industry and our member organisations.

Don’t forget to follow @GIBAGuernsey on Twitter and GIBA – Guernsey International Business Association on LinkedIn for updates and news throughout the month.

 

GIBA NEWS

 

GIBA Launches A New Recruitment Tool for the Island’s Financial Services Industry

GIBA has produced an interactive PDF that showcases the many positive aspects of working and living in Guernsey.

From the opportunities for career progression to the wonderful work/life balance, Discover Guernsey has been written and designed to help local firms show potential recruits what a new life in Guernsey might have in store.

“The depth and breadth of expertise present in the island must be maintained to sustain an economically substantial financial services sector.

“As the local representative body of the finance industry, GIBA is keen to play its part in attracting the very best talent to the island,” says David Oxburgh, Chair of GIBA. “We encourage all local finance firms and recruitment agencies to use the PDF in their recruitment efforts.”

Download the PDF here.

 

GIBA Issues Statements on New Airlinks

February saw a number of new airlinks announced for the island, including FlyBe’s new route to Heathrow, Aurigny’s re-entry into the Southampton and Jersey market and Blue Islands’ service to London Southend.

Referring to the new Heathrow route, David Oxburgh, GIBA Chair, said:

“Business bodies have been very vocal about the need to improve air links, and particularly to international hubs, so GIBA is delighted that government has financially committed to supporting this trial – both with route development funding and the reduced airport charges for new routes.”

Read GIBA’s full statements here

 

GIBA Technical Status Update

The February technical status update is now online in the members’ section of the GIBA website.

Read more

 

BUSINESS NEWS

 

New Laws Could Make AI ‘Powerful Tool Kit for Island’

Guernsey can take a global lead in facilitating the use of artificial intelligence and other new technology in business with the drafting of new laws.

Finance industry chiefs said that the lodging of the Electronic Transactions (Electronic Agents) (Guernsey), 2019, Ordinance would offer certainty around the use of new technology – boosting confidence and enabling adopters of technology solutions to use the island.

Read more

 

Brexit is ‘Significant Opportunity’ for Domiciles with Close UK Relationship

Speaking at the regulator concerns panel at the World Captive Forum 2019 in Miami, Dominic Wheatley, Chief Executive of Guernsey Finance said that Brexit represents a “significant opportunity” for domiciles bearing good relationships with the UK.

Read more

 

Guernsey Reaches Record Levels of Private Equity Business

The value of private equity business in Guernsey reached its highest ever level at the end of September 2018, according to the latest fund statistics from the Guernsey Financial Services Commission.

The regulator confirmed that the net asset value of private equity funds in the island passed £120bn for the first time in Q3 2018.

Read more

 

Committee for Economic Development’s Charles Parkinson Makes Chamber Speach

Charles Parkinson spoke to Chamber of Commerce members this month, touching on the lack of investment in the island by the government and the need for a “holistic economic plan”.

He also spoke about the need for everyone to play a part in promoting a positive image of Guernsey and announced that a new vision document and economic roadmap will be released in the coming months.

Read more

 

FINANCE IN THE COMMUNITY

The charitable work done by Guernsey’s finance sector continues to support many people, groups and services in the community. Follow our Twitter feed and the hashtag #GsyFinance4Community, here are just a few examples:

 

First Central Insurance & Technology Group supports Three Local Charities

The IT department at First Central Insurance & Technology Group had a clear-out, and rather than just disposing of old laptops, screens and monitors, they were shared amongst the business in exchange for a donation to the business’ chosen charities.

In total, over £1,400 was raised for The Early Birth Association, RMCH Charity and PPBF.

 

Lloyds Bank Foundation Open for Grant Applications

Grant applications have been invited for local CI charities by Lloyds Bank Foundation.

Applications are invited from businesses that are delivering vital services to improve people’s lives and strengthen communities.

Read more

 

MARCH DIARY DATES

There are six Guernsey Finance events this month, including:

  • 12th March – International Trust & Private Client Forum Guernsey
  • 21st March – Pensions De-risking Insurance Briefing – London
  • 26th March – Guernsey’s Global Distribution Seminar – London

Find out more about these events.

 

Brexit Update

29th March
12-2pm
Duke of Richmond HotelGuernsey Finance and the States of Guernsey will be hosting a lunchtime seminar to provide an update on Guernsey’s stability, competitiveness and resilience as a place to do business in a post-Brexit world.
The event will consist of a series of presentations followed by a Q&A session:

  • Guernsey as a place to do business – Dominic Wheatley, Chief Executive, Guernsey Finance
  • Guernsey, Brexit and constitutional resilience – Deputy Lyndon Trott, Vice-President of the Policy & Resources Committee, and Chairman of Guernsey Finance
  • BEPS, Brexit and beyond: emerging international tax transparency – Tony Mancini, Deputy Chair of GIBA
  • Regulatory continuity through Brexit – William Mason, Director-General of the GFSC
  • Data adequacy and security – Colin Vaudin, Chief Information Officer, States of Guernsey

Register here

 

CI Human Capital Summit – The Future of Work

Bright Futures will welcome speakers from Amazon, the Financial Times, the OECD, the CBI, a range of technology businesses, HR professionals, employment lawyers and business leaders to talk about the changing face of the workforce and workplace.
Buy tickets here
GIFA Academy – Financial Crime
20th March
12.30-1.30pm
St James

The GIFA Academy was established to provide a source of information and education to individuals working within the fund sector in Guernsey

Register here

 

CI Human Capital Summit – The Future of Work

Bright Futures will welcome speakers from Amazon, the Financial Times, the OECD, the CBI, a range of technology businesses, HR professionals, employment lawyers and business leaders to talk about the changing face of the workforce and workplace.

Buy tickets here

 

GIFA Academy – Financial Crime

20th March

12.30-1.30pm

St James

The GIFA Academy was established to provide a source of information and education to individuals working within the fund sector in Guernsey

Register here

Discover Guernsey – a New Recruitment Tool for the Island’s Financial Services industry

GIBA has produced an interactive PDF that showcases the many positive aspects of working and living in Guernsey.
Guernsey has developed numerous niche leadership positions in financial services through excellence and innovation. The depth and breadth of expertise present in the island must be maintained to sustain an economically substantial financial services sector.
As the local representative body of the finance industry, GIBA is keen to play its part in attracting the very best talent to the island.

The document can be used by member associations, their individual and corporate members and associated service providers, such as recruitment agencies.

GIBA hopes that the document will be helpful in the recruitment process to explain the career potential of the local finance industry and answer typical questions that recruits may have about the island.

The PDF is interactive, linking to other relevant websites and useful sources of information. Practical advice on setting up home, registering with local service providers and exploring the Bailiwick is also included.

GIBA’s member associations can:

Upload and make available on their association website
Share a link to the PDF on social media feeds
Make the PDF available to their members
Ask their member contacts to share with their human resources department or send to local or off-island recruitment agencies

You can download the PDF here.