Categories for Industry News

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.

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.”

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

FINANCE IN THE COMMUNITY

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.

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

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

CI Human Capital Summit – The Future of Work

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

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.

January Industry News Round-up

2019 has got off to a flying start for Guernsey’s finance sector; here is our monthly newsletter with all of January’s top stories from the industry and our member organisations.

Don’t forget to follow @GIBAGuernsey on Twitter for updates and news throughout the month.

BUSINESS NEWS

Looking Ahead With the Guernsey Finance Industry Update

Guernsey Finance’s annual industry update informed the local finance industry on progress made in 2018 and plans for next year at its annual Industry Update on Thursday 24 January.

The event offered a broad overview of the business and political climate in financial services nationally after a tumultuous year and updated attendees on the agency’s activities in business development, strategy, off-island PR and marketing.

If you missed the event, you can review the presentations here.

Guernsey Drafts World-First Laws on Smart Contracts

Guernsey has drafted new laws to offer certainty regarding the use of electronic agents in transactions and contract matters and to create a secure environment for the exploitation of technology for specialist financial services.

The Electronic Transactions (Electronic Agents) (Guernsey), 2019, Ordinance aims to offer greater certainty in the use of artificial intelligence and distributed ledger technology, and to encourage adopters of technology solutions to use Guernsey.

TISE Breaks Records With New Listings in 2018

There were 865 new listings on the International Stock Exchange (TISE) during 2018.

This represents an increase of 160 (22.7%) on 2017 and is the largest number of securities listed in a calendar year on the Exchange since the business was established in 1998.

It took the total number of listed securities on TISE to 2,857 at the end of December 2018. A number of firms joined as Listing Members of the Exchange during 2018, including ILS specialist Solidum Re (Guernsey) ICC Limited, Isle of Man-based FIM Capital and, in Jersey, Intertrust Securities, as well as Maples and Calder.

Finance Sets Out Key Messages to Promote Guernsey

How we all talk about the jurisdiction can make a big difference to how it’s perceived by clients and our colleagues in other locations.

Guernsey Finance has collaborated with industry representatives to produce a set of core messages which define and differentiate Guernsey’s financial services industry.

GUERNSEY GREEN FUND

Global Asset and Risk Manager Receives Guernsey Green Fund Designation

Insight Investment, a global asset and risk manager, has become the latest manager to seek a Guernsey Green Fund designation for one of its funds.

Insight received a Guernsey Green Fund accreditation for its farmland fund, the Global Farmland Fund Limited (GFF), which invests in farming projects worldwide.

BREXIT

Gavin St Pier Issues Statement Detailing Guernsey’s Preparedness for Brexit

In the absence of the UK approving a Withdrawal Agreement regarding Brexit, Gavin St Pier, President of the Policy & Resources Committee, has issued a lengthy statement detailing Guernsey’s preparedness.

Key points included:

The opportunity for Guernsey to join the UK’s membership of the World Trade Organisation (WTO) is being actively pursued – with a meeting with Dr Liam Fox next week “to progress this matter to a conclusion.”
Guernsey has adopted legislation based on the EU General Data Protection Regulation (GDPR) and has been granted adequacy status by the EU Commission. This will not change as a result of Brexit.
With many businesses not wanting to have discussions about Brexit in public, Gavin St Pier is encouraging businesses to make contact for information and support.

Financial services businesses should make contact with Darren Stephens in the Finance Sector Development team via the gov.gg website contact page.

The full statement can be read here.

GIBA NEWS

GIBA would like to thank James Travers for his work as GIBA Council Secretary and inform members that Carl Rosumek has assumed those responsibilities as well as his duties as the council’s technical resource.

GIBA Chair Discusses the Future of the Financial Sector

Guernsey Press Q4 Business Review touches on substance, public registers, Brexit, economic growth for Guernsey and much more.

David Oxburgh, GIBA Chair, also offers his views on Guernsey’s stability as a jurisdiction, alongside the future of the local banking sector.

GIBA Council Meeting

The latest summary of GIBA council meeting minutes is now online in the members’ area of our website.

FINANCE IN THE COMMUNITY

Loud Tie Day

Bowel Cancer Guernsey received some fantastic support from the industry for its annual Loud Tie Day and inaugural Skipton Smith Street Dash which saw teams from Louvre Group, Ravenscroft and Equiom Group take part.

Saffery Rotary Walk

A fantastic 23 local charities will benefit from this year’s Saffery Rotary Walk. It’s the sixth year that the accountancy firm has sponsored the fundraising event.

FEBRUARY DIARY DATES

14 February

ILS Insight London

Information and tickets

25 February

Compliance Briefing: Guernsey’s AML/CFT Handbook Updates

Information and tickets

26 Feb – 1 March

Super Return International

Information and tickets.

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