Economic Development and Guernsey Finance Publish Finance Sector Policy Framework
The Committee for Economic Development and Guernsey Finance have today published a Policy Framework to support the growth of Guernsey’s finance sector.
The Policy Framework lays out a clear approach to positioning Guernsey as a financial services jurisdiction, and to supporting the finance sector in creating growth and developing a sustainable long-term future for the sector. It forms part of the economic development strategy set out by the Committee for Economic Development and approved by the States in June 2018. It has been developed by Guernsey Finance in partnership with businesses, with the support of the Guernsey International Business Association and its member associations, through working groups comprising industry, government and the regulator to ensure a consistent and common jurisdiction-wide approach
The Policy Framework sets out an approach to create leadership for Guernsey’s finance sector built on a range of global specialisms. It will build on the qualities and strengths that have made Guernsey a successful global finance centre. It will also enable government, Guernsey Finance, industry and regulator to work together to put in place the necessary elements for Guernsey’s continued success in global financial services.
In line with the economic development strategy, the priorities remain:
1. Green and sustainable finance;
2. Family office and private wealth services;
3. Fintech: electronic AML and distributed ledger technology;
4. Funds: global distribution and product development; and
5. Wealth management, investment and brokerage services.
The Policy Framework also incorporates approaches and objectives to other sectors including insurance and pensions as well as setting out a clear geographic focus for development.
Each key priority area already has an established working group and policy statements on a scope of work and objectives have either been published or will soon be published.
Deputy Charles Parkinson, President of the Committee for Economic Development commented:
“Financial services are the engine of our economy. A decade after the financial crisis and with Brexit looming, we felt it was right to review our strategy for the finance sector in Guernsey. In late 2017 the government and Guernsey Finance agreed to work together more closely to do that, the objective being to develop a strategy for the future.
“This Policy Framework for financial services is the outcome of that work. It sets out our priorities, principles, objectives and approach to deliver continued growth and innovation in the sector going forward, and demonstrates that Guernsey remains a premier league finance centre that is avowedly open for business.”
Lyndon Trott, Chairman of Guernsey Finance said: “Guernsey’s specialist finance sector plays an important role in the global economy. We connect global investors and markets, successfully facilitating international capital flows and trade. We have proven our credentials as a responsible, global finance centre time and time again, and possess an impeccable track record and commitment to transparency.
“The global economy continues to provide challenge and opportunity. Competition is fiercer, the regulatory environment tougher. We are not complacent because we know that to remain successful, we must ensure that we continue to create the best conditions on island for firms to succeed. To do that, it is important that we set out this clear strategy for future competitiveness.”
David Oxburgh, Chairman of the Guernsey International Business association (GIBA) said:
“The new policy framework and the work streams within it have been informed through close engagement with industry on opportunities for the finance sector. GIBA and its members welcome this approach, and although the Policy Framework is being formally published this week, work is already moving forward – for example on green finance.
“The finance sector is the engine of the Guernsey economy, creating jobs and generating revenue to fund our island’s public services. GIBA welcomes the approach of Guernsey Finance and the Committee for Economic Development to build a partnership with industry in order to grow the finance sector, which in turn will deliver sustainable benefits and prosperity to Guernsey.”
A steering group, chaired by Andy Sloan, Deputy Chief Executive – Strategy, Guernsey Finance, will:
· Advise on the ongoing development of strategy and recommended policy developments in meeting the objectives of the policy framework;
· Review progress on the actions set out in the policy framework; and
· Report on progress to the Committee for Economic Development and the Finance Sector Forum, the regular monthly meeting which brings together the finance sector and government.
This group will also look to ensure that its approach is aligned with the work of the various government steering groups in other areas such as Digital Guernsey. The steering group’s first meeting will be in January 2019.