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.”
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
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.
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
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.
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