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.
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.
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.”
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.
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.
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.
3rd-4th April – EY Careers and Skills Show
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.
25th April – GIFA Academy – A Tax Haven?
Information about this event will be available shortly.