June Industry News Round-Up
From beneficial ownership to airport security and passenger numbers, it 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 for updates and news throughout the month.
GIBA Chairman Tony Mancini commented on Guernsey’s plans to move towards a public register of beneficial ownership, saying: ‘The issue of public access to our beneficial ownership register is really important for Guernsey’s finance businesses. Our clients have many legitimate reasons for wanting to keep their affairs private and they value the ability that Guernsey has to achieve that in a responsible way.’
GIBA, the Institute of Directors and the Chamber of Commerce commented on an increase in Guernsey’s passenger numbers for Q1 2019. The statement expressed a positive response from the three business groups: ‘The improved connectivity and growing traffic numbers are supporting an improvement in sentiment amongst the business community as well as providing meaningful social benefits to islanders.’
GIBA Chairman Tony Mancini also responded to concerns raised in the States of Guernsey regarding the current delays being experienced with airport security at Guernsey airport. He stated that the security seemed to have deteriorated since the recent refurbishment of the security and duty-free area.
The Future of Guernsey’s Finance Sector
GIBA Chairman Tony Mancini shared his thoughts on the future of Guernsey’s finance sector, particularly in relation to the island’s air links and in comparison to Jersey. He said: ‘Much has been written about the problems of Guernsey’s air links, including the debate on the runway and also on the actual routes and connections available. For the finance sector, and by extension the rest of the economy, the perceived and real problems with air links and, crucially, how they compare with Jersey, comes at a particularly bad time.’
Minutes and Technical Update
The June GIBA Council minutes are now online in the members’ section of our website. You can find them here.
The States of Guernsey along with Jersey and the Isle of Man issued a joined statement announcing a series of steps moving towards publishing a public central register of beneficial ownership.
The GFSC has published revised guidance on the way private trust companies are controlled and administered by licensed fiduciaries. Welcomed by Guernsey industry, it includes outcome-based moves revising requirements for directorships.
FBI Praises Island in Fight Against Financial Crime
The FBI has highlighted to American senators the ‘immense value’ of Guernsey’s information sharing in helping combat financial crime.
States of Guernsey Financial Stability Report
The report published by the States of Guernsey indicates Finance sector GVA growth was strong in 2017 and total employment in the sector grew by 1.5% over the year ending Dec 18.
Guernsey’s Progress Praised
The island’s progress in Green and Sustainable Finance has been praised by a leading international figure in the sector.
Stephen Nolan, Managing Director of the International Network of Financial Centres for Sustainability, a United Nations initiative, was in Guernsey last week and said,‘The Guernsey Green Finance initiative is an example of what’s possible when people come together around the table. It doesn’t matter what size the financial centre is, it’s assessing what it actually means to them in terms of risk and opportunity.’
FINANCE IN THE COMMUNITY
The charitable work done by Guernsey’s finance sector continues to support many individuals, groups and services in the community. Follow our Twitter feed and the hashtag #GsyFinance4Community, here are just a few examples:
This year’s 30/30 Challenge raised £75,000 for Les Bourgs Hospice, supported by Julius Baer Bank. The event, now in its 12th year, has in total raised £740,000 since its inception.
Teams Lap Up Hellvetia Challenge
More than 300 professionals took part in this year’s Hellvetia Challenge, raising money for the Guernsey & Alderney Youth Commission.
Participants were encouraged to complete between one and 10 laps, which included cycling up and down the Val des Terres and running from Havelet slipway to the aquarium, and back towards Castle Cornet before finishing back at the slipway. Teams could share each lap, or laps, in any way they chose.
Oak Group Supports Newly Refurbished Multidisciplinary Room at the PEH
The new fit-for-purpose Oak MDT room will provide an up-to-date space where various doctors and specialists can meet to discuss the essential management of cancer patients in the Bailiwick with medical specialists based in the UK.
Mark Chasey, Chairman of Oak, commented: ‘Oak is a long-time supporter of MUG. We originally got involved with the MDT project as sponsors of the MUG cycle rides that were held to raise the money. However, when we heard that the charity required additional funds to make this refurbishment happen, we didn’t think twice about providing the rest of the funds.’
Bermuda Shorts Week
8 – 12 July
Bermuda Shorts Week is back, supported by Butterfield and raising money for MUG.
JULY DIARY DATES
STEP & GAT Economic Substance
Economic Substance – what next? A practical guide for pragmatic Trustees.
Monday 8 July – OGH
12.00pm – 1.15pm
STEP and GAT are hosting a seminar looking at economic substance with Neil Hoolahan of Grant Thornton discussing substance from a Trustees’ perspective.
Guernsey Chamber July Lunch
Are we there yet?
Monday 15 July – OGH
July’s Chamber Lunch considers the ‘big picture’ for Guernsey connectivity with Martyn Dorey. As the island potentially faces a perfect storm of a falling population, an ageing demographic and comparatively high travel costs, we will hear about the need to avoid the problems around those elements.
Family Office Briefing
Thursday 11 July – London
4.00pm – 6.30pm
Learn why Guernsey has an illustrious pedigree in the provision of wealth management to high-net-worth clients and their families, based upon three pillars of stability, security and service.