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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.

November Industry News Round-Up



Guernsey Participates in the Launch of UN’s FC4S European Green Finance Network

The United Nations’ Financial Centres for Sustainability (UN FC4S) launched its European arm this month in Dublin, Ireland, with Guernsey one of nine financial centres involved.

The new European network, which has its base in Dublin, sees Guernsey join other leading financial centres including London, Frankfurt, Paris and Zurich, in a broader European commitment to sustainable finance.

Read more


Green Insurance in Guernsey Discussion Paper

Guernsey Financial Services Commission (GFSC) has launched a discussion paper considering how the Bailiwick could become a supportive jurisdiction for green insurance.  

The paper covers regulatory changes in addition to wider sectoral issues relevant to the local insurance industry.

The closing date for responses to the paper is 29 March 2019.

Read the paper


TISE Launches Green Market Segment

The International Stock Exchange (TISE) has recently announced the launch of a new green market segment, TISE GREEN.

The segment has been established to enable those seeking investment in environmentally beneficial initiatives to highlight their green credentials. It also aims to provide easier access for investors who are looking to allocate towards those investments which have been verified as meeting globally recognised standards in green finance.

Read more




Guernsey Responds to Economic Substance Concerns

In 2016, the EU Council committed to coordinated policy efforts in the fight against tax fraud, evasion and avoidance.  The Code of Conduct Group was instructed to undertake a screening process whereby jurisdictions, including Guernsey, were assessed against three standards in respect of tax transparency, fair taxation, and compliance with anti-Base Erosion and Profit Shifting (“BEPS”) measures.

Guernsey has responded to these concerns by publishing draft regulations and initial key aspects guidance. A copy of the draft Income Tax (Substance Requirements) (Implementation) Regulations, 2018 can be found here.


GFSC Issues Handbook on Countering Financial Crime

The Guernsey Finance Financial Commission (GFSC) has issued, in final draft form, the revised Handbook on Countering Financial Crime and Terrorist Financing.

The revisions to the rules and guidance in the Handbook, together with revised legislation, will bring the Bailiwick’s AML/CFT framework into line with international standards issued in 2012 by the Financial Action Taskforce. It also addresses recommendations made by MONEYVAL following its mutual evaluation of Guernsey.

Read more


Guernsey to Secure New Customs Union with UK

Guernsey’s fiscal independence will be secured through a new customs deal with the UK – which will also help ensure businesses benefit from ‘frictionless’ trade after Brexit.

Home Affairs Vice-President Deputy Rob Prow, who has led the work on the new customs union agreement between the UK and the three Crown Dependencies, is positive about the new arrangements which mean there will be no trade barrier between Guernsey and the UK.

Read more


Guernsey Hosts Channel Islands 5G Summit

The regulator, representatives from the various telecos and government and industry representatives came together to discuss the introduction of 5G to Guernsey.

Many of the positive aspects of 5G connectivity were discussed during the day, including the ambition that it will help the island improve productivity, create the conditions for the Internet of Things to develop and support more technological innovation in Guernsey.

Read more



Private Wealth Forum Highlights Guernsey as Major Base for Family Office Moves

Guernsey is increasingly being considered as a base for family office structures, an expert in the sector told the first-ever Guernsey Private Wealth Forum in London.

Guernsey’s commitment to tax transparency and sharing information – while still offering privacy – is seen as a positive differentiator for the island.

Read more




Technical Report

GIBA’s latest technical status update is now online in the members’ section of our website:

If you need a password to access this area, please get in touch!

Read more


GIBA supports Skills Guernsey’s New Action Plan for a Highly Skilled Workforce

GIBA looks forward to contributing to the development of a financial services apprenticeship scheme and also to playing its part in encouraging local graduates to return and join the island’s workforce.

The Action Plan has been shared with industry groups throughout its development, to gain insight from businesses and understand how they may be interested in working in collaboration with Skills Guernsey.

Read more




Our Twitter feed this month has been busy with events and activities being sponsored by firms in the finance sector and related professional services.  

Check them out using the hashtag #GsyFinance4Community, and you’ll see what incredible support the industry gives our community. Here are just a few examples:


Beard Up for MUG

Male Uprising Guernsey’s annual Beard Up event has seen a wealth of support from the finance community throughout November. Northern Trust, Louvre, Carey’s Richmond Group and BDO Guernsey have all sported facial hair in support of the charity.


Arts for Impact

Generali Worldwide has teamed up with local charities Arts for Impact and Art for Guernsey to help improve the patient experience at Princess Elizabeth Hospital.

Read more


Guernsey Community Foundation Awards

Fantastic work by people and organisations within the finance community was recognised at the Guernsey Community Foundation Awards. Congratulations to all the winners and those shortlisted.

Read more




D&O Insurance: Same Old Cover – New Risks?

13th December

St Pierre Park

The Guernsey Investment Funds Association seminar will examine the cover and liability management in today’s market.

Read more


Guernsey Finance Industry Update

24th January

St James

The event’s keynote speaker Miles Celic, Chief Executive of TheCityUK, returns for a second year, alongside Guernsey Finance speakers Chief Executive Dominic Wheatley, Deputy Chief Executive, Strategy, Dr Andy Sloan, and Marketing Director Barnaby Molloy.

Read more


To share your event news and community activity on GIBA’s social media channels, please send information and images to

October Industry News Round-Up



Implementation of States Economic Development Strategy

David Oxburgh, welcomes the recent update published by the Committee for Economic Development (CfED) on the implementation of the States of Guernsey Economic Development Strategy and is encouraged by the prioritisation of the 20 growth actions.

He says: ‘GIBA is encouraged that the 20 actions to promote stronger growth’ have been categorised as critical, important or beneficial.

‘In particular, we are pleased that GIBA’s three main focus areas of transport links, skills and growing and developing the finance sector are all regarded as critical.  The other three action areas which have been categorised as critical are the digital, telecoms and the seafront enhancement area.’

Read David’s full statement here


Technical Report

The latest GIBA technical status report is now online in the members’ area on our website. If you need a login, please get in touch

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



Guernsey Agribusiness Fund Becomes World’s First ‘Regulated Green Fund’

Guernsey has registered a Guernsey-domiciled agribusiness fund as the world’s first regulated green fund.

The Cibus Fund, launched last year, becomes the first fund to be awarded the Guernsey Green Fund regulatory “kitemark” by the island’s regulator, the Guernsey Financial Services Commission, following the launch of the Guernsey Green Fund rules in July this year.

Read more


Dr Andy Sloan Discusses Guernsey’s Global Positioning

At a recent IoD seminar, Guernsey Finance’s Dr Andy Sloan announced that a ‘clarity and definition of the islands positioning’ was needed to make the island’s financial services sector relevant and successful in a post-2020 world.

He said it was time for: ‘a very deliberate positioning or re-positioning of ourselves as a sophisticated and specialist global finance centre.’

More news about the key messages and strategy he discussed will be available shortly but, in the meantime, he urged the audience to consider Guernsey as a specialist global finance centre servicing sophisticated global clients.


Guernsey PIF is a ‘Great Fit’ for ‘Non-Traditional’ South African Fund

The launch of a new Private Investment Fund in Guernsey from a South African manager is the latest of what is hoped could become a pipeline of fund launches from the country.

Guernsey Finance and industry practitioners were in Cape Town this spring promoting the island’s funds offering, including the popular Private Investment Fund, introduced in late 2016.

Read more


TISE updates Listing Rules to Attract Scale-Up Businesses

The International Stock Exchange (TISE) has revised its Listing Rules for trading companies, in particular, to appeal to Small and Medium Sized Enterprises (SMEs).

TISE has a long-term strategy of attracting more listings from growth companies based in the UK as well as its ‘home’ markets of the Channel Islands and the Isle of Man.

Read more




Our Twitter feed this month has been busy with events and activities being sponsored by firms in the finance sector and related professional services.  

Check them out using the hashtag #GsyFinance4Community, and you’ll see what incredible support the industry gives our community. Here are just a few examples:

Biggest Swimarathon to Date

This year’s Skipton Swimarathon saw around 3,000 people taking part in the fundraising event, 1,000 more than last year’s record-breaking figure.  

The main beneficiary this year will be Le Murier School’s Village Project. Money raised will go towards the building of four log cabins designed to help the students learn independent living skills.

Read more

Children, Parents and Teachers Enjoy Free Football

78 children, parents and teachers from La Mare Primary and La Mare High School took advantage of the free tickets provided by Aspire Guernsey in the Guernsey FC Aspire Youth Zone and witnessed an eight-goal thriller.


#BeardUp for MUG

The charity’s annual beard-growing fundraiser kicks off on Thursday 1st November. Weighbridge Trust has already pledged its support, and no doubt other firms will follow.

Chairman of MUG, Dan Collins says: ‘The financial services sector has always been a big supporter of MUG’s various male cancer awareness campaigns and fundraising activities. Beard Up is no exception and we encourage as many firms as possible to get involved and grow some facial hair this November.

‘Without everyone’s support, the charity could not carry on its work to help male cancer patients and spread our #GetChecked message.’

Sign up here




Monday 5th November – Disclose or Be Dammed

STEP Guernsey welcomes Michael Cash and Henrietta Mason from Penningtons Manches LLP who will review the recent English case of Lewis v Tamplin and the current state of the law on the rights of beneficiaries to information. They will examine the request by trust beneficiaries for more information about the trust, the actions taken, outcome and implications for trustees to consider.

Venue: The Dorey Room, St James

Time: 12:00 – 13:00 pm

For more information and to book your place click here


Wednesday 7th November – Following the Money
The Financial Intelligence Service in conjunction with the Policy & Resources Committee invite you to a presentation by Clark S Abrams, Chief, Money Laundering and Financial Investigations Unit at the Office of the Special Narcotics Prosecutor for the City of New York.

The presentation will focus on how financial services businesses can help prosecutors to crack down on the global drugs trade and will include:

  • Trade Based Money Laundering (TBML); Fraudulent trade documents and alternative payment systems
  • KYC; The antidote to money launderer’s sleight of hand
  • Be aware, or beware, of civil forfeiture (confiscation)

Venue: OGH, Regency Room

Time: 11:00 – 12:15 pm

For more information and to book your place click here


Thursday 8 November – Guernsey Private Wealth Forum

The first ever Guernsey Private Wealth Forum takes place next month, discussing political risk and its impact on private wealth.

The event will feature a keynote speech from Sir John Sawers, a former diplomat, followed by an afternoon tea. Session two will consist of a panel discussion of professional advisers to wealthy individuals and their families.

Venue: Graysons Christ Church Spitalfields, London

Time: 2:00pm – 5:10 pm

For more information and to book your place click here


Wednesday 14 November – Collas Crill Director’s Duties Conference

Collas Crill will be hosting a conference on directors’ duties during the life cycle of a company. From local cases, such as Carlyle to the much-publicised UK examples of BHS, Carillion and Sports Direct, the role of directors and the importance of corporate governance is an increasingly scrutinised subject.

Venue: Duke of Richmond Hotel

Time: 8.30am

Read more


Wednesday 14 November – Mourant Privilege Seminar

Mourant is hosting a privilege seminar with regulatory specialists, Robert Shepherd and Sally French.

The seminar will consider the SFO v Eurasian Natural Resources Corporation Ltd case. This case concerned documents created by a company investigating a whistleblowing complaint and whether the SFO was entitled to see those documents for its own enforcement action.

Venue: The Upper Rotunda, Royal Chambers

Time: 8.00am

Read more


Thursday 15 November – KPMG Tax breakfast seminar

Introduction of substance requirements for certain Guernsey tax resident companies.

The event is an opportunity to hear from KPMG on how the proposed changes may impact local companies. Speakers will provide insights on which companies are affected, what such companies need to do to comply with the proposals, the increased reporting required by companies, and finally what happens if everything goes wrong, which could ultimately result in the company being struck off.

Venue: KPMG, Glategny Court, Glategny Esplanade

Time: 8.00am

For more information and to book your place email


To share your event news and community activity on GIBA’s social media channels, please send information and images to

CfED Update October 2018

Economic Development Strategy Priorities Welcomed by GIBA

GIBA welcomes the update published by the Committee for Economic Development (CfED) on the implementation of the States of Guernsey Economic Development Strategy which will be debated at the States meeting on 28 th November.

Bearing in mind the concerns voiced at the recent Institute of Directors Convention that 20 priorities are too many, GIBA is encouraged that the 20 ‘actions to promote stronger growth’ have been categorised as critical, important or beneficial.

In particular, we are pleased that GIBA’s three main focus areas of transport links, skills and growing and developing the finance sector are all regarded as critical. The other three action areas which have been categorised as critical are the digital, telecoms and the seafront enhancement area.

Transport – Critical

On transport links, we are pleased that there will be an update to States members on the external strategic review of air and sea links infrastructure before Christmas. Hopefully coming from this will be action to develop the runway at Guernsey Airport. The repositioning of the safety area may well be a medium-term improvement and potentially could be dealt with in addition to and on a quicker time frame than any longer-term runway extension.

Given the inevitable timing of infrastructure improvements, GIBA continues to press for short-term action on air links including the waiving, or significant reduction, of landing charges at Guernsey Airport which are amongst the highest at airports in the British Isles. GIBA, therefore, welcomes CfED’s plan to bring an air routes policy letter to the same States meeting which will consider the infrastructure review. We very much hope that this will allow the flexibility for existing as well as new routes to be supported, whether through a reduction in landing charges or other means.

Keeping Young Talent on Island

On skills, whilst there have been many years of discussion and research, GIBA is pleased that a plan is now being developed to ensure Guernsey has and retains a highly skilled workforce. GIBA will play its part in encouraging local graduates to return and join the island’s workforce. We also look forward to contributing to the development of an on-island financial services apprenticeship scheme.

Financial Sector – Solid Foundation for Economy

The finance sector, of course, provides the foundation on which our economy is built, and whilst efforts are made to diversify the economy it remains critical that government continue to support the growth and diversification of the finance sector. Work continues apace on five key development areas, and a financial services policy framework is due to be published in November, with much of this work being led by Guernsey Finance.

Government funding of our promotional agency is, however, a fraction of the financing of the equivalent agencies in our competitor jurisdictions. Increased support and funding of the agency by both industry and government will be critical in maintaining and growing our finance and professional services sector which provides the bulk of the tax which funds government spending.

Attracting new financial services business to the island will also be key and with the new team at Locate Guernsey now announced and its funding renewed, we look forward to more joined-up working between these agencies to this end.

Update – Proceeds of Crime Legislation

Amendments to the Proceeds of Crime legislation will be considered by the States of Guernsey in December and the effective date for the commencement of the Ordinance will be 31st March 2019.

In light of this, the opportunity has also been taken to revisit the deadlines for the transitional provision arrangements. The matrix below outlines the revised timings:

Crime Legislation Matrix

For the avoidance of doubt, any MLRO or Nominated Officer who has been appointed under the current regulations will be grandfathered over to the revised framework, with no requirement to further advise the Guernsey Financial Services Commission or the FIS of the appointment.