"Together we are stronger"

Friday 02 October 2020

The Guernsey International Business Association has created an overview of the sector's importance to the island's economy, the career opportunities it creates and the "unprecedented" challenges it faces.

The document provides an introduction to the sector with contributions from each of its member associations about their field of specialism and what the future may hold. Express will be looking at each of these individually in the days to come.

GIBA Chairman Tony Mancini describes finance, which employs 7,000 people directly across nearly 400 employers, as the central pillar of Guernsey's economy. 

"The finance industry has driven Guernsey’s relative prosperity over the last 40 years, and we believe that can continue for many years to come," he said. 

"The industry adds in the region of £1.2bn to the economy - approximately 44% of the island’s economic output. Furthermore, Guernsey’s finance sector requires many ancillary services to support its operations. This benefits those working in marketing, real estate, hospitality and more."

At least 80% of those 7,000 people employed by the sector are local residents, raised and educated in Guernsey. 

Pictured: In the Guernsey Financial Services Commission, Mr Mancini said Guernsey has an internationally-respected regulator.

"It offers career opportunities for local school-leavers and graduates that usually can only be found in major finance centres like London," said Mr Mancini. "In addition, most employers also encourage flexible working of many kinds and genuine equality of opportunity."

At the heart of the sector is the presence of an internationally-recognised regulatory framework.

"The industry has a global reputation for quality, security, innovation and compliance with international standards. This is driven by Guernsey’s network of professional services and a robust, internationally recognised regulatory framework," said Mr Mancini. 

"Through the Guernsey Financial Services Commission (the GFSC), Guernsey has an internationally-respected regulator. The work of the GFSC, the aspiration of successive States to meet the highest international standards and the quality of our finance businesses mean that Guernsey is positively assessed as such regularly by international bodies like the EU, the OECD and the G20. We are also proud of Guernsey’s reputation for financial services innovation, including protected cell companies and the Guernsey Green Fund. 

"Being acknowledged as a leading global financial centre in the future is in no way guaranteed. Other centres are very well funded and very competitive. Guernsey needs to be agile and responsive in adapting to changing global standards, in implementing new products and in amending legislation to help us maintain our competitive advantage."

GIBA is the body that represents the financial services industry in Guernsey. Its members are the individual associations for each of the various sectors - banking, funds, insurance, trusts and private wealth, lawyers and accountants.

Pictured top: GIBA Chairman Tony Mancini.