Monday 17 December 2018
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Time to tinker with the economic engine

Friday 07 December 2018

Time to tinker with the economic engine

Green initiatives and Fintech are among the priorities set out in a new policy framework for Guernsey finance sector, as part of the island's wider economic strategy.

Published today, it's a joint report put together by representatives of Guernsey Finance and the Guernsey International Business Association, after consultation with local businesses, other member associations and working groups.

The Committee for Economic Development and Guernsey Finance have jointly published it at weareguernsey.com and gov.gg.

finance policy framework

Pictured: The finance sector policy framework is out now. 

As well as setting out Guernsey's position as a financial services jurisdiction, the Policy Framework lays out plans for "creating growth and developing a sustainable long-term future for the sector."

With the States approving Guernsey's economic development strategy, set out by the Committee for Economic Development, in June this year, this policy framework builds on those guidelines and aims at further strengthening Guernsey's position as a "successful global finance centre."

The policy frame work has five priorities: 

  • Green and sustainable finance
  • Family office and private wealth services
  • Fintech: electronic AML and distributed ledger technology
  • Funds: global distribution and product development
  • Wealth management, investment and brokerage services

Working parties have been set up to work on those priority areas and they will now work out their own objectives, which are expected to be published soon.

An overall steering group will keep a track of the work that is being done and that will be chaired by Andy Sloan, Deputy Chief Executive, Strategy, Guernsey Finance. It will ensure that the Guernsey Finance backed policy framework aligns with the work of other government steering groups in areas such as digital connectivity. It will start meeting regularly from January 2019. 

Among its duties will be to: 

  • 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
  • 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

Andy Sloan IoD

Pictured: Dr Andy Sloan represents Guernsey Finance at a number of events, including at a recent IoD breakfast briefing. 

The policy framework is being welcomed by the man leading the island's overall economic strategy. Deputy Charles Parkinson, President of the Committee for Economic Development, said it was the right time to review the finance sector. 

“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.” 

Charles Parkinson finance sector policy framework

Pictured: Deputy Charles Parkinson has welcomed the finance policy framework. 

Deputy Lyndon Trott is the Chairman of Guernsey Finance, and he has also welcomed the framework. He said Guernsey can use it to rise to the challenge of any competition. 

“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.” 

lyndon trott finance framework

Pictured: Deputy Lyndon Trott is Chairman of Guernsey Finance. 

David Oxburgh, Chairman of the Guernsey International Business Association, was also involved in developing the framework. He said it will bring different industry bodies together.  

“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.” 

Pictured: Finance has been described as the engine of Guernsey's economy. 

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