Guernsey ‘well poised to take advantage of future trends’

THE UK could take a leaf out of Guernsey’s book, according to the head of the body representing the UK’s financial services industry.

Tom Carey of law firm Carey Olsen (second from the left) at the Funds Forum in London. With him are, left to right, Damon Ambrosini of BDO, Miles Celic of TheCityUK, and Daniela Silcock of the Pensions Policy Institute. (30261335)
Tom Carey of law firm Carey Olsen (second from the left) at the Funds Forum in London. With him are, left to right, Damon Ambrosini of BDO, Miles Celic of TheCityUK, and Daniela Silcock of the Pensions Policy Institute. (30261335)

Miles Celic, chief executive of the TheCityUK organisation, praised the island’s flexibility and responsiveness at the 2021 Guernsey Funds Forum in London, organised by promotional agency Guernsey Finance.

TheCityUK is the industry-led body representing UK-based financial and related professional services.

Speaking during a panel discussion in which the importance of green finance was highlighted, Mr Celic referred to the recent United Nations climate summit in Glasgow.

‘COP26 wasn’t a flash in the pan. We are seeing a lot of transition financing, a huge appetite for green and sustainable financing – companies are leaning in, but fragmentation is challenging,’ he said.

There was also much that Guernsey and the UK could learn from each other in terms of best practice and both could leverage their ability to move quickly to capitalise on the opportunities presented by emerging technologies.

He added: ‘Guernsey is an example of a terrifically efficient and effective, globally-competitive centre outside of Europe. It’s nimble, it’s responsive, it’s proactive – exactly what the UK could be doing.’

Tom Carey, of law firm Carey Olsen, was also on the panel and said Guernsey’s finance industry delivered against the nexus of technology and climate change.

‘Guernsey is well poised to take advantage of future trends in alternative fund management with its world-renowned expertise in private equity fund administration, including innovations such as the first blockchain technology being created on the island,’ he said.

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