In September consultants Oliver Wyman were commissioned, at a cost of more than £550,000, to work on a framework to guide the development and implementation of the prioritised initiatives which would help to define the island’s position in the global marketplace and help shape ambitions for the next decade.
The project has now entered its final phase, and the consultants are due to report to the Economic Development Committee in the first few months of next year.
Its aim will be to identify how Guernsey can best position itself for long-term success and growth over the next 5-10 years while strengthening the foundations of the industry.
The review covers all established financial services sectors – funds, insurance, banking, pensions and fiduciary services, as well as new and emerging sustainable finance areas including in the digital space, currently being accelerated by the regulator the Guernsey Financial Services Commission.
‘This collaborative effort to take a clear, evidence-based look at Guernsey’s financial services sector marks an important moment for the island,’ said Deputy Andrew Niles, the finance sector lead at Economic Development.
‘This strategy will introduce fresh ideas and create the conditions for our private sector to realise its ambitions, supporting sustainable growth for the decade ahead and beyond.
‘Businesses across many sectors continue to choose Guernsey because of our regulatory expertise, legal and tax stability, our close relationship with the City of London, and our strong adherence to international standards.
‘We have maintained a clear and compelling offer. But just as business does not stand still, nor can we. This work will help us respond to global economic shifts, bringing both opportunities and challenge and ensure Guernsey remains a jurisdiction of choice.’
Industry sources have said that the market positioning work carried out by the consultants is of ‘high quality’.
Jo Peacegood, chairwoman of the Guernsey International Business Association, said that a ‘well-researched and respected report’ on protecting, innovating and growing the industry should be seen as an important economic enabler.
‘The framework being developed will help ensure Guernsey can strengthen its competitiveness, seize new opportunities and support the island’s future prosperity,’ she said.
The cost of the project is being split three ways, with Economic Development paying nearly two-thirds of the cost, and the remainder supported by the GFSC and Guernsey Finance.
