The survey was sent out to local professionals, including CEOs and MDs of banks, law firms, accountants, insurance managers, private wealth providers and fund specialists. The results confirmed healthy business development and profitability – as reported by 92.9% and 83.3% of respondents respectively.
‘I’m pleased that the results of this survey are largely positive, but we must also be mindful of the issues it has raised,’ said Guernsey Finance chief executive Rupert Pleasant.
‘Two thirds of respondents expressed confidence in the future of Guernsey’s Financial Services sector, which is fantastic to hear. Confidence in the expertise and capacity to handle sustainability enquiries was also reported to be high – evidence of Guernsey’s enviable knowledge base in sustainable finance – with more than 90% of respondents now reporting that they receive enquiries in this field.
‘Conversely, the survey highlighted that many firms feel expertise could be improved for virtual assets and blockchain enquiries in order to take enquiries forward.’
Mr Pleasant said that the survey proved a useful temperature check of the local industry. However, while the results were largely positive, there were still challenges to be faced, with respondents identifying both housing and staff as key factors impacting on both the present and future prosperity of Guernsey’s finance sector.
A total of 83% of respondents identified housing as a key social risk to the island, while 79% said retention of staff was a major social concern.
‘We know that these issues affect other sectors as well as the financial services sector and left unchecked may eventually negatively impact on the overall health and wellbeing of Guernsey’s economy,’ he said.
‘It is clear that urgent action must be taken to address these issues.
‘Overall, this survey provides us with a useful tool from which we can learn and grow, adding our voice to areas in which the island is excelling, as well as areas in which we can improve.’