Promotional agency needs to stop 'empire building' and deliver

At the recent Guernsey Finance annual industry update he said: 'The way we promote ourselves is absolutely in our control, and so to my mind, Guernsey Finance has never been more important.' 'We need to remind people every single day that we are a world-class financial services centre.'

However, having also said 'we need to deliver in more markets', followed by 'It's not just about spending more money.' And with the Budget about to be debated, alarm bells began to sound.

Every year at this time, Guernsey Finance makes an impressive, upbeat, well-spun presentation to the industry and States members, usually followed by the request for even more money.

I think we have had enough empire building and as Chairman Trott is quoted as saying: 'Now is the time to deliver.'

The taxpayer should be demanding facts, figures and evidence from this promotional agency as to how their money is being spent. Is our finance industry being properly promoted? Are we in control? We continue to be accused of being a 'tax haven', or of encouraging shady deals, despite our strenuous regulation regime and protestations. Our name still remains unknown in huge areas worldwide.

Guernsey Finance should be addressing these issues as a matter of urgency, not empire building. Leave the finance industry themselves to continue to make inroads into China and elsewhere. They are perfectly capable of their own promotion abroad and continue to do so with success.

So, Guernsey Finance, stop empire building, cut down your trips abroad, stop opening offices, employing more representatives and concentrate your efforts on ensuring that our finance industry is promoted as being open and transparent, and well regulated, and that Guernsey is a safe and reliable place to do business.

This said, I must give credit to Richard Le Tocq, head of Locate Guernsey, who, almost single-handedly it seems, has been working very hard at promoting this island to wealthy individuals, and those bringing new business to the island. Reports in the Press show he has had some success and this needs to be encouraged.

And, all this has been achieved on a minimal budget. Guernsey Finance should take a leaf out of Richard Le Tocq's book.

JANINE LE SAUVAGE,

Meadow View,

Les Hubits de Bas,

St Martin's,

GY4 6NB.

Editor's footnote: A spokesman for Guernsey Finance replies:

'Guernsey Finance is a private/public agency funded by both companies in the finance sector and the States of Guernsey. By the very nature of its mission, which is to facilitate business and income for the island by promoting and connecting Guernsey's expertise as an international financial centre, it is focused on offshore promotion specifically into the financial markets of London, Europe, the Middle East, Asia, the US and South Africa.

'Official 2015 figures show that the finance industry remains the island's largest contributor to GDP at more than 33%, while it also directly provides jobs for one-fifth of the island's total working population. Through growth of island financial business, an additional 182 jobs were created over the last three years, contributing an extra estimated £34m. to our economy. Guernsey Finance has a team of 12 full-time staff, compared with a close competitor which has 33 people doing the same work. That team, like Locate Guernsey, believes strongly in the need for continued and proud promotion of the Guernsey advantage in a highly-competitive, global financial environment.'