Guernsey financial services policy framework offers positioning, principles and priorities
The States of Guernsey’s Committee for Economic Development and finance sector promotional agency Guernsey Finance have published a Policy Framework to support the growth of the island’s finance sector.
The new framework to develop financial services in Guernsey will give clear positioning, principles and priorities for the island’s promotional agency, Guernsey Finance.
Dr Andy Sloan (pictured), Deputy Chief Executive, Strategy, at Guernsey Finance, led the development of the framework and its priorities in conjunction with the island’s industry, government, and the regulator, the Guernsey Financial Services Commission, over the past 12 months. It forms part of the Economic Development Strategy laid out by the Committee for Economic Development earlier this year which was approved by the States of Guernsey in June.
It sets out an approach to create leadership for Guernsey’s finance sector, built on a range of global specialisms.
Dr Sloan says: “Growing global specialisms is all about positioning, principles and priorities. Positioning is about clearly defining ourselves as a specialist finance centre, one that is a force for global good, and a leading centre of sustainable finance.
“Principles builds on the qualities, characteristics and strengths on which we have built our success as a financial services centre – that is, stability, security, transparency, flexibility, integrity, specialisms and innovation.”
“Priorities is about having a clear concentration and focus on a pivot to private capital and wealth business. That could include servicing family offices or private funds, aligned to growing pools of capital in markets such as New York, the Middle East and the Far East.”
Dominic Wheatley, Chief Executive of Guernsey Finance, says that the policy framework offered a blueprint for the island’s financial services sector for the next decade.
“We look forward to building on the framework to outline a compelling vision for the island’s future as a global financial services specialist,” he says.