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BVI Seeks To Reinvigorate Financial Services Industry

by Amanda Banks, Lowtax.net, London
20 August, 2014

The Government of the British Virgin Islands (BVI) has tasked a private sector consultancy to expand and diversify the islands' financial service industry and look at ways to strengthen the territory's reputation.

The Government has engaged the services of global management consultants McKinsey & Company to chart a new direction for the industry, the Government said on August 13, 2014. A team from the firm, comprising experts in financial regulation, asset management, and wealth planning, will undertake a nine-week consultation ending in mid-November. They will seek feedback from several committees made up of public sector representatives, domestic private sector practitioners, and other BVI international practitioners in Latin America, Europe, and Asia.

The Government has asked the firm to review BVI's existing legal and business environment to identify the health, quality, and productivity of the financial services industry. The team will also review other work previously undertaken by the BVI and advise on the suitability of these recommendations. Additionally, the project team will advise and assist the Government on building its support for the industry and on measures to better protect the international reputation of the territory.

Introducing the review, the British Virgin Islands' Premier and Minister of Finance, Orlando Smith said: "Over the past two years I have led a number of initiatives which sought to critically look at our financial services industry and determine how we should position ourselves for the future."

"Throughout that period the industry has been subject to a number of shocks which threaten the viability of what is our most important economic pillar. I am therefore pleased to have commissioned this latest engagement."

"I look forward to receiving the final implementation plan and the territory being able to move forward strategically as a global financial services leader, with a stronger and more diversified financial services industry."

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