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Guernsey Announces Financial Services Strategy

by Jason Gorringe, Lowtax.net, London
26 March, 2014

Guernsey's Commerce and Employment Department has released its Financial Services strategy paper, which discusses the future direction of the island's financial services industry.

Announcing the release of the report, Kevin Stewart, Minister for Commerce and Employment, said:

"The financial services industry is a significant part of Guernsey's economy and it is absolutely essential that we do what we can to protect and enhance the industry. The strategy sets out the way forward to ensure that Guernsey remains a top-tier international finance center, and provides the different sectors which make up the local financial services industry with certainty and guidance going forward."

The financial services strategy will be an evolving document that will be updated in response to ongoing changes within local, national, and international business environments, the department said. It focuses on three areas, namely:

  • The overall strategy for the future to ensure continued success within the financial services industry
  • Sector specific strategies including the Banking, Fiduciary, Investment Funds and Insurance sectors;
  • Plans for a review of governance and reporting, to ensure that the Government is working and communicating effectively, is maintaining a reputable and competitiveness business environment for the financial services industry, and keeps pace with financial services developments.

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