Guernsey Seeking Fiduciary Industry Growth
by Jason Gorringe, Lowtax.net, London
07 March, 2016
KPMG in the Channel Islands has released the findings of its Government-commissioned review into prospects for Guernsey's fiduciary industry.
The fiduciary industry employs around 10 percent of the island's workforce and the Government is keen to identify opportunities for further growth. The review made a number of observations and recommendations including that:
- Guernsey should establish an "overarching body" accountable for determining, monitoring, and delivering a strategic plan for the fiduciary industry in Guernsey. This body should assume overall responsibility for the implementation of the review recommendations.
- Guernsey should differentiate itself as a jurisdiction of choice from other international finance centers by: developing a prestigious trust-/fiduciary-related qualification in conjunction with the GTA University Center; developing competitor analysis materials, including comparisons to the STAR trust and VISTA trust; and ease compliance with the "customer due diligence" and "know your client" requirements.
- The territory should assist the industry to target their offerings in those areas with the best opportunities for growth. This should include a study into where the best potential opportunities are for Guernsey and improved efforts by Guernsey Finance, the island's financial services promotional agency, with firms, in particular in relation to increasing awareness of the island's offerings in the area of tax planning for families and for investors.
- Guernsey should improve its strategy for targeting high net worth individuals; improve its presence at important events, including in London; and more widely publicize Guernsey's strong performance in regulatory assessments.
Kevin Stewart, Guernsey's Minister for Commerce and Employment, said: "I am delighted with the in-depth analysis which KPMG have undertaken on behalf of the Department, so that we can more fully understand the Fiduciary sector and opportunities for the island. This collective piece of work has highlighted the vibrancy and diversity of the fiduciary sector in Guernsey and the fact that the future is very bright for the sector with the local experts continuing to service the global client base. The strategic report, and the recommendations produced, will ensure that we are well placed to take advantage of, and become an even more important player, for the fiduciary sector."
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