Jersey’s pioneering legislative and regulatory frameworks have positioned it ahead of the game

Jersey’s pioneering role in developing a strong judicial and regulatory framework is enabling it to continue attracting compliant and high quality private client business, according to panelists at a conference held in London this week.

An expert panel of speakers at the Jersey Finance Annual London Conference, held on 16th May at the British Museum, told an audience of over 200 wealth management professionals that Jersey’s ability to develop high quality legal and regulatory systems has earned it a global reputation as a leading centre for the right kind of private client work.

In the two expert panel sessions at the debate, which included a number of international, UK and Jersey practitioners, it was also suggested that there were specific opportunities for Jersey to focus on and grow its wealth management services for ultra high net worth individuals. The increasingly blurred definitions of ‘reasonable’ and ‘egregious’ tax avoidance schemes were also discussed.

Keynote speakers at the event were broadcaster Nick Robinson, who offered the audience an overview of the current global political landscape and his views on what this means in terms of future wealth creation, and Tom Purves, former CEO of Rolls Royce, who discussed the challenges in creating wealth and the importance of integrity and a strong, credible brand.

Geoff Cook, chief executive of Jersey Finance, who introduced the conference, said:

"A clear message to come out of this conference was that Jersey should take confidence in knowing that the private wealth management services it offers are world class, and that it should continue to focus on what it does best in order to succeed in an increasingly challenging world. It was pleasing to hear the panelists explain that Jersey has really set the pace with its product range, depth of expertise and commitment to enforcing stringent regulatory standards and that, although other jurisdictions have attempted to replicate what Jersey has done, they have by and large not done so well. Jersey is still considered to be ahead of the game, a position it clearly wants to maintain.

"It was a really excellent turnout at this week's conference, particularly in terms of the high proportion of attendees from the City and elsewhere in the UK. It demonstrates the continued attraction of Jersey for high quality wealth management services amongst UK professionals and reinforces the strong links with and the enormous contribution Jersey makes to the City of London.”