Guernsey: Commerce & Employment releases Financial Sector Strategy

The Financial Services strategy, which sets out a strategy for the future of Guernsey's financial services industry, has today been released by the Commerce and Employment Department.

In developing the strategy the Department has undertaken comprehensive consultation and achieved feedback from a variety of sources including financial services businesses, the Guernsey Financial Services Commission, Guernsey Finance and various other interested parties. Commerce and Employment has also worked with and through Policy Council's Fiscal and Economic Policy Group (FEPG).

Deputy 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 centre 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 and proactive work being undertaken. The strategy will also be used as a working document for implementation and to benchmark progress and delivery within set timeframes. The Finance sector strategy is a core and integral part of the Department's recently launched Strategic Framework for Guernsey's Economic Development.

The document sets out the challenge to continue the success of the financial services industry and focuses on:

1. The overall strategy for the future to ensure continued success within the financial services industry
2. Sector specific strategies including the Banking, Fiduciary, Investment Funds and Insurance sectors
3. A review of Governance and reporting. The aim is to ensure that Government is working and communicating effectively as possible and to facilitate a professional, reputable and competitive business environment for Industry. This is vital to meet the demands and complexities of financial services, its evolution, diversification and development.