States of Jersey launches financial services policy framework

The Government of Jersey has today published the policy framework that will shape the direction of Jersey’s financial services industry.

The document sets out the underlying principles for the government’s support of Jersey’s main industry, and outlines the policies that are deemed vital to its future.

The policy framework has been based on four key priorities that were set out in last year’s independent jurisdictional review of Jersey’s financial services industry:

1. Sustain the core (protect existing business from the threat of competitive challenges)
2. Enhance enablers (excel in the areas that determine investors’ choice of location: the legal, regulatory and business environments)
3. Capture adjacent growth (attract business from the products, markets and services that are closest to our current positions)
4. Reposition and build new capabilities (explore more ambitious opportunities in less familiar business territory, repositioning our current offering and building new capabilities)

The Chief Minister, Senator Ian Gorst, the Assistant Chief Minister and Treasury and Resources Minister, Senator Philip Ozouf, and the Director of Financial Services, Joe Moynihan, presented the document to Jersey Finance Limited, the JFSC and industry representatives at a launch event today.

Treasury and Resources Minister, Senator Philip Ozouf said: “The financial services industry is vitally important to the Island and is key to our economic health. This is the first time that government has made a clear, joined-up and confident commitment to secure and enhance our position as one of the world’s leading finance centres. The framework set out in this document and the strategies that flow from it will allow us to build on our strengths and ensure that Jersey maintains an important role in the global economy of the future.

“We have also made it clear that government remains committed to maintaining strong standards of regulation, cooperation and transparency. Our reputation as a high-quality jurisdiction is an important part of Jersey’s attraction to new and existing business.”

Jersey Finance Limited CEO, Geoff Cook, added: “I am very pleased that the government has offered its full support to the financial services industry. Last year, Jersey Finance conducted an independent jurisdictional review of the industry and outlined a number of key priorities to secure our future. This policy framework outlines a clear direction from government, commends the industry’s achievements to date and highlights the potential for a bright future, all of which are very welcome.”