Industry groups and the financial regulator will join forces with the States and an external consultant to boost the island’s finance industry to make it fit for the next decade.
Economic Development, the Guernsey Financial Services Commission and the Guernsey International Business Association will jointly draw up a policy with the help of Oliver Wyman – which assists international finance centres with management consultancy.
The group will identify opportunities for growth, how laws and regulations should play a role, develop marketing strategies and address skills gaps.
Deputy Sasha Kazantseva-Miller, President of ED, this week told the States that the work would support the finance industry “which remains the core pillar of our economy”.
“As part of the new finance strategy, the Committee recognises the opportunities with digital assets, blockchain technologies and the trend towards more decentralised and open finance,” she said.
“The Committee is very well placed to drive work on finance sector development given the excellent political experience and skills in most sectors of finance.”
Deputy Andrew Niles, who is leading on finance for ED, said: “new opportunities will not simply arrive at our door. We must seek them out and ensure we invest in our future”.
William Mason, Director-General of the independent GFSC, said the focus would be on modernising regulations for digital innovators.
Meanwhile Guernsey Finance, the promotional body for the sector, said it would reinforce Guernsey’s position as a leading jurisdiction for private wealth, funds, insurance and banking.
Jo Peacegood, Chair of GIBA, added that the work would give firms a competitive edge and advantage by spotting new business and pulling down the barriers to access it.