Guernsey’s finance sector is perfectly set up for growth in the next few years, according to the new head of Guernsey Finance – the industry’s promotional body.

Barnaby Molloy, Chief Executive, told Express there was a “real buzz” among the nearly  300 attendees at its annual industry update, held at Beau Sejour on Wednesday.

Mr Molloy said the States’ new growth strategy – as well as unprecedented alignment between the industry, government, and regulators – had helped create a “real sense of excitement about the year ahead”.

“We’re all coming together in one direction, which, in my 10 years at Guernsey Finance, is the first time it’s really happened so tangibly,” he said.

‘Generations of substance’

The Guernsey Financial Services Commission logo on a mail box.
Mr Molloy praised the island’s regulator as “pragmatic”.

Mr Molloy said the island’s core financial products and services continued to be relevant in today’s world, despite challenges ranging from global political instability to rapidly-evolving technology.

“We have generations of substance,” he said. “We’ve also got an incredibly pragmatic regulator.

“We’ve also got a great community that comes together, so Guernsey can provide a very good opportunity for safety, security and stability.”

However, he said it was important the industry didn’t grow complacent.

Guernsey, like other jurisdictions around the world, was “facing material headwinds”, Mr Molloy said.

He said the challenges were “not exclusive to Guernsey, but we’re also not removed from that”.

“So, what’s really important is that we’re all joined up and we all move together,” he added.

A man on a stage at a lectern, in front of about 200 people sat at tables.
Barnaby Molloy spoke to nearly 300 finance industry professionals on Wednesday at Beau Sejour.

Build and evolve

Mr Molloy recently took over the top job at Guernsey Finance, following the sudden and unexpected departure of his predecessor.

He praised the organisation’s “fantastic” staff for keeping the focus on its “mandate and objectives” during a potentially challenging period.

“They really are fantastic at what they do and they’re incredibly proud to work there.”

Mr Molloy said it was important to recognise “that a lot of good work has happened at Guernsey Finance the last 25 years – this is going to be our 25th anniversary.

“I think my role is to come in and help continue to build and evolve on that momentum.”