Politicians turn the page for financial services

Thursday 03 April 2014

The Chief Minister has published what was billed as a "statement of absolute confidence" in the future of the Island's finance industry.

Speaking to an audience of industry representatives this morning at the Radisson Hotel, Senator Ian Gorst launched a 'policy framework' for the Island's principal industry. He described the States as a government who believed in growth, but with a social conscience, and said that this was the first time the island had brought together a group of policies to oversee financial services. They include the new finance policy framework, a skills strategy and an Enterprise Action Plan.

The policy framework was launched by the Chief Minister, along with his assistant Senator Philip Ozouf, who is responsible for financial services, and the States Director of Financial Services, Joe Moynihan. 

They described the island as being "open for business", and keen to gain more work from a greater variety of locations. Today's policy launch comes a few weeks after the publication of the interim population policy, which seeks to limit the number of people who can move to Jersey to a net total of 325 each year. The policy framework lists one of the objectives "...for the growth and development of the financial services sectors", as, "encourage new business and employment in high-value areas of the sectors".

Senator Ozouf described the policy framework as a blueprint for the future, which would protect existing business, while also making sure Jersey stood out as an ambitious and innovative place for financial services. He gave examples of what needs to happen, such as speeding up the drafting of legislation in the Trust sector. He described this as the start of a "new chapter", which would help Jersey become "the most dynamic, quality, and innovative financial services sector".

The 'policy framework' sets the following objectives for jersey's government:

• Uphold the reputation of the island, and ensure that Jersey is considered a centre of excellence for sound business practice;
• Simplify legislation, regulation and enforcement while remaining in accordance with the agreed standards to improve business capabilities;
• Provide support and policy guidance to ensure Jersey maintains highly competitive and attractive legal, regulatory and business environments;
• Enable faster finance related decision-making process;
• Maintain and grow a successful financial services sector that contributes to the economic well-being of the island and its residents.