About the programme
The programme aims to strengthen Jersey's position as a leading International Finance Centre (IFC). It seeks to improve the competitiveness of Jersey's FRPS sector by maintaining the existing base and by enhancing growth prospects over the next 10 years.
Jersey's financial and related professional services (FRPS) sector is a key growth engine of the Island's economy as it:
- employs the largest number of Islanders
- makes the biggest contribution to the tax revenues that fund our public services
Protecting and promoting our FRPS sector is therefore of vital importance.
The focus is on government, industry and the regulator working together, supported by expert analysis, to produce clear and implementable recommendations and actions to optimise Jersey's regulatory and business environment, and to position the Island's FRPS sector for long-term growth.
The programme is a collaborative effort involving teams across Government of Jersey departments, including:
- Revenue Jersey
- Financial and Professional Services
- Economy
- External Relations
- Jersey Finance
- the Jersey Financial Services Commission (JFSC)
- Digital Jersey
- industry representatives
A Ministerial Working Group, chaired by the Minister for External Relations, oversees the programme. The Chief Executive Officer is the Senior Responsible Officer for the programme, supported by a cross-government team of officials.
By speaking to a range of people both on and off the Island, the programme will develop practical recommendations to help protect and grow Jersey's financial and progessional services sector. This will support its success today and planning for future growth.
This work is also expected to:
- bring stakeholders together
- build confidence in Jersey's future
- give clearer direction on how to succeed
- strengthen relationships between government, industry and the regulator
The outputs of this programme will determine future activities, to guide any future investment including funding allocated in the agreed 2026 to 2029 Budget to boost the productivity, digital capacity and skills of the financial services sector and the wider economy.
The final report of the independent expert panel, and the Ministerial Action Plan, will be published in March 2026.
Jersey's position as an International Finance Centre (IFC)
Jersey has been a leading IFC for over 60 years, built on a foundation of political and economic stability, robust regulation, and proactive industry development.
With deep pools of talent from our expert financial services workforce, a robust and reliable legal framework, and attractive and stable tax environment, Jersey is at the forefront of banking, corporate services, funds, investment management and private wealth, plus the specialist areas of Islamic finance and philanthropy.
Today's financial and related professional services sector is the cornerstone of Jersey's economy, directly employing almost 14,000 people and accounting for 40% of economic activity. It plays a pivotal role in fostering economic prosperity, generating employment, and enhancing the quality of life for all Islanders.
Measuring Jersey's economy GDP and GVA
Keeping Jersey's financial services competitive
Jersey's FRPS sector operates in a highly competitive, global environment. Jersey has a long track record in being agile and able to adapt to new trends and innovations in products and services. All financial centres must continuously invest in the future to remain competitive. Recent global shifts, including:
- economic changes
- the evolving tax policy landscape
- regulatory developments
- technological advancements
- Brexit
- post-pandemic recovery
This requires a refreshed strategy that demonstrates Jersey's commitment to increasing its competitive edge and creating an environment for new opportunities.
Key objectives
- strengthen Jersey's position as a leading IFC
- provide insights to sustain and expand the industry
- improve collaboration between government, regulator, and industry
- implement clear, measurable actions for long-term success
Programme overview
The programme is structured around 4 core workstreams:
International Tax Strategy
| Led by Revenue Jersey, this workstream focuses on a forward-looking tax strategy to maintain and strengthen Jersey's position as a leading IFC.
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Business and regulatory environment
| Aimed at delivering quick impact, on-island improvements to the business and regulatory environment, jointly led by Government of Jersey Financial and Professional Services Directorate and the JFSC. The primary output will be a focussed list of priority actions which can be implemented within the next 12 months to improve the regulatory environment and ease of doing business in Jersey. It will also identify medium and longer term deliverables to support the wider strategy for the FRPS sector.
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External Growth Strategy
| A global review combining market intelligence of current and future value pools, plus comparative and gap analysis of Jersey and key competitor jurisdictions. This will produce insights and analysis leading to targeted recommendations for how Jersey can invest resources to sustain and enhance its FRPS sector over the next 10 years.
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Future Competitiveness and Regulation
| The final element brings together insights from the above workstreams, work undertaken by Jersey Finance and the JFSC, and analysis from the Fiscal Policy Panel. An independent panel of global experts will deliver a report to Ministers with the Government of Jersey publishing agreed and actionable recommendations in spring 2026.
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The programme is closely linked with complementary activity being undertaken by Jersey Finance (Vision2050) and the JFSC (registry review and strategic review). Appendix A provides more information on the work Jersey Finance and the JFSC are undertaking. Representatives from Jersey Finance and the JFSC are an integral part of the Competitiveness Programme Team and will ensure alignment.
Programme updates
Ministers and key partners shared key updates at 2 events:
- the Mid-Year Financial Services update event on 23 July 2025
- the Annual Update on 24 November 2025
In July, the first 2 initiatives designed to help protect and grow Jersey’s financial services sector were announced:
- the Jersey Private Fund (JPF) regime has been modernised to be better aligned with the needs of international professional investors
- proposals to simplify the Sound Business Practice Policy (SBPP) have been published. Once approved, they will streamline its application whilst a more comprehensive review of this framework is undertaken
In November, the Government announced a series of initiatives to strengthen the Island's position as a leading international finance centre.
These include:
- developing plans to bring together a core team of officers to monitor global market trends and ensure any policy changes required are done quickly to put the Island on the front foot
- developing proposals for a new concierge service to make it easier for new businesses to set up in Jersey
- strengthening the Island's targeted international engagement programme to reinforce Jersey's presence in key markets
- conducting a 12-week review of the Jersey Financial Services Commission's enabling law and Memorandum of Understanding to clarify Jersey's risk appetite for emerging sectors such digital assets (December 2025: Digital Assets Innovation Council)
- advancing tax policy enhancements, including updates to RegTech incentives and a review of personal income tax residence rules
Related links
Digital Assets Innovation Council December 2025 update
Annual update November 2025
Annual Update: Speech by Minister for Financial Services
Annual Update live stream recording on YouTube
Annual Update event slides
Mid-year update July 2025
Mid-Year Financial Services Update: Strengthening Jersey's Competitiveness.
Mid-Year Financial Services Update recording on YouTube
Future-proofing Jersey’s competitiveness on blog.gov.je
Quick wins and improving the business environment on blog.gov.je
Driving international competitiveness through a future-focused tax strategy on blog.gov.je
Government unveils updates to Private Fund Regime and Sound Business Practice Policy
Consultation on the repeal of the control of borrowing framework
Communications and engagement
A series of stakeholder engagements are planned to facilitate transparent communication and foster informed discussions. These engagements will take place through various platforms, including:
- industry events to provide insights and updates
- regular updates at the Financial Services Advisory Board (FSAB) meetings
- ministerial speeches highlighting key developments and strategic direction
Dedicated briefings for States Members and private Scrutiny briefings will also be scheduled to ensure policymakers are kept informed.
The programme team welcomes any engagement from stakeholders.
To register your interest, contact growthfs@gov.je.
Related work undertaken by Jersey Finance and Jersey Financial Services Commission
Jersey Finance Limited (JFL)
Vision2050
Jersey Finance, through its Vision2050 workstream, is working closely with industry leaders and stakeholders to driive key priorities that will ensure the continued success of Jersey as a thriving international finance centre:
- Talent: become a talent magnet: Jersey will be a talent magnet attracting from outside, and within, the skilled future generations essential for its success as a global finance hub. We will put people at the heart of our strategy, retaining talent, attracting new skills, and closing critical gaps. This is about creating a place where the next generation choose to live, work and thrive
- Toolkit: keep proposition fresh and relevant: Jersey will deliver products and services that address market and societal needs, keeping the proposition fresh and relevant. This will include evolving current regulation and legislation and innovating in new areas
- Technology: leverage tech as a force multiplier: Jersey will have a technology enabled global finance industry, utilising best in class digital infrastructure to deliver exceptional client service in a safe and secure way. We will embrace technology to create ideas that reduce the cost of doing business, increase process efficiency and workforce capacity
- Together: inspire Jersey to embrace its finance industry: Jersey's reputation will be unquestioned by those we want as clients and users of our industry, as well as our home community who will feel proud of Jersey's status as a global IFC and appreciate its benefits in the local economy.
Jersey Financial Services Commission (JFSC)
Registry Strategic Review
The Registry Strategic Review, completed in 2025, marked an important milestone in the continued development of the Jersey Financial Services Commission’s registry function.
The review’s recommendations were grouped into three key areas:
- legal
- organisational
- technology
The recommendations have all been thoroughly assessed and agreed by the JFSC Executive Board, and they articulate a strategic pathway for the Registry’s ongoing evolution, informed by the needs of the Island, the wider industry, and global standards.
To deliver on these recommendations, a dedicated Registry Transformation Programme has been established and is already driving significant progress. This programme brings together legal, operational, and technical workstreams to ensure improvements are delivered in a coordinated and effective way. Technology remains a central focus, with major enhancements underway to strengthen digital services and modernise the Registry’s underlying systems. These changes will support a more efficient, accessible, and resilient Registry for the future.
JFSC Strategy
The JFSC four-year strategic cycle concluded at the end of 2025. On 24 November 2025, the JFSC's Director General, Jill Britton, gave a high-level overview of the new strategic framework to industry
at the Government of Jersey Annual Financial Services Update event. To ensure full alignment with the timeline for the Competitiveness Programme's final report, and any accompanying recommendations and actions, the JFSC will not be releasing the full details of the strategy public at this time.
Independent Panel of Experts
Financial Services Competitiveness Programme
Sir Howard Davis (Chair)
Served as Chairman of NatWest Group, Chairman of the UK Financial Services Authority, Deputy Governor of the Bank of England, Chair of the UK Airports Commission, and Director of the London School of Economics. He is Professor of Practice at Sciences Po and Chairman of Inigo Limited. He has written several books on financial markets.
Tracy GarradA senior financial services executive, formerly CEO of HSBC in the Channel Islands and Isle of Man, with leadership roles across Europe and the Middle East. Served as Commissioner and Risk Chair at the Jersey Financial Services Commission and a Non-Executive Director at the London Stock Exchange plc.
Alan Houmann
Served as Managing Director and Head of Government Affairs for EMEA at Citi, focusing on regulatory policy, tax, sanctions and political analysis. He previously worked at the UK FSA, HM Treasury, and EU institutions. He is a Chatham House Council member and received the Freedom of the City of London.
Michael Moore
Currently Chief Executive of the BVCA. With 30 years’ senior experience in politics and business, he served as Secretary of State for Scotland and was an MP for 18 years. He later became a Senior Advisor at PwC and is a chartered accountant.
Nigel Williams
Chairman and co-founder of Royalton Partners. He previously chaired ELLA Bank, was CEO of Credit Anstalt Investment Company, founded ICAP WCLK, and advised Czech institutions. He holds a Monetary Economics degree from the LSE.
Simon Nixon (Rapporteur)
An independent commentator and consultant, formerly chief leader writer at The Times and chief European commentator at The Wall Street Journal. He writes for major outlets and publishes the Substack Wealth of Nations.
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