16 March 2026
Listen to the speech on YouTube
Your Excellency, ladies and gentlemen, Sir Howard.
Today marks a defining moment in the life of Jersey’s financial services industry.
For over 60 years, we have been a world leader with a brand firmly rooted in quality and consistency.
We are a place of stability and security.
A place of certainty in an uncertain world.
And it's a reputation that we carry with pride.
But the truth is, young contenders are now snapping at our heels. We face growing competition. Competition from rivals who weren't even born 20 years ago. Competition from rivals who are clear in their ambitions for growth and who are determined in pursuing them.
At the same time, emerging technology is rewiring how business is done, how we work and where we work.
Capital and talent can move more freely than ever before.
In short, the world in which we operate has turned on its head.
And as I said when we met in November, and we've heard again today, the privilege has shifted.
It's no longer a privilege for financial services businesses to operate here, it is now our privilege to serve them.
And so this mature IFC must ensure that it not only stays current, but that it can again be a trendsetter.
That it can pride itself on its experience, that can adapt nimbly as the world changes around us. Standing still, as we've heard, is not an option. Because in truth, that would mean us falling behind. So, change we will.
In fact, in the early stages of this programme, we decided not to wait until the final report to begin making the reforms we so urgently need.
And I've heard from many businesses that this is already sending a positive sign of confidence that we are open for business.
But the Competitiveness Programme is also a long-term vision to be rolled out from today and over the months and years ahead.
This will take time, sustained commitment and an investment of resources.
And so today I say thank you.
Thank you to industry and all of you in this room. Thank you to McKinsey. Thank you for Jersey Finance Limited. Thank you to the JFSC.
And thank you to the Expert Panel.
But, of course, I must also say thank you to my officials.
To Tom, to Helen, to Cora and to Kirsty. They may not have been in the limelight but they are the ones who have done the hard yards in getting us where we are today.
Work which today enables me to set out our action plan for reshaping what we do and who we are, built around 5 key themes.
So firstly, we will reduce regulatory and compliance costs.
We will - we must - make it easier to do business in Jersey. We cannot afford to lose ground to our competitors simply because it is too complex or too costly to operate here.
We have already made core reforms to Companies, Trusts and Limited Partnership laws and enhancements to the Private Funds, Prospectuses, Civil Financial Penalties and the Sound Business Policy regimes.
The week before last I made an Amendment Order to reduce the scope of the Control of Borrowing Framework, which will come into effect from the 13th of April.
This is only the first step to reduce the burden of COBO that it places on businesses ahead of a full repeal planned for early next year.
Next month I'm able to sign a Ministerial Order to reform Jersey's Reliance Regime to remove the frictions which we know add time and cost to the onboarding process.
In parallel, I anticipate making an order in relation to the MLCO function, which will provide businesses with flexibility in meeting their obligations.
And we have developed a list of 19 tax competitiveness actions, some of which are already complete, that will further improve the ease of doing business here.
The most significant is a new digital platform for Pillar 2 businesses and their agents to be launched in May.
This platform will evolve to add other business taxes and provide greater access to information for businesses and their tax agents.
In addition, Revenue Jersey will develop a dedicated tax service for financial services firms based on the best international models.
Secondly, there will be a renewed focus on growth. I've asked Jersey Finance to draw up proposals for a reinvigorated market development plan to target key jurisdictions. I want JFL to reprioritise by increasing investment in external promotion and marketing and, above all else, bringing new business here.
And when businesses arrive, we must welcome them with open arms with a new world-class concierge service and this will be designed and delivered by Jersey Finance.
I've asked the JFSC for proposals to accelerate improvements to our regulatory posture so that it is primed for growth, and balances regulatory effectiveness with a first-class customer-service experience.
We will be setting clearer roles for all of those involved in industry.
I will be asking for their own action plans to take this forward immediately after the election.
But I accept that Government must change too.
And therefore I'll be asking our CEO for proposals for a fundamental restructure of Government’s approach to financial services and a commitment that the sector becomes central to Jersey's economic growth strategy.
We are already trialling a new insights function from within Government to analyse market trends and risks and to support quick, effective and agile policy development for the sector.
We will work more closely than ever before with our industry partners.
One of the many things we have learnt this year is that your ideas, your collective experiences and your vision are fundamental to making this Island competitive. We cannot do it without you.
Number 3 - A key to success of our growth strategy will be capturing the digital assets market.
We have established strong regulatory foundations.
And are a credible and trusted jurisdiction for institutional grade tokenisation.
But this is just the beginning.
The JFSC is now working towards approving applications for Jersey regulated entities to trade on decentralised exchanges in the coming weeks. We already have applications which are going through a pilot process.
This progress highlights Jersey's position as a mature jurisdiction for tokenisation, maintaining a clear commitment to responsible innovation, and I'm pleased that the new Digital Assets Innovation Council has been launched and will meet on Thursday. The Council will bring together digital assets and tech specialists with experts from the JFSC and industry to work with government to develop a digital asset strategy and identify priority areas for Jersey.
In short, we will drive forward a coordinated road map, mobilising industry expertise to shape future reforms and ensure Jersey remains ahead of rival jurisdictions.
Fourthly, working with Digital Jersey, we will embrace digitalisation and develop a package of measures to encourage the faster adoption of digital technology across the sector.
My officials are already liaising with an appropriate UK body to introduce a framework for a more streamlined and simplified KYC solution.
And we will support the JFSC in a digital transformation programme that will deliver improved customer service.
But of course, we can only be competitive if we continue to invest in our island, our infrastructure and our people.
And so the fifth point of the action plan is investing in Jersey's attractiveness as an IFC.
We will review the Control of Housing and Work Law to ensure it is fit for purpose so we can attract and retain the right people to keep this island competitive.
And few things will send out a clearer signal of our intention for growth than getting spades into the ground for the IFC building. This must be a priority for the new government.
And we must improve connectivity, as we've just heard. As you all appreciate, of course, the Iran conflict has created uncertainty in the aviation industry. But I'm pleased to announce that we are actively exploring options for more flights between the Island and London.
All of these initiatives are set against the firm foundation of maintaining our simple tax regime with tax neutrality at its core, a competitive personal income tax regime, and no capital gains tax, no wealth tax and no inheritance tax. This has played a central role in Jersey's international competitiveness, and must not, and will not change.
Of course, I suppose for some the big question is how this action plan will be taken forward after the election.
But I think we can be sure that the next Government will not only endorse what we have set out, but will lead the charge with the energy and commitment it requires for success.
The answer, of course, is simple.
This plan is and will be central to everything that a new Government will do.
Every capital project, every budget.
That's not just my blinkered view as the Minister with responsibility for financial services.
It's the fact of the provision of public finances.
Because in case anyone was unaware of the industry's importance, they could do what my daughters always do. They say we'll Google it. And if you were to do so, the figures would leave you in little doubt.
Financial services directly generates more than 40% of the island's GVA. Indirectly, it contributes at least 60%.
They are incredible figures when you think government is 10% and the rental market is 10% and construction is 10%.
It employs 14,000 Islanders and generates 600 million per year in tax revenue, equivalent to funding the entire Health and Education budgets and most of Social Security.
But of course, none of us in this room need to Google it, nor does any Islander, because the evidence is all around us. Our schools, our health service, our roads, quite frankly, our way of life is largely funded by the revenue generated by our financial services industry. It makes the Island what it is today.
So, the Competitiveness Programme is as much for the teacher, the nurse, the bus driver and the paramedic as it is for you in industry. It's as much for the farmer, for the retailer, for the parent or the grandparent as it is for the CEO in a boardroom on the Esplanade.
This, therefore, is not just another government action plan. It is a blueprint for maintaining and improving island life as we know it.
And this way of working, pursuing the growth agenda, can and must become our business as usual.
It must become embedded in all that we do.
This work will set the firm foundations for our children's future.
The framework is in place.
The vision for success is clear.
Action is being taken.
Thank you very much.
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