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Post-Brexit review of financial services

29 March 2017

The Government of Jersey has announced its decision to make available up to £900,000 for a strategic review of the Island’s financial services industry.

The review, which will be commissioned by Jersey Finance Limited (JFL), will take into particular account the opportunities and challenges that may arise from the UK Government’s changing relationship with the European Union. The ability of JFL to act as the catalyst between Government, the regulator and industry, together with their previous experience of commissioning a strategic review, makes them particularly well placed to take forward this new piece of work.

The Chief Minister, Senator Ian Gorst, has cited recent changes to the political landscape as the driving factors behind the decision to refresh the Island’s financial services strategy. The Finance Industry Strategic Jurisdictional Review published by global consultancy McKinsey in April 2013 remains at the heart of this strategy; however, the new review will also focus on the following key areas

  • potential opportunities and threats arising from Brexit, and the implications for the Island’s financial services strategy
  • possible responses to the wider developments that are affecting the financial services industry, including the impact of changes in digital technology
  • identifying means for the industry to secure new growth
  • developing proposals to support the banking sector to respond to macroeconomic challenges, pressures on their business models and threats from digital disruption

Senator Gorst said “We are fully committed to maintaining the ongoing success of Jersey as an internationally respected and competitive finance centre, and thereby continuing to grow the Island’s economy for the benefit of everyone. As the UK Government’s relationship with Europe changes, we will ensure that Jersey continues to receive the best available advice and information to allow us to make the right choices on behalf of the Island.”

The strategic review will be commissioned in April 2017, with a final report expected towards the end of the year.

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