Initiative aims to identify opportunities for growth of finance sector
- Guernsey's finance sector stakeholders are creating a Finance Sector Policy Framework.
- The initiative aims to support growth, diversification, and competitiveness over the next 5-10 years.
- Oliver Wyman has been chosen as the preferred bidder to develop the Framework.
- Work on the project will commence this month and conclude in the first quarter of 2026.
- The Framework will focus on evolving competition, identifying emerging sectors, and addressing skills gaps.
Economic Development, in collaboration with the Guernsey Financial Services Commission (GFSC), Guernsey Finance, and the Guernsey International Business Association (GIBA), has initiated the development of a Finance Sector Policy Framework.
This Framework aims to identify potential opportunities for Guernsey's finance sector to grow, diversify, and enhance its competitiveness within the next five to ten years.
The project has undergone a competitive tender process, and Oliver Wyman has emerged as the preferred bidder. The firm's work is set to begin this month and is expected to conclude in the first quarter of 2026.
Key objectives of the Framework include:
- Analysing how competition within the industry is anticipated to evolve and determining how Guernsey can position itself effectively.
- Identifying burgeoning sectors and creating a long-term strategy for growth.
- Strengthening the regulatory, legal, and operational frameworks to foster innovation.
- Designing initiatives to fill skills gaps through talent attraction, retention, and upskilling.
- Developing marketing and innovation strategies to improve Guernsey's global presence.
The finance sector presently contributes 37% to the island's GDP, which could rise to 44% when accounting for professional services.
Guernsey's strength in investment funds, private wealth management, and insurance is well-established. More recent trends have shown an increasing focus on innovative sectors, including fintech, digital assets, and sustainable finance.
Deputy Andrew Niles, the Finance Sector Lead for for Economic Development, said: “This is a timely and important project for Guernsey. The finance sector remains the engine room of our economy, and this Framework will help ensure we remain competitive, forward-looking and aligned with emerging global trends.”
He emphasised the need to strengthen existing competitive areas and expand into new geographies and products.
William Mason, Director General of the GFSC, said: “We are supporting the development of this Policy Framework to help us build on the work we are already doing through our Digital Finance Initiative to modernise and improve our regulatory regime to adapt it to the maturing needs of digital innovators.”
Rupert Pleasant, Chief Executive of Guernsey Finance, said: “This Policy Framework will help augment our jurisdiction’s global messaging and reinforce our unique strengths in areas such as private wealth, funds, investment management, sustainable finance, fintech, insurance and banking.”
He noted that having a cohesive strategy would significantly enhance Guernsey's international promotion.
Jo Peacegood, Chair of GIBA, expressed optimism about the industry's direction, stating, “The finance industry in Guernsey is ambitious about its future, and the Policy Framework will provide a vital roadmap to help unlock new opportunities and maintain our competitive edge.”
The financial aspect of the project has been jointly supported by Economic Development, GFSC, and Guernsey Finance.
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