BL jersey Jersey Finance sets out plans at annual review
JFSC focuses on shared responsibility
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ersey Finance will be commissioning independent research into the value the island’s finance industry brings to UK pension funds, and working to boost the perception of the industry in Jersey, as part of its 2017 marketing plan. Presenting the plan at Jersey Finance’s Annual Review on 27 January, Geoff Cook, CEO of Jersey Finance, said 2016 had been a record-breaking year, with funds business in Jersey reaching its highest level since 2008. He also noted the island was now the world’s sixth largest hedge fund management centre. Cook said: “Jersey’s finance industry has evolved considerably over the past decade and more than half of our business is now institutional in nature. "That means Jersey firms are
supporting areas like pension, university and sovereign wealth funds. But that is perhaps not widely understood. For that reason, we will be doing further research work this year to explain Jersey’s role in the global pension fund market. “Our funds industry continues to grow and diversify. Firms here are well established in the private equity, real estate, hedge and infrastructure fund space, but they are also reporting more activity in the private debt fund market, providing financing for investment activity around the world in the absence of traditional sources of financing. “We're also focused on differentiating Jersey through fintech and cyber security and enhancements to companies, trusts and foundations laws.” n
hared responsibility is the key theme of the Jersey Financial Services Commission’s (JFSC's) Business Plan for 2017, which was presented to the island's financial services industry and politicians in February. The regulator sent out a clear message that consumers, industry and the regulator must all play a part in protecting the island’s reputation and ensuring its continued economic success. The JFSC said it would be focusing its regulation on the areas of greatest risk, improving interactions with industry, safeguarding its own sustainability, efficiency and independence, and facilitating market access for Jersey. Mike Jones (pictured), Director of Policy at the JFSC, outlined the priority areas for the year ahead. These were: ● Enhancing the registry systems and beneficial ownership register ● Developing a new website and other digital channels ● Improving supervisory processes ● Expanding the financial education outreach programme ● Advancing cyber-security measures. The JFSC’s 2017 Business Plan can be viewed at www.jerseyfsc.org n
Jersey retains credit rating
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ating agency Standard & Poor’s (S&P) has maintained Jersey’s credit rating at AA- as part of its regular, bi-annual review. The agency noted: “Our ratings on Jersey reflect our view of the island’s strong and flexible institutions, wealthy economy and considerable fiscal buffers. The stable outlook reflects our view that, over the next two years, the risks to Jersey’s financial sector and its fiscal performance will be balanced by its still-significant economic resilience.” The Chief Minister, Senator Ian Gorst, commented: “The agency’s report does point out that economic uncertainty in the UK could have an impact on Jersey. This is something we have anticipated and are planning for. “We have been able to update S&P on the work underway as a result of Brexit, and they share our view that our institutional relationships with the UK and EU are not expected to materially change.” n
66 march/april 2017
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