BL Magazine Issue 58 September/October 2018

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common reporting standard • trusts business travel • automation mark bousfield • data ethics 5G • energy in the channel Islands workplace nutrition • lifestyle



Are public registers INEVITABLE?

With a network of offices spanning the world's leading financial centres, we deliver a seamless service across the full spectrum of offshore law. Our global reach is underpinned by extensive experience in our jurisdictions and by longstanding connections with industry bodies and other professional advisers.


Because it's not a small world O F F S H O R E L AW S P E C I A L I S T S B ER MU DA CA PE TOWN







Public interest or invasion of privacy? FOR GUERNSEY AND JERSEY, being UK Crown Dependencies (CDs) certainly has its benefits – not least when it comes to promoting financial services in the islands. The link (and proximity) to the UK and most notably the City of London, has been a selling point used by the islands time and again across the years. However, just like any long-standing relationship, it’s not without its difficulties and disagreements. The islands and the UK government have been at loggerheads over different matters in the past, and so it is right now, with the UK attempting to force the CDs and Overseas Territories (OTs) into holding public registers of beneficial ownership. While the OTs may well have no choice but to comply, the CDs have a very strong argument that the registers they already hold are more than adequate. Indeed, they’ve been praised by many international standards organisations. So, with both sides standing firm, this is turning into one of those issues that’s going to rumble on. One subject about which we have a little more clarity is the Common Reporting Standard, which recently passed its first anniversary since reporting began. We seem to have ‘enjoyed’ a number of such birthdays recently – what with the Alternative Investment Fund Managers Directive having celebrated its fifth earlier this year. But it’s always interesting, once the dust has settled and time has passed, to see if the concern (and often panic) about a new piece of regulation was merited. Did CRS turn out to be as bad as expected – or was it a storm in a teacup? Read our article on page 30 to find out. Taking a health-related turn in this issue, we take a look at whether business trips can be bad for your health. Many moons ago, I used to edit a website for NCR, the cashpoint people. One year, they decided I should go to Los Angeles to attend an expo they were sponsoring. Considering I’d never been on a business trip before, I was pretty excited – after all, this was LA! Needless to say, and as any regular business traveller will tell you, it turned out to be far less

glamorous than I’d imagined. After 11 hours cramped in economy class, I landed at LAX feeling achy, tired and crabby. Then the convention centre was in Anaheim, a soulless suburb that also plays host to Disneyland Park – the very poor relation of Disney World in Florida. In a five-day visit, three were spent under the fluorescent lights of the massive convention centre – with a diet consisting of whatever fast food garbage was available. Evenings were spent drinking too much while ‘networking’. And with only one day to myself, I crammed in as much sightseeing as I could – wearing myself out in the process. I came back from the trip frazzled and jetlagged, and it took me about a fortnight to get back to some semblance of normality. Thankfully, the furthest I travel on business these days is to Jersey and Guernsey from my home in Manchester. Yet even two or three days on the islands mean disruption to my daily routine, not eating as I normally would, and sleeping in a strange hotel bed, often disrupted by the noise of other guests. So, it came as no surprise to learn that travelling extensively with work might not be particularly good for your wellbeing – both physically and mentally. But thankfully, as our lead feature reveals, there are steps you can take to minimise the downsides of all that business travel. And while we’re on the subject of health and wellbeing, we also look at whether firms should be doing more to help employees with what they eat at work. Indeed, should businesses provide healthy and nutritious options and ban the unhealthy stuff? I suspect it might be a bit tricky to stop people bringing in cakes and sweets and other such goodies – after all, in some workplaces these treats might be the only thing that gets you through the day. But with sickness related to our diets costing businesses billions every year, it might not be such a far-fetched idea. Enjoy your read! n

the crown dependencies have a strong argument that the registers they already hold are more than adequate. Indeed, they’ve been praised by many international standards organisations

Nick Kirby, Editor-in-Chief, Businesslife

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4 july/august 2015



44 14 bl guernsey



The latest financial and business news and views from the bailiwick


Businesslife is published six times a year by Chameleon Group +44 1534 615886


62 7 News

33 trusts

54 energy

18 bl Jersey

A round-up of the latest Channel Island business news

How the latest changes to Jersey trust law make sure the island stays at the top of its game

How are Guernsey and Jersey faring in the drive towards renewable, sustainable power?

Lasting powers of attorney law and a review of business and finance news

38 beneficial ownership

58 nutrition

The Channel Islands are resisting a UK government push towards public registers

With staff wellbeing high on the business agenda, where does nutrition fit in the picture?


44 business travel

62 5G

Work trips may sound glamorous, but it’s quite possible that they could make you ill

The next generation of mobile technology is coming, and things are going to get speedy!

50 automation

65 data ethics

As firms introduce more self-service, will human interaction become a thing of the past?

Could firms that handle customer data in an ethical fashion gain a competitive advantage?

12 Appointments Recent key appointments for firms in Guernsey and Jersey

24 Interview Mark Bousfield, Group MD at Ravenscroft, on why the Channel Islands are a compelling investment proposition

30 CRS How have the first 12 months been since firms started reporting under the Common Reporting Standard?

The Agenda Get your woolly jumper at the ready as our lifestyle section starts to feel all autumnal

contributors The BL Global Discussion Forum


Follow us @blglobalnews Office: Meadowlands, La Rue a la Dame, St Saviour, Jersey JE2 7NQ © Chameleon Group Limited, all rights reserved. Reproduction in whole or in part without written permission is prohibited. Views expressed by our contributors are their own and do not necessarily represent the views or policies of Chameleon Group. While every effort is made to achieve total accuracy, Chameleon Group cannot be held responsible for any errors or omissions.

He might usually write about finance, but this time Businesslife regular David turns his hand to something different – how the Channel Islands are faring when it comes to generating their own power.


Fancy the life of a jetsetting business hot shot? As freelance writer Jess discovers, travelling for work isn’t the high life some people think it is – in fact, it can affect both your physical and mental health.


At Businesslife, we’ve often covered the rise of automation, but as business writer Chris reveals, there’s a darker side when it comes to self-service – we’re interacting less with our fellow humans.


Businesslife stalwart Richard takes on two meaty subjects – getting to grips with how the Common Reporting Standard has affected firms and the possible impact of public registers of beneficial ownership.

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Exceptional Performance Walkers provides practical and commercial legal advice to our international client base which includes global corporations, financial institutions, investment fund managers and high net worth individuals. Advising on the laws of Jersey, Guernsey, the Cayman Islands, Bermuda, the British Virgin Islands and Ireland, from our global network of offices, Walkers has the expertise to deliver every time. Walker House 28-34 Hill Street, St. Helier Jersey JE4 8PN, Channel Islands T +44 (0)1534 700 700 F +44 (0)1534 700 800 E

12-14 New Street St. Peter Port Guernsey, GY1 2PF T +44 (0)1481 723 723 F +44 (0)1481 723 023 E

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Channel Islands launch cyber security study THE STATES OF Guernsey and the government of Jersey have jointly commissioned a feasibility study to identify the best model for a cyber security incident response capability that will operate across both islands. This follows Guernsey and Jersey both publishing cyber security strategies that identify the need for such an incident response capability. The strategies aim to help government, critical national infrastructure and local businesses to respond to significant cyber security incidents, as well as raising awareness across the islands. A report is expected to be published by the end of the year, providing a detailed business case for the recommended model. A separate project to set up the preferred solution will begin in 2019. Consultancy Atkins, which has been appointed to undertake the study, will hold targeted stakeholder engagement

RBSI reports half-year results sessions across the islands in the coming months. This will include interaction with government, national infrastructure organisations, business groups, regulators and cyber security experts. Deputy Mary Lowe, President of the Committee for Home Affairs for the States of Guernsey, commented: “This is an excellent example of Guernsey and Jersey working together on issues where there are clear crossovers between the islands. “Since the publication of our cyber strategy, we’ve worked with the National Cyber Security Centre to ensure that we can call on them for support if there’s a major cyber attack.” Atkins will directly contact relevant stakeholders, but anyone who wishes to have their say on the subject can email The islands’ cyber security strategies can be viewed at and n

Ipes gains regulated status in Ireland GUERNSEY-BASED OUTSOURCED services provider Ipes has been authorised by the Central Bank of Ireland to provide fund administration services. The authorisation, effective from 16 July, enables Ipes (Ireland) to provide full administration services to collective investment schemes and alternative investment managers in Ireland, including fund administration, financial reporting, company secretarial and management support services. Ipes has 35 staff in Cork and plans to grow the business in the next 12 months. Ipes Chief Executive Chris Merry commented: “Cork is our fastest-growing office. This authorisation enables us to widen our service offering in Ireland and enhance our EU-based funds capability.” Ipes (Ireland) is led by Kenneth Whitney and Craig Long (pictured l-r). Both have worked for Ipes in Ireland for several years – Kenneth as Director and Craig as a Senior Manager. n

RBS INTERNATIONAL HAS announced its results for the first half of 2018. The Jersey-based business returned a pre-tax operating profit of £173 million, an increase of 80 per cent on the same period last year. Total income has risen from £195 million in the first half of 2017 to £284 million this year. In addition, return on equity has nearly doubled, from 13.1 per cent in the first half of last year to 25.7 per cent this year. The business attributed the increase to the acquisition of new client businesses from RBS in the UK, along with strong growth in the underlying business. Andrew McLaughlin, CEO, RBS International, commented: “Our financial performance is one measure of the progress we’re making with our strategy to meet more of our customers’ financial needs. “We’ve invested in new options for growth in the UK and Europe. We are focused on improving every aspect of our customer service, becoming a better place to work and delivering attractive returns to our shareholder.” n

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Done Deals Independent fund and corporate services provider Aztec Group has supported Nordic Capital on the final close of its Nordic Capital Fund IX, at just over €4.3bn. Domiciled and administered in Jersey, the fund exceeded its target of €3.5bn in seven months. It will focus on European investments, investing in five core sectors: healthcare; financial services; technology and payments; consumer retail; and industrial goods and services.

funds growth for Brooks Macdonald International

Carey Olsen’s corporate team in the Cayman Islands has represented Lendable Inc, a tech-enabled finance platform, on its latest auto loan securitisation with Watu Credit, a Mombasa-based lender. Lendable is mainstreaming off-balancesheet financing for alternative lenders whose customer base is small and micro businesses. The Carey Olsen team was led by Partner Nick Bullmore and included Counsel Dylan Wiltermuth.

THE CHANNEL ISLANDS subsidiary of independent investment manager Brooks Macdonald has seen double-digit growth in the value of funds it manages and a strong surge in net new business over the past 12 months, according to figures published by the group. Figures announced as part of its trading update for the financial year ended 30 June 2018 show that the value of discretionary funds under management (FUM) in the firm’s international division, which includes its Guernsey and Jersey offices, grew by 10.7 per cent over the year, and by 4.4 per cent over the quarter, to stand at £1.7bn. The update also shows that Brooks Macdonald’s Channel Islands business reported annual growth in net new business of 6.4 per cent, up from 1.3 per cent the previous year. Darren Zaman, the firm’s CEO, International, commented: “It’s been another year of impressive growth for Brooks Macdonald as a whole, and the Channel Islands are continuing to play a key part in that success, as we witness strong growth in our discretionary fund management business.” n

Collas Crill has provided Guernsey law advice to Life Company Consolidation Group (LCCG) on its entry into an agreement to acquire Generali Worldwide Insurance Company and Generali Link. Generali will receive approximately €409 million in base consideration, plus up to €10 million of contingent consideration to be paid at completion, for the sale of its stakes in Generali Worldwide and Generali Link, subject to customary adjustments following closing of the transaction. Collas Crill Group Partners Wayne Atkinson and Paul Wilkes provided regulatory advice on the transaction, with Paul Nettleship providing advice in relation to Guernsey real estate.

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Dickinson Gleeson has advised the Reuben Brothers on the Jersey aspects of their £300 million acquisition of the Burlington Arcade in Mayfair. First opened in 1819, this is one of London’s oldest arcades, and constitutes approximately 37,000 square feet of high-end retail space. The Dickinson Gleeson team comprised Partner Edward Scott and Associate John Burns. Carey Olsen advised the sellers, Thor Equities and Meyer Bergman. Estera has provided real estate corporate services support for the sale of 100 per

cent of 5 Broadgate by British Land and GIC to a wholly-owned indirect subsidiary of CK Asset Holdings for £1bn. 5 Broadgate is one of London’s premium buildings and is occupied by UBS. The transaction reflects British Land’s consistent strategy of realising value from completed and well-let properties. Offshore law firm Mourant Ozannes has advised Highland Europe on the establishment of Highland Europe Technology Growth III Limited Partnership as a Jersey expert fund. Highland Europe is a growth stage technology investor in Europe. Highland Europe Technology Growth III is the third fund it’s launched in six years, raising €463 million to boost funding for globally ambitious European software and internet-enabled businesses. The Mourant Ozannes team was led by investment funds Partner Ben Robins, Senior Associate Matt Satchell and Associate Rachel McGinness. Ogier has acted as Jersey legal adviser for Index Ventures in relation to the establishment of Index Ventures Growth IV, which has raised $1bn to invest in later-stage growth rounds, and Index Ventures IX, which recently closed at €650 million to put into earlier rounds for smaller start-up companies. EFG Fund Services acted as full service provider to Index Ventures’ two latest funds, extending a relationship that dates back to 2000. Partner Niamh Lalor led the Ogier Jersey team, assisted by Senior Associate Joanna Christensen, Counsel Sophie Reguengo and Associate Dan Whalen. Ian Henderson, Global Head of EFG Fund Services, led the EFG team. Offshore law firm Walkers has acted as listing sponsor and adviser to CHMT Peaceful Development Asia Property on a US$4.1bn bond listing on The International Stock Exchange (TISE) in the Channel Islands. This listing relates to the financing of the acquisition of Hong Kong’s fifth largest skyscraper, The Center, which is said to be the world’s most expensive real estate transaction for a single building to date. The Walkers team comprised Senior Counsel Christophe Kalinauckas, Listing Manager Piotr Kobus and Partners Nigel Weston and Alexandra Corner. n


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TISE reports on rise in new listings THERE HAS BEEN further growth in new listings on The International Stock Exchange (TISE), with 338 newly listed securities during the first half of 2018. This takes the total number of listed securities on the exchange to 2,642 at the end of June. During the same period, four new members have been approved to sponsor listings on TISE, taking the total number of listing and trading members to 44. Debt remained the largest proportion of new listings during the first half of the year. This has included a £3.5bn issuance by sports betting and gaming giant GVC Holdings (UK), which was the first TISE listing to be sponsored by an Isle of Man-based member firm. Fiona Le Poidevin (pictured), CEO of The International Stock Exchange Group, said: “High yield continues as an area of notable growth. We’ve seen 103 companies issuing 156 high-yield bonds that have listed on TISE during the past two years. In the first half of 2018, 14 classes of open-ended and seven classes of closed-ended investment vehicles listed on TISE. The latter included two HMRC-approved UK Real Estate Investment Trusts and a third listing in July. The new members included Isle of Man-based FIM Capital and insurance linked securities specialist Solidum Re (Guernsey) ICC. n

Investec Bank gains Isle of Man licence INVESTEC BANK (CHANNEL ISLANDS) – IBCI – has been granted a Class 1(3) financial services licence under the Isle of Man’s Alternative Banking Regime (ABR). IBCI has offices in Guernsey and Jersey. It specialises in general banking and lending services for trust and corporate service providers licensed and regulated in its core offshore jurisdictions, as well as private banking for high-net-worth individuals and family offices. Its representative in the Isle of Man, Mark Beresford, said: “We are delighted to be granted the licence. It provides a great opportunity to increase awareness of Investec in a new jurisdiction and continue its growth by building on the success in the Channel Islands.” The Isle of Man government introduced the ABR in 2016 to attract banks to the island. Laurence Skelly, Minister for the Isle of Man Department for Enterprise, commented: “It’s encouraging to see a household name like Investec taking advantage of the Alternative Banking Regime. The diversification of our financial services economy is essential in ensuring Isle of Man businesses have the right environment to flourish.” n

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MERGERS AND ACQUISITIONS Bedell Cristin is set to merge with Cayman-based law firm Solomon Harris. The deal was expected to complete by the end of August and Solomon Harris will rebrand as Bedell Cristin later. Founded in 1998, Solomon Harris is a full-service law firm employing 28 people in Grand Cayman, offering services across captive insurance and investment funds, capital markets, inward/local investment, private client services, corporate/residential real estate, immigration, litigation and insolvency and restructuring. Plans are being made to grow and further strengthen the Cayman offering, and expansion of the team is anticipated. BDO in Jersey and its recently acquired technology business C5 Alliance have purchased ALX Training. According to C5, the acquisition will add to its IT client services portfolio, with ALX’s training expertise covering workplace skills including software and application learning. ALX will provide training solutions to support C5’s new technologies for clients. St Helierbased ALX Training employs six staff and was founded in 2009 by Alex Morel, who remains as a Director of the business. C5 said it had no plans to rebrand the firm, but that it would be working with Alex to expand the team and client offering. Jersey-based fund, corporate and private wealth services provider JTC Group has entered into a conditional agreement to acquire Van Doorn from International Capital Group. Amsterdam-based Van Doorn, a provider of corporate and related fiduciary services, has 16 employees. They will join JTC’s Institutional Client Services team in Amsterdam, increasing JTC’s presence in the region, broadening its services and creating opportunities for growth. Financial services group PraxisIFM has purchased the trust and corporate administration business of London-based consultancy Jeffcote Donnison (JD). The deal adds the Isle

of Man to PraxisIFM’s jurisdictions and extends its operations in London and Hong Kong. The acquisition of JD’s UK corporate administration, bookkeeping, VAT preparation and payroll compliance business includes 19 staff in the three locations, who will transfer to PraxisIFM. The deal was finalised on 15 August and integration will take place in the coming months. JD will remain independent of PraxisIFM and will continue to operate in the UK tax advisory and accountancy business sectors. Channel Island-based investment services group Ravenscroft has agreed terms to acquire a 25 per cent shareholding of MXC Capital (UK). The deal, worth £2.25 million, has been agreed between Ravenscroft Holdings, MXCUK and MXC Guernsey, a subsidiary of AIM-quoted MXC Capital. The deal, which is subject to consent from the Financial Conduct Authority, will strengthen the relationship between the two firms. Earlier this year, MXC was appointed as a consultant to Ravenscroft in relation to its role as investment manager to the Guernsey Investment Fund Technology and Innovation Cell, which invests in projects and businesses with a Guernsey focus or which may benefit the bailiwick. Investor services firm SGG Group has announced the acquisition of Augentius, a global provider of alternative investment solutions to the private equity and real estate communities. Augentius offers fund administration, depositary, regulatory and compliance solutions to institutional investors across 13 jurisdictions, including the UK, Guernsey, the US, Luxembourg, Singapore and Hong-Kong. The transaction, which is subject to regulatory approval, reinforces SGG Group’s position as the fourth leading investor services firm in the world, with the deal growing its assets under administration to over $400bn, and further strengthens its reach and footprint. n






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Appointments Zedra has appointed Simon Voisin to the role of Client Director. Simon has over 27 years’ experience in offshore wealth management. He joins Zedra from Highvern, where he has served as Private Client Director for almost two years. His career has also included periods with Coutts, TMF Group and Equiom, all in Jersey. In his new role, Simon will have a global mandate over the maintenance and growth of a portfolio of private and corporate clients. He will also undertake business development, identifying opportunities for clients and intermediaries and liaising with colleagues in Jersey and across the group.

Former Bailiff Sir Geoffrey Rowland has been named as the new Chairman of closed-ended specialist Bailiwick Investments, following the retirement of Jurat David Lowe. Sir Geoffrey was appointed to the board in October 2016. He has previously spent several years on the boards of venture capital companies 3i (Guernsey) and 3i (Jersey). He has also been Chairman of the Guernsey Press Company and Vice-Chairman of the Guernsey Financial Services Commission, as well as serving on the boards of Garenne Group and Blue Diamond, before being appointed as a Crown Officer.

Advocate James O’Grady has joined BCR Law. James trained as an English solicitor at Shoosmiths, moving to Jersey in 2005. Before to joining BCR Law, James spent almost five years as Senior In-House Legal Counsel for Link Asset Services in Jersey, previously Capita Asset Services. He was also a Senior Associate at Ogier, where he dealt with a broad range of local and international corporate and finance matters. These included establishing, buying and selling Jersey companies, joint venture and financing transactions, cashbox transactions for London Stock Exchange listed clients and corporate restructurings.

Following the launch of its family office team last year, Jersey-based Highvern Trustees has announced the appointment of Lucia Perchard as Senior Client Director. In her new role, Lucia will help the firm meet continuing demand for family office services. Beginning her career with local law firm Volaw 20 years ago, Lucia has subsequently spent a number of years each with RBC and Barclays in Jersey, working closely with families and travelling extensively across the Middle East and North America. She joins Highvern from Zedra, where she spent almost three years as an Associate Director.

Tim Clipstone has joined the Guernsey office of Ogier as a Partner in its investment fund team. Tim has built a reputation in offshore investment funds, having focused on investment fund structuring, equity fundraising, mergers and acquisitions, and group reorganisations. A BVI and Caymanadmitted funds and regulatory lawyer, Tim has more than 20 years’ experience in openand closed-ended fund structures. He joins Ogier after almost five years as a Partner at Maples and Calder in the BVI. Prior to this, he held funds roles at Walkers and Harney Westwood & Riegels, also in the BVI.

Sanne has appointed Stephanie Hopkins and Stephen McKenna as Co-Heads of its Private Debt & Capital Markets business for the Europe, Middle East and Africa region. They will be responsible for the strategy, management and delivery of the business, with a focus on service and technical expertise across all jurisdictions. Stephanie joined Sanne in 2012, latterly as a Director, having spent six years with State Street in Jersey. Stephen has been with Sanne as a Director for seven and a half years, having started his career with Deutsche Bank and then Bedell on the island.




march/apri O U T P L12 ACE M E N T S ElR2017 VICES




Hawksford has appointed Eric Dolan as Head of Governance Risk and Compliance, based in Jersey but with responsibility for Europe, Middle East and Africa. A specialist with more than 20 years’ experience in the financial services industry, including with the Jersey Financial Services Commission, Eric will manage the company’s enterprise risk management strategy with a team of 16. He joins from Sanne Group, where he has been Risk Director for the past two years. Prior to this, Eric held senior positions at the JFSC over nine years, five as a Deputy Director in Supervisory Operations and four as a Banking Examiner.

James Corbett has joined Baker & Partners as Senior Counsel – one of the first English QCs to move to a Jersey firm. Joining from the London office of international disputes law firm Kobre & Kim, James is an English barrister with extensive experience in international trusts, insolvency and commercial disputes. He was Managing Partner of Kobre & Kim’s Cayman office from 2012 to 2014, and has been a member of barristers chambers Serle Court in London. James is an authority on cross-border litigation in English and Commonwealth courts, and has been admitted in a total of 11 international and offshore jurisdictions.

Guernsey Finance has confirmed the fulltime appointment of Andy Sloan as Deputy Chief Executive, Strategy. Andy has been Acting Director of Strategy on part-time secondment from the Guernsey Financial Services Commission (GFSC) for nine months. He will now permanently oversee development of jurisdiction-wide financial services strategy through Guernsey Finance. Andy’s career has included two years as a lecturer at the University of Hull and five as Head of Policy and Research at the States of Guernsey. He has been Director of Financial Stability and International Policy Adviser at the GFSC since 2014.

PwC has appointed Lisa McClure as a Partner in Jersey. Lisa will focus on shaping PwC’s strategic direction, particularly in relation to asset management and real estate services across the Channel Islands and beyond. She has worked at PwC for 15 years, having joined the Guernsey office as a qualified accountant in 2003. She has since amassed local and international experience, including a six-month secondment to PwC in Sydney, and is now based in Jersey. Lisa specialises in real estate and focuses on building strong connections with government, regulators, TISE and fiduciary service providers.

C5 Alliance has promoted Anna Milon from Senior Consultant to Head of Process and Platforms. The role involves understanding clients’ requirements for managing teams and developing solutions. Anna has over 10 years’ IT, technical training and marketing experience across the banking and professional services sectors, and has been at C5 for almost five years. Earlier in her career, she spent three and a half years with Ogier, as Group Online Development Manager, and she’s worked for Equity Trust and HSBC. Anna is also a keen advocate for women in the tech sector.

JTC has promoted alternative fund specialist James Tracey to Managing Director of its Guernsey office. In his new role, James will lead the team as it grows its institutional and private client service range. He will also assume cross-jurisdictional responsibilities as he takes a seat on JTC’s Institutional Client Services board. With more than 15 years’ experience in international financial services, James joined JTC in 2015 following the firm’s acquisition of Kleinwort Benson’s fund administration business. He has served as Senior Client Director for the past year.

FINDING THE BEST BRAINS IN THE BUSINESS, WE CALL IT RESOURCING EXCELLENCE. l 2017 13 W W W . K E N D R I C K R O S E . C O M I N F O @ K E N D R I C K R O S E . C O M 0 1 5 3 4 7 1 march/apri 5 150

BL guernsey Q2 visitor numbers revealed


uernsey’s Committee for Economic Development has released the latest visitor numbers for the island. A strong April and May contributed towards an increase in visitors to Guernsey of two per cent (excluding cruise ships and visiting yachts) in Q2 2018, compared with the same period last year. This translates into more than 13,000 additional bed nights spent in paid-for commercial accommodation in the quarter compared with Q2 2017. Although year-to-date total departing visitors (excluding cruises and visiting yachts) decreased by two per cent on 2017 due to poor weather conditions in the first quarter, commercial bed nights, a key contributor to the tourism visitor market, increased by one per cent (+4,025 bed nights), compared with the first half of 2017. Total visitor numbers increased by

1.4 per cent from April to June (+148,614, compared with +146,617 in Q2 2017). Excluding cruise passengers and visiting yachts, visitor numbers increased by two per cent (+89,434, compared with +87,801 in Q2 2017). Total staying leisure visitors remained stable at 48,647, whilst total staying visitors – which includes staying business visitors and those staying for other reasons – increased by one per cent (+924 visitors). Visitors staying in commercial accommodation increased by three per cent (+1,897 visitors), with an increase in bed nights of five per cent (13,321 additional nights). The average length of stay also increased by two per cent, from 4.25 nights in Q2 2017 to 4.34 nights this year. The number of staying business visitors increased 26 per cent (+1,994) compared with Q2 2017, and business day visits remained stable at +2,773.

Guernsey leads European captive market


uernsey captives made up more than half of the European market last year, according to figures from industry magazine Captive Review. The research, conducted with Wilmington Trust, showed that of 17 new structures licensed in Europe in 2017, nine were domiciled in Guernsey. There are more than 800 captives in Europe of nearly 6,500 worldwide, Captive Review said, with Guernsey’s market share of the European business standing at 38 per cent. During the year, 31 captive licences were surrendered across Europe, 15 of them in Guernsey, but the net decrease for the region over the year was two-thirds of the decline in the market for 2016. Industry analysts told Captive Review that many of the closures were due to merger and acquisition activity in the market, or old schemes coming to the end of their natural life cycle. Captives were still valued, they said, and there were hopes for growth among mid-market companies. Peter Child, Chair of the Guernsey

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International Insurance Association’s Marketing Development Committee and Managing Director of Artex Risk Solutions, commented: “The current environment is challenging for captive growth. Being able to evidence that the substance of insurance decision-making and corporate control is genuinely undertaken in the captive’s home jurisdiction is becoming increasingly important due to BEPS-related initiatives. “Guernsey’s history of corporate governance and insurance expertise ensures that it can provide captive clients with on-island substance simply by continuing business as usual.” As evidence of its position in the global captive market, Guernsey was named best Non-Asian Domicile at the inaugural 2018 Asia Captive Review Awards. The awards recognise and reward exceptional providers of captive insurance products and services that have outperformed their competitors and demonstrated the highest levels of excellence over the past 12 months. n

There was a five per cent increase in visitors from the UK (+2,894), with visitors from France up three per cent (+246) and elsewhere by 11 per cent (+1,164). However, the number of visitors from Jersey declined by 35 per cent (-2,670). n

Private Wealth Forum announced


uernsey Finance has announced details of its inaugural Private Wealth Forum, to be held in Spitalfields, London, on Thursday 8 November. The event, entitled ‘Politics without frontiers – wealth without fears’, is being hosted in conjunction with the Guernsey Association of Trustees and STEP Guernsey. It will feature a keynote speech from former diplomat Sir John Sawers, and there will be a panel discussion covering political risk; geopolitics and its impact on the financial markets; concerns of international families; and considerations of advisers. Speakers include: ● Moderator Paul Hodgson, Chairman, Guernsey Association of Trustees ● Jeremy Kosky, Partner, Clifford Chance ● Charles Hecker, Senior Partner, Control Risks. For more information and to enquire about attending, visit the Guernsey Finance website at n


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Talk to us about your wealth management needs Our offices are 37 The Esplanade, St. Helier, Jersey and Trafalgar Court, St. Peter Port, Guernsey. Get in touch or simply drop in, and we’ll be delighted to answer your questions and provide more details of our services.

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Call us on Guernsey +44 1481 733 900, Jersey +44 1534 708 090 or email Canaccord Genuity Wealth Management (CGWM) is the trading name of Canaccord Genuity Wealth (International) Limited (CGWIL) which is a wholly owned subsidiary of Canaccord Genuity Group Inc. CGWIL is licensed and regulated by the Jersey Financial Services Commission, the Guernsey Financial Services Commission and the Isle of Man Financial Services Authority. CGWIL has its registered office at Trafalgar Court, Admiral Park, St. Peter Port, GY1 2JA. BL0918

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BL Guernsey

Insurance Forum details released

GFSC launches innovation network



IoD announces details of Guernsey Convention

Guernsey issues Green Fund rules



uernsey Finance has released details of this year’s Guernsey Insurance Forum, which will take place in London on 11 October. The event will focus on the island’s captive sector and the theme of ‘creative destruction’ – a reference to economist Joseph Schumpeter’s description in the 1940s of the processes by which the old is replaced by the new. It also describes Guernsey’s insurance industry’s first foray into serving non-domestic clients, which started with captive structures. There will be a keynote speech from Karl Hennessy, CEO of Carrier Solutions at Aon. This will be followed by two panel sessions, which will be moderated by TV broadcaster Naga Munchetty (pictured): ● ‘What Brexit means for you’ – the impact of Brexit on risk managers, understanding the risks to your organisation, regulatory risk in the insurance market and turning crisis into opportunity ● ‘Substance in the insurance industry: bricks and mortar vs mind and management’ – the impact of technology, practical substance considerations and outsourcing/offshoring. The free-to-attend event takes place at Banking Hall, 14 Cornhill, London on 11 October. Registration begins at 1.30pm, with the event ending in a drinks reception at 5pm. For details and to register, visit or contact n

he Institute of Directors has announced details of this year’s Guernsey Convention in October, which will consider the bailiwick’s place in the world. Simon Anholt (pictured), Honorary Professor of Political Science at the University of East Anglia, will be the keynote speaker. Simon has worked with presidents, prime ministers and governments for more than 20 years on strategies to help them engage more productively with the international community. He indexes and ranks countries according to their contribution to humanity and the planet. Delegates will also hear from Moving Brands’ Chief Commercial Officer Hanna Laikko, who will report on the agency’s findings on Guernsey’s position and the opportunities this presents. The moderator will once again be former ITN newsreader Alastair Stewart, and an invited panel including: ● Julia Hands, Founder, Hand Picked Hotels ● Andreas Tautscher, CEO, Altair Partners ● Richard Holmes, Group Brand Director, Specsavers ● Charles Parkinson, Economic Development Committee President, States of Guernsey. Tickets for the event, on Thursday 4 October at Beau Sejour, St Peter Port, are available through Eventbrite. n

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he Guernsey Financial Services Commission (GFSC), in collaboration with 11 financial regulators and related organisations, has announced the establishment of the Global Financial Innovation Network (GFIN), building on a proposal earlier this year to create a ‘global sandbox’. The network will seek to provide a more efficient way for innovative firms to interact with regulators worldwide, helping them navigate between countries as they look to scale new ideas and technologies. It will also create a new framework for co-operation between financial services regulators on innovation-related topics, sharing experiences and approaches. A GFSC statement said: ‘Guernsey’s participation in this network builds on our existing Innovation Soundbox, allowing global innovative firms to be welcomed in the bailiwick.’ As part of the collaborative effort, a consultation has also been launched on the role of the GFIN and the tools it will use. The Commission has said it welcomes any outside interest in this subject and contributions to the consultation. The consultation paper can be found at n

he Guernsey Financial Services Commission has published the Guernsey Green Fund rules, following the closing of its consultation in June. The rationale for developing the rules was to develop a transparent product through which investments into green initiatives can be made, assuring investors that their investments have a positive environmental impact. Through either Route 1 or Route 2, a declaration is provided that a scheme’s objective encompasses mitigating environmental damage and confirms that its investment criteria comply with the green criteria in the rules. On meeting the requirements in the rules, a scheme is given a Guernsey Green Fund designation from the Commission, and may use the Guernsey Green Fund logo to present its compliance with the rules. Emma Bailey, Director of the Investment Supervision and Policy Division, commented: “The rules provide a framework on which international green investments can be encouraged and facilitated in the bailiwick. The rules assure investors that their money contributes to initiatives that have positive environmental results whilst being well regulated.” Full details on the Green Fund can be found on the Commission’s website, n



Bank Julius Baer & Co. Ltd., Lefebvre Court, Lefebvre Street, St Peter Port, Guernsey GY1 4BS, T +44 (0)1481 726618 Bank Julius Baer & Co. Ltd., Guernsey Branch is licensed in Guernsey to provide banking and investment services and is regulated by the Guernsey Financial Services Commission.

BL jersey Planning for the future Zoe Blomfield, Managing Partner at Viberts in Jersey, explains how the introduction of a new law will bring major changes to lasting powers of attorney in the island ON 1 OCTOBER, one of the most significant new laws in recent years will come into force in Jersey and will affect many people living on the island. The Capacity and Self Determination (Jersey) Law 2016 will introduce lasting powers of attorney (LPAs), advance decisions (known as living wills) and statutory wills. In addition, the current curatorship system will be replaced. The law it replaces is nearly 50 years old and, in today’s world, isn’t fit for purpose. This article is going to focus on the introduction of LPAs and why it's a major step forward. Put simply, an LPA is a legal document that allows you to plan what should happen to you – and who can make decisions on your behalf – if you become unable to make those decisions for yourself. LPAs have been available in the UK for the past 10 years. In Jersey, however, we’ve only been able to put in place general powers of attorney, which cease to be effective should we lose capacity – a curatorship would then be required. LPAs last throughout incapacity if they are granted before the grantor loses capacity. If you’re worried about losing the ability to manage your finances or who'll make decisions concerning your welfare in later

an ageing population means loss of mental capacity is becoming increasingly common

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life, you may wish to consider making an LPA. With an ageing population, loss of mental capacity is becoming increasingly common with illnesses such as dementia, Alzheimer’s or a stroke. This can cause serious difficulties for families who wish to look after a mentally incapable relative. Putting an LPA in place will offer security for you and your loved ones and will let you decide what should happen if old age, illness or injury leave you unable to deal with your own affairs. You can give instructions on what should happen to your money, property and welfare. There will be two types of LPA that can be put in place by anyone over the age of 18 years – a Property and Financial Affairs LPA and a Health and Welfare LPA. The former will enable you to choose one or more people to make property and financial decisions on your behalf. This could be used to pay bills, deal with tax affairs or sell an asset, for instance. You can specify whether you want the LPA to come into force immediately, or only in the event of your incapacity. You can specify exactly what powers your attorney(s) will have and this can be as limited or as wide as you would like. You can also give different powers to different people. If you choose more than one

attorney, you can allow them to act alone or require them to act together. A Health and Welfare LPA will allow you to choose one person or more to make decisions in areas such as medical treatment and where you will live or be cared for. You can also allow the LPA to make decisions about life-sustaining treatment. This power of attorney can only be used when you’re unable to make decisions for yourself, and decisions must always be in your best interests. It's possible to use the same attorney for each type of LPA. On the basis that most people are still able to make decisions for themselves, they will be able to make and register an LPA at any time. Once you no longer have the ability to understand what an LPA is, it will be too late to make one and a curatorship will be required instead. This process is lengthy and the subsequent monitoring extensive and burdensome. An online system has been developed to create LPAs in Jersey. The documents must be completed online and then printed out and signed, and a £25 creation charge will be levied. They must, however, be witnessed by a professional and registered with the Judicial Greffe. The witness may also charge a fee. Once registered, the documents will then become a legal instrument and can be relied upon by third parties. LPAs can be cancelled or amended at any time, so long as the grantor has the capacity to be able to do so. Whilst this new law, and the introduction of LPAs, is seen to be a significant step forward for mental health law in Jersey, there are risks associated with LPAs and powers could be abused. There are, however, steps that can be taken to minimise risks, such as seeking professional advice, designating supervision powers to a third party and limiting powers. Considering all these matters carefully will form an important part of planning for your future. n

Pinpointing what matters

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BL Jersey

Digital Jersey releases half-year review


n its half-year review for 2018, Digital Jersey said equipping people with digital skills was one of the most pressing priorities for the island. Tony Moretta, Chief Executive of Digital Jersey (pictured), said work to equip the island’s workforce with the right skills in the face of the growth of artificial intelligence was vital. “A harsh reality facing Jersey is the island’s brain drain,” he said. “As a small island community without a university, there's a constant flow of talented people leaving to [study] and often not coming back. We need more degree education and other upskilling options onisland. Digital Jersey is working to create a year-round calendar of events focused on equipping people with those skills." According to the review, the Digital Jersey Hub has run conferences, classes and other events to help people reskill. More than 3,000 people have attended in the first half of the year. Another highlight of 2018 has been interest in the Sandbox proposition, which positions Jersey as a whole-country testbed for companies, and even countries elsewhere in the world, to test products

and ideas and grow their businesses. Work to promote Sandbox will continue, including through the UK digital industry association Tech UK. Also revealed in the half-year review, the number of businesses that have become members of Digital Jersey has passed 100. There were 104 business members as at the end of June, of which 20 had joined in the first half of the year. That’s in addition to the 340 individual members, 30 of whom had signed up since the start of the year. Among the other highlights set out in the review, Digital Jersey has: ● Supported four firms in relocating to Jersey as part of a campaign to promote the island among digital entrepreneurs ● Worked with JT to facilitate a new lowpower wide-area network to help link connected devices to the internet ● Assisted local start-up Soulgenic in creating a global online wellness platform as part of a new business, creating 40 new jobs ● Signed a memorandum of understanding with Binance, the world’s largest cryptocurrency exchange. n

Financial crime law strengthened


ew legislation designed to strengthen Jersey’s capabilities to fight financial crime was introduced in July. The amendments to the Proceeds of Crime (Jersey) Law, approved by Jersey’s government, are designed to ensure that Jersey complies with the recommendations highlighted in the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and Financing of Terrorism (Moneyval) report, published in 2016. Overall, the two amendments are focused on strengthening Jersey’s ability to secure higher volumes of prosecutions and confiscations in cases of financial crime. Specifically, they widen the definition of ‘criminal property’ and change

20 september/october 2018

the requirement of two qualifying offences to just one when making assumptions regarding criminal conduct. Published in May 2016, the Moneyval report found that Jersey was compliant or largely compliant with 48 of the 49 Financial Action Task Force (FATF) recommendations, placing it in the top tier of jurisdictions globally. It also concluded that Jersey’s beneficial ownership regime put it 'in a leading position in meeting standards of beneficial ownership transparency'. n

AML/CFT consultation launched


he Jersey Financial Crime Strategy Group (JFCSG) – comprising members of the government of Jersey, Jersey Financial Services Commission, States of Jersey Police and Jersey Customs and Immigration Service – has launched a consultation on the implementation of the 2012 Financial Action Task Force (FATF) recommendations on anti-money laundering (AML) and countering the financing of terrorism (CFT). The recommendations are intended to strengthen areas considered by FATF, through its membership of the international community, to be higher risk, or where implementation of financial crime standards should be enhanced. This includes measures to deal with new threats such as the financing of weapons of mass destruction, and to be clearer on transparency and tougher on corruption. Following analysis of the enhancements to international AML/CFT standards, the JFCSG has identified potential areas for legislative development in Jersey’s current regime. While some of these areas were addressed by amendments to existing legislation in 2017 and 2018, the JFCSG consultation paper contains a full set of proposals for remaining legislative amendments relating to the FATF recommendations. Consultation responses, or queries about it, can be submitted at or by email at The closing date of the consultation is 30 September. n

We believe in building successful, long-term relationships. We are Butterfield.

At Butterfield, we specialise in assembling the best people, products and services to create bespoke financial solutions for wealth management and the financial intermediary market. It is a skill Butterfield has honed over 160 years in banking. Although much has changed over that period of time, our core values, entrepreneurial spirit and unrelenting focus on our clients’ needs, remains at the heart of everything we do.

Butterfield Bank (Guernsey) Ltd PO Box 25, Regency Court, Glategny Esplanade, St. Peter Port, Guernsey GY1 3AP

To find out more about Butterfield’s personalised wealth management services, please contact one of our Business Development Advisers: GUERNSEY +44 (0)1481 711521 or e-mail JERSEY +44 (0)1534 843333 or e-mail

Butterfield Bank (Jersey) Ltd PO Box 250, St. Paul’s Gate, New Street, St Helier, Jersey JE4 5PU

THE BAHAM AS • BERMUDA • CAYMAN ISL ANDS • GUERNSE Y • JERSE Y • SINGAPORE • SWITZERL AND • UNITED KINGDOM Butterfield Bank (Guernsey) Limited (“BBGL”) is licensed and regulated by the Guernsey Financial Services Commission (“GFSC”) under the Banking Supervision (Bailiwick of Guernsey) Law, 1994, The Protection of Investors (Bailiwick of Guernsey) Law, 1987 and the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, each as amended from time to time. Company Registration No. 21061. BBGL is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for ‘qualifying deposits’ up to £50,000, subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details are available on the Scheme’s website www. or on request. Butterfield Trust (Guernsey) Limited (“BTGL”) is licensed and regulated by the GFSC under the Regulation of Fiduciaries, Administration Business and Company Directors, etc, (Bailiwick of Guernsey) Law, 2000, as amended. Company registration No 31645. BBGL and BTGL are both registered under the Data Protection (Bailiwick of Guernsey) Law 2017 and are registered for the purposes of The Companies (Guernsey) Law 2008. Their registered office is P.O. Box 25, Regency Court, Glategny Esplanade, St Peter Port, Guernsey GY1 3AP. Butterfield Bank (Jersey) Limited (“BBJL”) is regulated by the Jersey Financial Services Commission to conduct deposit taking business under the Banking Business (Jersey) Law 1991 (as amended) and money service business under the Financial Services (Jersey) Law 1998 (as amended). BBJL is registered under the Data Protection (Jersey) Law, 2018 and is registered with the Jersey Registrar of Companies for the purpose of the Companies (Jersey) Law 1991 (as amended). BBJL’s registered office address is St Paul’s Gate, New Street, St Helier, Jersey JE4 5PU. Company registration number 124784. BBJL is a participant in the Jersey Bank Depositors Compensation Scheme. The Scheme offers protection for eligible deposits of up to £50,000. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details of the Scheme and banking groups covered are available on the States of Jersey website, or on request. BBGL, BTGL and BBJL are wholly-owned subsidiaries of The Bank of N.T. Butterfield & Son Limited. Photo by Lachlan Dempsey on Unsplash.

BL Jersey

JFSC issues ICO guidance note


he Jersey Financial Services Commission (JFSC) has issued a guidance note containing information about its approach to initial coin offering (ICO) activity. ICOs are a digital way of raising funds from the public using distributed ledger technology. The guidance note details the JFSC’s approach to businesses that wish to launch an ICO in Jersey. The note sits alongside the risk warning for potential investors in ICOs, issued by the JFSC in 2017. The guidance note represents an innovative and balanced approach to the treatment of this activity, enabling ICOs to be launched in Jersey with a number of controls in place to help reduce some of the risks associated with them. Whilst under this framework the JFSC doesn't regulate the ICOs or the companies that issue them, it does require the companies to satisfy certain minimum standards and to appoint a regulated trust and company service provider to administer the company. In developing this guidance note, the

JFSC has consulted with the government of Jersey and industry. Mike Jones, Director of Policy at the JFSC, commented: “This represents an innovative and pragmatic approach to the treatment of ICOs in Jersey. It illustrates our commitment to fintech developments more generally, but at the same time reflecting our guiding principles of consumer protection, countering financial crime and protecting the reputation and best economic interests of the island.” Minister for External Relations, Senator Ian Gorst, said: “Jersey has been at the forefront of developing a framework for

NPPR take-up continues to rise


he number of alternative fund managers choosing to future-proof their EU-focused funds through Jersey continued to grow in the first six months of 2018, according to the latest figures from Jersey’s financial regulator. Data from the Jersey Financial Services Commission (JFSC) for the period ending 30 June 2018 shows that the number of Jersey-registered managers opting to market into EU member states through the national private placement regime (NPPR) under the Alternative Investment Fund Managers Directive rose eight per cent between January and June 2018. The figure increased 23 per cent year-on-year, to stand at 161. Meanwhile, the total number of Jersey alternative investment funds being marketed into the EU through the NPPR also increased to 306 – a five per cent increase on December 2017 and an 11 per cent rise since June 2017. Geoff Cook, CEO of Jersey Finance, commented: “Brexit deadline day is less than a year away and it’s looking increasingly like EU market access will prove a key challenge for UK fund managers. Our message is clear: Jersey is ready to play a supportive role in enabling non-EU, including UK, managers to continue to market their funds to EU investors through our tried and tested private placement regime.” n

22 september/october 2018

cryptocurrency regulation for some time and this guidance note marks a further step in our journey. "On the one hand, Jersey’s treatment of exchanges and ICOs is permissive and promotes innovation and new enterprise. On the other, safeguards are in place to protect investors from harm and to mitigate some of the financial crime risks associated with cryptocurrencies. As things develop in this rapidly moving industry, we will monitor best practice and continue to update our regime in the future.” The JFSC ICO guidance note can be found at n

JFSC launches online JPF application tool


he Jersey Financial Services Commission (JFSC) has launched an online application tool for Jersey Private Funds (JPFs). The tool aims to transform how applications are processed for new licences. A key part of the JFSC’s Change Programme and e-enablement strategy, it will speed up application turnaround times and improve efficiencies. Jill Britton, the JFSC's Director of Supervision, commented: “The application tool lays the foundations for enabling our future online capabilities as a regulator. It is the first step in providing end-to-end authorisations for new licences across all sectors we supervise.” To develop the application and test the portal prior to its launch, the JFSC worked with an external user group of financial services firms. Following the introduction of the online tool, applications made after 31 August will only be accepted online, and submissions in paper format will cease to be accepted. Further information on the tool can be found at n


Ravenscroft Group Managing Director Mark Bousfield has a keen eye on where clients want to invest globally, as well as where in the Channel Islands they are looking for opportunities. He spoke to Businesslife about the local and global landscape Words: Nick Kirby Pictures: Etienne Laine Ravenscroft seems to have evolved quite significantly in the time you’ve been there. So what does the firm currently do? In the broadest of terms, we’re a clientfocused asset management business. We service a really wide range of clients, so we look after people with £5,000 to invest or those who have monthly savings schemes or pensions, all the way up to looking after clients with many millions. We look after intermediaries as well. So, it’s a fairly wide gamut in terms of size and wealth. We’ve evolved into a financial services business as opposed to a pure stockbroker, which is what we were when we set up in 2005. We now offer a variety of services – from execution-only and an advisory investment service, all the way to investment management and a discretionary service. And we have our own range of ‘Huntress’ funds. We also offer cash management and most recently we bought BullionRock, which is a precious metals service, where we can buy, sell and store precious metals.

Alongside that – and what we’re known for across the Channel Islands – are our specialist funds, which are predominantly Channel Islands-focused. These are Bailiwick Investments, the Channel Islands Property Fund, the Financial Services Opportunities Fund and, most recently, the Guernsey Investment Fund. These give local residents – and potentially non-locals – the opportunity to invest in the islands. But in a nutshell, we’re a financial services or asset management team, offering a wide range of services to clients of all shapes and sizes. You’re unique in offering these Channel Island funds. Can you give us an example of what they do? And is the fact that you’ve created them an indication of your faith in the islands? Let’s take the Channel Islands Property Fund. It invests in 12 high-end properties predominantly in the islands – there’s Carey House and Regency Court in Guernsey; Liberty Wharf and 11-15 and

How did you get to where you are now? I was born and bred in Guernsey and went to school at Elizabeth College. Then I went to university in Leeds, where I took politics and geography. After that, I had a couple of years of not really knowing what I wanted to do, before realising that I needed to start earning. So I returned to Guernsey and got a job at Credit Suisse as a dealer in the securities department. From that point, I was hooked on investing and markets and have been looking after clients ever since. After Credit Suisse, I worked in a variety of places running money, in portfolio and discretionary management, before joining Ravenscroft in 2008 to set up the investment management business. I’ve been here 10 years now, building that side of the business and managing clients’ money. In the past year or so, however, my role has changed and now I help oversee the broader business, though I’m still part of the investment management team and continue to enjoy managing money and dealing with clients.


interview Mark Bousfield

24 september/october 2018



Is there anything in the Ravenscroft pipeline? Cryptocurrencies or blockchain, for instance? We’ve restructured the business and also added a holding company at the top, which allows us to run the separate strings of our business and also gives us the opportunity to look at different things. So yes, we’re looking at other services and opportunities, both in the Channel Islands and further afield, and will make announcements as and when we can. Whatever we decide to invest in, we must understand the fundamentals on behalf of our clients. We have to be absolutely clear what it is we’ve invested into and why we’ve invested into it, or the value a service will bring. Take gold, and our acquisition of BullionRock last year. Robin Newbould, who created the business, has been involved in gold for many years. It’s a precious metal – we can buy it, sell it and store it. We know exactly what it is. We understand it. But when it comes to cryptocurrencies and blockchain – how they operate, what services we would offer our clients, how it would benefit them – it’s different. I can say for certain that I’m not a cryptocurrency expert and I don’t think our clients are either – so it’s not a space we’ll be looking

26 september/october 2018

we’re always going to have to work hard and fight for business – but I think there’s plenty of action in the Channel Islands and we remain optimistic for the future

at offering a service in at the moment. Basically, it’s about doing more of what we do, sticking to our knitting, and looking for other opportunities. Looking more broadly – you have a presence in both islands. What’s your view on how financial services in Jersey and Guernsey are doing? I think the islands are performing well. Financial services, like most industries, have a cyclical quality, so will ebb and flow. Over the years, we’ve become much better at the services we offer – more professional and more competitive. So I

think the offerings we’re providing from the islands are in good health. Yes, there are always obstacles – we’re always going to have to work hard and fight for business – but I think we’re doing a good job. I do think there’s plenty of action in the Channel Islands and we remain optimistic for the future. That said, we do have to stay on our toes and remain competitive. The great unknown, of course, is Brexit. Is that affecting the investment decisions your clients are making or, indeed, the decisions Ravenscroft is making? Well, I think that ‘great unknown’ sums it up. Let’s talk about it from how we go about investing on behalf of our clients. On the discretionary side, one of our investment mantras is that we can’t forecast short-term political or economic outcomes – or at least not with any reliability or repeatability. There’s a great deal of work that’s been done on this over many years – mankind just fancies itself at being able to do it, but actually is very poor at forecasting outcomes. And you can really see this with Brexit at the moment. No one can tell you what the outcome will be. So, first and foremost, our standpoint when we’re investing on behalf of our clients is not to build portfolios that are too reliant on a certain political outcome. Obviously, we do take into account the world we live in, that there could be upset from Brexit and the subsequent fallout, but we wouldn’t try to forecast that outcome. Far better to invest in companies we really understand, at good valuations, that meet our clients’ objectives. In terms of what we’re doing as a

17-21 Seaton Place in Jersey; and our more recent acquisitions of Fort Anne and First Names House in the Isle of Man. There’s always been a demand from Channel Island clients and our broader client base to invest in the islands. And these investments are tangible – clients either know the businesses, the management of it, or they can see the asset on the street. They feel comfortable with it and they can invest locally to meet their own investment outcomes. Do these funds reflect our optimism about the islands? Well, I think it’s indicative of a number of things really. We’re a client-led business, based in the Channel Islands, and many of our clients live here, and care about and want to invest in the islands. So, while we’re meeting some of our client demand, we do have a great amount of faith in the islands. A lot of us were born and bred here and are bringing up our families here, and we think it’s a great place to do business and is undervalued in many respects. We think there are great businesses and people here and, as a result of that, there are great opportunities.

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Nedbank Private Wealth is a registered trade name of Nedbank Private Wealth Limited. Nedbank Private Wealth Limited is licensed by the Isle of Man Financial Services Authority. Registered office: St Mary’s Court 20 Hill Street Douglas Isle of Man. The Jersey branch is regulated by the Jersey Financial Services Commission. The London branch is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registration No: 313189. The UAE representative office in Dubai is licensed by the Central Bank of UAE. Licence No: 13/191/2013. Representation in South Africa is through Nedbank Limited. Registered in South Africa with Registration No 1951/000009/06, an authorised financial services and registered credit provider (NCRCP16).

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september/october 2018 27

Interview business, we’re predominantly a Channel Islands business but our agenda for the coming years is to do more of what we do in other jurisdictions. So we own 75 per cent of a business in Peterborough, and we have a small office in London, which is really focused on raising the profile of our Huntress Fund offering in the UK. We’d like to do more business in the UK and we’re looking at other jurisdictions outside of the Channel Islands and the UK. It’s not a direct reaction to Brexit, but for us it makes sense to have a variety of outlets and revenue streams. The main aim for Ravenscroft is to build a strong hub in the Channel Islands – this is our home, our core – and to push out from here. With regard to your clients, are you seeing more of an appetite for stock market investment than there was a couple of years ago? And where do you see the opportunities? Broadly speaking, it’s been a good 10 years to be investing. And yes, I think investors over the past couple of years have been more keen to invest. That’s a fear-and-greed trait. Nobody wants to invest at market lows at the greatest moment of fear, but they become increasingly confident after markets have been strong for a while – the greed side. It’s the opposite of buying low and selling high. In general, bonds and equities are trading at elevated valuations and therefore we’re proceeding with caution. In amongst all that, there are always opportunities. Take a look at Latin America, which has been under a great deal of stress recently – Argentina, Brazil for the past couple of years, Mexico. There’s been a great deal of pressure there and those markets have taken a battering of late. So now you can buy great businesses at some of the cheapest valuations for many years – and the currencies are much weaker. There’s an opportunity – but that comes with risk and we’d only be investing a small percentage of clients’ portfolios. Coming back to Brexit, there’s definitely an opportunity growing in the UK. A lot of domestic-facing businesses – ones that are reliant on the UK economy rather than the global economy – have been out of favour for the past couple of years because investors really don’t know what the outcome of Brexit will be. So they prefer to stay away from those type of equities until there’s clarity. Our advisory desk, which is much more UK-focused, has been looking at a number of opportunities in the UK where you can also buy great businesses at cheap valuations. While Brexit will probably keep a lid on some of those stocks for the time being, there will be, and there is now, a growing opportunity to buy good-quality UK domestic stocks.

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What’s changed markedly is technology. Historically, you had to travel to do business with your clients, but in 2018, you can pretty much do business from wherever you want to do it. And I think that changes how we can behave as a financial jurisdiction. Of course, we need to get off the island to meet our clients and it would be of benefit if they could get here easily and at a good price – but we have to get on and build businesses and build Guernsey despite the hurdles. As we always have done. And today I’d say it’s easier to do than it’s ever been. Fundamentally, we have a great opportunity to do business. We just need to be optimistic and work hard and clamber over those hurdles and get on with life.

FACT FILE Name: Mark Bousfield Age: 47 Position: Group Managing Director, Ravenscroft Married to: Juliet Children: Boris (10) and Rufus (8) Hobbies: Football – I coach at Rangers. Surfing – badly while being shown up by my two boys. Rowing and boating – we’re so lucky to be surrounded by the sea and I’ll always find time to be out on it. Interesting fact: I once ran the London Marathon dressed as a rhinoceros!

Closer to home, do you think that there are barriers to doing business in the Channel Islands? I’m 47 now and, apart from the years at university and a bit of travelling, I’ve pretty much spent my entire life in Guernsey. And I can’t remember a period of time when there wasn’t some sort of a barrier. Going back to when my father was trying to build a business in the 70s and 80s, I remember him ranting about the barriers of doing business in the Channel Islands. In truth, there have always been, and there continue to be, obstacles – and that hasn’t really changed since I was a kid growing up here. But I have a glass half full view on life, so I don’t worry about the things that I can’t change.

On that last point, do you believe that some islanders generally have a negative attitude? I don’t necessarily think it’s from islanders, I think it’s a human trait – often it’s far easier to find a reason not to do something than to crack on and have a go at it. I don’t think that helps anyone – waking up in the morning, putting up obstacles and conjuring up reasons why you can’t do something isn’t going to improve anyone’s day. I do think there are challenges to island life, but I think it’s a fantastic place to live and raise kids and it’s an attractive place to do business in and relocate to. What I would be critical of is that sometimes you do find islanders forgetting just how lucky we are, in many respects, to have started life here and to have the opportunity to build businesses from here. And finally, what’s coming up for Ravenscroft in the next 12 months in the Channel Islands? One of the biggest things for us is that we’re going to be moving offices in Guernsey – hopefully in about February next year. That means we’ll have everyone back in one office – we’re currently scattered across three offices. Our headquarters will continue to be in Guernsey. We’ll have everything here, from corporate finance and front-office people, along with all of our operations from compliance to settlements and IT, across three floors. That’s a big move for us. As a group, we’re looking at improving a lot of our communications and IT and we have a big enhancement that we’re investing strongly into. We’re also looking to take on more people. We’d really like to build out our Jersey team and offer our services in a bigger way to clientele in Jersey. So, on the whole, things are looking very exciting. n NICK KIRBY is Editor-in-Chief of Businesslife

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how was it for you? As the Common Reporting Standard passes the first year since reporting began, just what has the impact been and has it been as challenging as expected? Words: Richard Willsher

30 september/october 2018

there, but it also affected trust companies, corporate services providers, fund managers and any entity that held or administered the assets of foreign nationals. Then came CRS, an AEOI initiative promoted by the Organisation for Economic Co-operation and Development (OECD), which took the automatic exchange of information to a whole new level. Now more than 100 jurisdictions are involved. “Traditional FIs, such as banks, custodians and insurance companies, have felt the biggest impact, given the volume of potentially reportable financial accounts on their books,” explains Lisa Aune, Lead Director, Corporate Services at international trust and fund administration services provider Sanne. “Any FI that invests or trades in financial assets is now caught by these transparency regulations. We’ve seen a huge range of entities having to complete due diligence and reporting on their account holders, ranging from your typical fund structure to your private client-type investment structure. There really is no hiding from automatic exchange of information.”

THE NEXT LEVEL Remembering that CRS followed hard on the heels of successive waves of financial services sector regulation and compliance, it was likely to further increase

administration and divert attention from the business of such firms. So it proved. “The first years of any project like this are always going to be challenging,” explains Ed Shorrock, a Director in the compliance and regulatory consulting practice of consultancy Duff & Phelps in Jersey. “People had to get to grips with the naming conventions, the definitions and also the different kinds of forms that different jurisdictions have in place. “Despite being called a ‘common reporting standard’, each jurisdiction implements CRS in slightly different ways. So an international bank with an office in Jersey will have to complete and file respective forms for what Jersey believes are appropriate here. The same bank with an operation, for example, in the UK, might have a different way of reporting. So there are formatting challenges.” Shorrock goes on to explain that the first-year reporting exercise has been labour-intensive for many of his firm’s clients, requiring a massive effort of data extraction from a variety of IT systems. “The principal challenge has been technology. Banks may have several legacy systems in place with bits of data in different places,” he explains. “You may have anti-money laundering information in one place, which identifies controlling persons and beneficial owners and that’s been used as a basis for CRS platforms

MORE REGULATION, MORE compliance, less time for the day job. This was the initial reaction to the advent of the Common Reporting Standard (CRS), requiring the automatic exchange of financial account information (AEOI). But a year on from the first reporting round, what’s it really amounted to for the firms affected by it? Before AEOIs, a limited number of jurisdictions entered into bilateral tax information exchange agreements (TIEAs). Under these, information was requested and delivered as and when necessary. FATCA changed all that. Following the financial crisis, the American Foreign Account Tax Compliance Act was an initiative designed to bring in tax revenue for the US government from US citizens who might be avoiding tax by stashing their wealth abroad. It required that financial institutions (FIs) automatically file returns to the US Internal Revenue Service on accounts held by US citizens. FATCA was passed in 2010. The UK government thought this was such a good idea that it brought in its own copycat version, commonly referred to as ‘UK FATCA’. The two new standards took effect on the same date, 1 July 2014. The automatic exchange of information brought with it a significant compliance burden. The main impact in the Channel Islands was on banks with operations



there are many possible variations of CRS, and each jurisdiction has issued local guidance that needs to be understood to ensure compliance

to identify the people they need to report on. Then there’s account information that might sit in another system. Then CRS requires other tax information – a tax identification number in Jersey, for example. It’s been a big data collection and data cleansing operation.” Firms that had undergone the FATCA reporting process had a fair idea of what CRS might entail. But, as Harry Lawson, a Senior Tax Consultant at professional services provider Equiom in Jersey, says: “CRS is much wider in scope than FATCA. In terms of business resource and cost, some FIs have allocated a dedicated resource to this task while many will have outsourced the work to professional service providers.” He adds that anecdotal evidence suggests that, for many, the cost has been a lot higher than expected. Cristian Anton, Tax Manager at consultancy EY in Guernsey, agrees. “To some degree, high costs are to be expected when dealing with a new and complex legislation package such as CRS. Based on our experience with the local industry, the initial costs for implementing CRS policies and procedures were higher than expected for many Guernsey businesses, but these costs are starting to normalise.”

THE NEW NORMAL? ‘Normalise’, however, has to be a relative term. The trouble with CRS is that it’s still evolving. Compliance isn’t a static process where, once processes are set up, it becomes business as usual. “I think the biggest challenge for firms dealing with multi-jurisdictional FI groups is keeping abreast of the constant changes to local guidance and understanding the nuances and variations between jurisdictions,” says Sanne’s Lisa Aune. “There’s no one-size-fits-all approach. Although the overriding principles of the CRS have to be incorporated by each participating jurisdiction in largely the same way, there are many possible variations, and each jurisdiction has issued local guidance that needs to be understood to ensure compliance.” The latest volume of CRS guidance notes runs to 174 pages and the more jurisdictions sign up to CRS, the more complex the compliance task becomes. However, in conclusion, the initial CRS work shouldered by Channel Islands firms has been largely successful. There are also some silver linings to the CRS compliance cloud, as Ken Wrigley, Finance Director at Guernsey-based trust company Trust Corporation International, explains. “CRS is firmly embedded in the take-on procedures of firms and the information requested from clients at take-on stage

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has been increased – all financial services firms should now have accepted this.” But he admits: “There is sometimes resistance from residents of some countries where culturally the request for personal information is considered to be insensitive. “However, FATCA, CRS and other initiatives such as country-by-country reporting and the introduction of a beneficial ownership register have all been key elements of the Channel Islands’ commitment to meeting international standards on transparency and the fight against financial crime. Although such initiatives carry an increased compliance cost, in the long term they benefit the continuing good financial health of the Channel Islands’ economies.” As with all mandatory reporting and compliance, FIs have learned that there’s no point in complaining; they just have to weave it into their business-as-usual. So far, CRS adoption has been largely successful and will continue to evolve. Yet, for sure, it won’t be the last piece of compliance that FIs will have to take on board. n RICHARD WILLSHER is a freelance finance writer

Reporting in a nutshell CRS was introduced in the EU on 1 January 2016, with the first reporting date for early adopters, including Jersey and Guernsey, in June 2017. Account information supplied by FIs and other non-financial entities is automatically exchanged between CRS signatory jurisdictions, which now total more than 100 countries. Reporting firms must identify relevant accounts on their books, carry out due diligence and then report the details to their local tax authorities, such as those in Jersey and Guernsey. The annual reporting deadline for Channel Island firms is 30 June. Reports have to be submitted in xml format. They are uploaded onto the local tax portal and must then be checked to ensure that they pass validation and authorisation. Any entities that are required to report face a number of important decisions. Should they they build their own in-house data collection, due diligence and reporting process? Do they need to buy in appropriate technology? And should they outsource the work to specialist firms?


a constant evolution Guernsey and Jersey may be world leaders in the trusts industry, but that’s the result of hard work in the past and constant attention to making sure trusts are relevant in the present

Words: Dan Matthews

clients have become increasingly globalised, selecting an international finance centre (IFC) in which to do business presents a unique set of challenges. While professional advisers and intermediaries may have more jurisdictions to choose from, this means deeper consideration must be given to their clients’ circumstances – including where they live, the language they speak, their financial requirements and risk aversion – before matching them to the most appropriate location. To the untrained eye, IFCs might all look alike, but each has a unique identity based, in part, on the strength and clarity of legal structures, and the ease (or otherwise) of doing business. Jurisdictions are part of a competitive marketplace and those that meet the needs of an evolving international client base win more business than the rest. The challenge, then, is to stay relevant and fit for purpose in an ever-changing environment – something that’s particularly true when it comes to trusts. In this regard, Guernsey and Jersey both have a formidable offering, as they’ve regularly amended their trust laws to make sure they reflect the demands of the modern client – creating, in the process, a robust, modern and sophisticated legal framework. But this is only one of a number of positive factors that put the islands at

the top table of the global trust industry. Both islands have a long and prestigious record of administering trusts, and an ongoing focus on maintaining the highest regulatory standards. The flexibility of their trusts is also an attractive proposition, as is the fact that the islands are Englishspeaking and located near to London.

STEP BACK IN TIME While companies have been operating on the islands since the 1960s, legislation laying out the structure of trust law first came into force in Jersey in 1984. In Guernsey, it was 1989. But, as James Campbell, a Partner in the Jersey trusts team at international law firm Ogier, explains, trusts date back to the Crusades. Knights warring overseas left land, coins and possessions in the hands of reliable third parties, who, in theory, would give it back later, usually to an heir, if the knight died. A lot of time may have passed since then, but the principle remains the same – one entity entrusting the administration of assets to another for the benefit of a third. Entities can be individuals, groups or companies. Assets can be money, property or anything else of value. Since 1984, Jersey trust law has seen seven amendments, the most recent in June this year. According to Campbell, the changes clear up potential ambiguities, clarify clauses and provide greater certainty

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tax mitigation is less of a driver than it used to be. Now political instability is a catalyst for people to structure their assets

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to clients. The reality is that, as the world changes, so trusts must adapt to the wider legal environment and emerging client demographics. Twenty-five years ago, the main driver behind trusts was tax efficiency, and in Jersey and Guernsey the bulk of clients were British. Today, legislation has erased many of the tax advantages, so succession planning and ownership agreements provide the impetus, while demand has increased from places such as the Middle East, Russia and Asia. “It’s fundamental that Jersey keeps its trust law modern and sufficiently certain, so that people continue to want to use Jersey structures,” says Campbell. “Trusts are a pillar of Jersey’s finance sector, so it’s vital we get it right. “Client demographics are changing and tax mitigation is less of a driver than it used to be. Now political instability, in the Middle East for example, is a catalyst for people to structure their assets. Jersey is a major financial centre and offers political stability, strong professional services, a respected trust law and a reputable court that will give you a reasoned judgment.” The purpose of the seventh amendment to the Trusts (Jersey) Law 1984 is to provide some nips and tucks to parts of the existing law that have caused trustees and beneficiaries a few difficulties, or at least uncertainties, in the past. As part of

the consultation process, trust law working parties gather to discuss issues referred to them by industry professionals. They confer on any sticking points and make recommendations for change.

POSITIVE STEPS Legal updates, then, are prompted by real-world cases in which existing rules have created confusion, and occasionally conflict – from double-negatives in phrasing to unclear rights and prohibitions. So they’re almost always seen as positive steps in the trust community. “It has to be a good thing that everyone knows where they stand,” explains Siobhan Riley, Head of Jersey’s trusts and private wealth group at law firm Carey Olsen. “If lawyers can’t get a clear opinion on how to look after a structure then a new statement of principles avoids incurring legal fees or an argument about the point in question. “It’s the same as company law – it has to accommodate what people want to do.” The amendments process is complicated by the fact that Jersey and Guernsey – the latter of which made its latest set of revisions in 2007 – must line up legal provisions with common laws in the territories they serve, or in many cases improve upon them. Both jurisdictions may have an international client base, but the City of


London remains a rich source of staple work – a fact that the regulation-setters don’t forget. Jersey and Guernsey trust law is based on English law and the two remain closely aligned. “Jersey has a long association with the City, particularly in the last 20 years, and you see a lot of people move over from London banks and accountancy firms to work here,” says Nigel Pearmain, a Partner at Voisin Law. “Partly for that reason, between the various offshore financial centres, Jersey trusts are very well regarded in London.” Judith Millar, a Partner at London-based law firm Bircham Dyson Bell, agrees with this assessment. “The people who do the updating are practitioners themselves,” she says. “We know them and work with them and that’s crucial for both jurisdictions to provide practical solutions. There are differences with UK law, but maintaining a close relationship is good for the whole industry.”

LOOKING AHEAD In future, the careful process of updating trust law will continue. Despite many subtle improvements over the years, the law isn’t perfect in any jurisdiction. Centres learn from each other too, borrowing clauses that are well written and provide clearer principles. “They rub off on each other, so it’s a case of looking outward as well as in,” says Michael Powell, Private Client Director at Hawksford. “Presumably, Jersey’s trust legislature looked at the Cayman Islands’ STAR trusts in drawing up the newest amendments and decided certain elements could be beneficially incorporated. The same is true between Guernsey and Jersey, whose trust laws are closely aligned.” In the Channel Islands, it’s a case of evolution, not revolution. The reputation of the islands as go-to jurisdictions for strong, stable and fair administration is the jewel in their respective crowns. The latest changes in Jersey are a typical example of this careful, ongoing process. n DAN MATTHEWS is a freelance finance writer

in a nutshell: Amendments to Jersey Trust Law Trustee security In conferring a right to reasonable security for liabilities prior to transferring trust property, the law will now clearly apply both to changes of trusteeship and distributions to beneficiaries. And where such security takes the form of an indemnity (as it typically does), that indemnity may be provided not only to the trustee but also to related parties. Disclosure to beneficiaries Article 29 of the 1984 law is restated in a clearer, more comprehensive fashion. Broadly speaking, the new article condenses into statutory format some of the existing case law on disclosure. Probably the most significant provision is that the law will now clearly state that restrictions may be drafted into trust instruments limiting the extent of a beneficiary’s rights to information on the trust, subject always to the power of the courts to order otherwise. Variation Article 47 of the 1984 law already permitted the Jersey courts to approve proposed trust variations on behalf of minor and unborn beneficiaries. The seventh amendment extends that regime to the provision of consent by the Jersey courts on behalf of persons who can’t be found, despite reasonable efforts, and also on behalf of any beneficiaries who, because they are part of such a large class, it would be unreasonable to have to contact. Reserved powers Article 9A of the 1984 law received some tweaks, making it clear that, from a Jersey perspective at least, it’s possible to have a valid trust even if ‘all’ (rather than just ‘any’, as before) of that Article’s list of powers are reserved to the settlor or granted to parties other than the trustee, and any such reservation or grant would not make that person a trustee. Furthermore, the presumption will be that trusts will have immediate effect, even where there’s little for a trustee to do until the settlor’s death because so many powers have been reserved by that settlor. Accumulation In the context of accumulating trust income, the seventh amendment now provides more flexibility for trustees. It’s possible now for trustees simply to retain income indefinitely, rather than having either to accumulate it and add it to capital or, alternatively, to pay it out. And unless otherwise provided, there’s no time limit on the exercise of the relevant powers of capitalisation, retention or distribution.

Information provided by Robert Dobbyn, Partner, and Carla Plater, Associate, at Walkers in Jersey

september/october 2018 35

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Beneficial ownership

With the UK government forcing the issue over beneficial ownership registers, just where do the Crown Dependencies and Overseas Territories stand? and is that all set to change?

The battle between THERE’S WIDE AGREEMENT that

knowing who’s behind trusts, companies, bank accounts and funds is a useful tool in the fight against money laundering, economic crime and the financing of terrorism. Registers of beneficial ownership provide greater transparency and traceability, especially to financial services regulators and law enforcement agencies. The debate, however, is about the best way of setting them up and running them without compromising the individual’s rights to privacy. This is where the Channel Islands, which have long maintained beneficial ownership registers, differ from the UK. “The international standard on beneficial ownership is set by the Financial Action Task Force [FATF],” explains Helen de la Cour, Technical Manager at Jersey Finance, which represents and promotes Jersey as an international finance centre. “It requires countries to ensure that there’s adequate, accurate and timely information on beneficial ownership and control that can be accessed in a prompt manner by competent authorities. Jersey was assessed against this standard in 2015 [and was found to comply]. “The UK introduced a publicly accessible central register of beneficial ownership

38 september/october 2018

DIFFERENT STROKES The fly in the ointment for the UK government is that it can’t force Jersey, Guernsey and the Isle of Man to adopt its beneficial ownership model. This is because the allegiance of the Crown Dependences (CDs) is to the Queen and they have their own legislatures. The Overseas Territories (OTs), such as the Cayman Islands and the British Virgin Islands, have written constitutions and are governed by Parliament in Westminster, which makes their laws subject to their consent.

The OTs are pursuing legal challenges to having public registers forced upon them. The CDs believe they’ve got beneficial ownership registers cracked and see no reason to change. This view appears to be supported by international regulatory bodies. “We firmly believe that our beneficial ownership register is fit for purpose,” says Helen de la Cour. “And this is a viewpoint that’s been endorsed by Moneyval [the EU’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism], which described Jersey’s capturing of information as a ‘leading system’.” Nevertheless, de la Cour adds that, should public registries become the global standard, Jersey will review its approach to ensure it stays at the forefront of international requirements.

GLOBAL STANDARD But will publicly accessible registers become the global standard? Long story short, this looks unlikely. First, as Richard Field, a Guernsey-based Partner at law firm Appleby explains, while the centralised registers are a theme of the EU’s Fifth Anti-Money Laundering Directive (5AMLD), which came into force on 9 July, it requires that they be accessible to the public. But it allows member states to implement the legislation as they think fit regarding who has a “legitimate interest” to access the data. Second, in July 2016, the French Constitutional Court suspended the publicly accessible register of trusts, because

Words: Richard Willsher

information, which includes the details of people with significant control [PSC], in June 2016. Since then, the UK has encouraged the Crown Dependencies and Overseas Territories to consider adopting public registers of beneficial ownership.” Guernsey has a similar register to Jersey’s. “Ours is verified with proper regulatory oversight,” says Guernsey Finance Chief Executive Dominic Wheatley. “It’s available to proper authorities in the UK and elsewhere, those being responsible for tax and for the combat of crime and terrorism. So they already have access to full and verified data and they have that access in a timely manner when they need it. They are very satisfied with these arrangements. “Our view is that this is an absolutely necessary and important part of our infrastructure. We also respect absolutely the right of individuals to privacy with regard to their personal affairs, including their personal financial affairs.”

Beneficial ownership

transparency and privacy

september/october 2018 39

Beneficial ownership

it’s important to consider the wider debate around whether the need for worldwide transparency outweighs a personal right to privacy

40 september/october 2018

it conflicted with the French Constitution and disproportionately infringed an individual’s rights to privacy. Third, what about the US? There, beneficial ownership is a matter for individual states to set the laws and, culturally, a number of states (perhaps the entire nation?) are opposed to transparency, believing in non-disclosure and an individual’s right to privacy. States such as Wyoming, Utah, Nevada and Delaware are highly unlikely to budge on this and see it as a competitive advantage they can offer over international finance centres such as the Channel Islands. Fourth, the publicly accessible register model may be inherently flawed. The UK, for example, requires disclosures to be made by beneficial owners themselves. As Robert Shepherd, Partner at the Guernsey office of law firm Mourant Ozannes, puts it: “If you’re a fraudster, the chances are that you’ll fill out the disclosure fraudulently. Then you might update the information 12 months later – but you’re not going to change things, because why would you? We don’t think that’s a very good system.” This is in contrast to the islands’ model, as he explains. “Here, the responsibility for completing the register is not with the beneficial owners but rather with a corporate service provider [CSP]. You can only form companies in Jersey and Guernsey through a regulated CSP, such as a law firm, accountancy firm or a trust company. It’s their job, when they form a company, to make sure they have the customer due diligence [CDD] on the directors and the shareholders, and that they update the CDD. “It’s a dynamic, active system that keeps everything up to date and if the CSP doesn’t do that properly, it could lose its licence, be fined and go out of business. That system has been in place for 15 years now, and some CSPs have indeed gone out of business.” A fifth reason why public, central registers wouldn’t work is that they actually run counter to data protection legislation. “There’s a fundamental disconnect in approach when one considers Article 8 of the European Court of Human Rights and the General Data Protection Regulation (GDPR), which enhances individuals’ privacy rights, and espouses the minimisation of data processing and a reduction in the availability and circulation of personal data,” says Appleby’s Richard Field. “While 5AMLD does refer to

establishing ‘proportionate measures’ in response to the issue of transparency and having ‘due regard to the fundamental right to the protection of personal data’, this doesn’t seem to translate consistently into the recommendations being made. “There’s a clear risk such information will be used to target wealthy individuals, extort directors and/or lead to identity theft and other similar crimes.”

WHAT COMES NEXT? Although the direction of travel seems to be towards some sort of global standard for publicly accessible beneficial ownership registers, this destination seems to be a long way off. And it’s not inevitable, especially without the likes of the US on board. Julian Hayden, Private Client Director at Jersey-based global financial services firm Hawksford, says if that were the case, it could be complicated. “There’s an important distinction here between transparency and privacy. The Crown Dependencies have been prepared for this for a long time, but it’s important to consider the wider debate around whether the need for worldwide transparency outweighs a personal right to privacy. It’s about privacy, not secrecy, and ensuring consistent reporting to the right authorities. “I would be astonished if worldwide transparency at a public access level ever materialised because, at an individual governmental level, there would be objections from multiple jurisdictions. I suppose time will tell.” In this light, some have expressed surprise that the UK adopted a public register at all, yet it’s soldiering on. In July, the Department for Business, Energy and Industrial Strategy launched a consultation on a ‘Registration of Overseas Entities’ bill, which aims to establish a register of those with interests in UK property. In the Channel Islands, however, the approach is to cautiously wait and see how things evolve and if at some future time the global playing field is levelled, it may be time to change. Alternatively, what if every country were to adopt the Jersey/Guernsey model of beneficial ownership? In principle it could happen, especially as it’s been so roundly praised by global bodies such as the EU and the OECD. Perhaps the islands are the only ones in step, then? Maybe, but that’s looking pretty unlikely at the moment as well… n RICHARD WILLSHER is a freelance finance writer

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With 30 years in financial services, Michael has held senior roles at UBS since 2005. In Jersey, he has developed a wide network of high-value local residents and helped create the wealth management business. A Chartered Associate of the London Institute of Banking & Finance, Michael sits on the UBS UK & Jersey Investment Sales Committee and the UBS Jersey Location Board. He is a member of La Moye Golf Club and enjoys music and travel.

Paul has 33 years’ experience in financial services and has held senior private banking roles in London and Jersey. He joined UBS 13 years ago and his investment advice is highly valued by clients. Paul is a Member of the Institute of Directors and a Member of the Chartered Institute for Securities & Investment (CISI). He follows several sports and is a member of La Moye Golf Club.

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Neil’s career in financial services spans 35 years, more than 28 of which have been with UBS. His main focus is to provide wealth management solutions to Jersey residents. Neil is a Chartered Associate of the London Institute of Banking & Finance and, in his recreational time, is a keen skier and a long-distance cyclist.

Paul has over 23 years’ experience in financial services and joined UBS 10 years ago. He specialises in advising Channel Island residents and UK-resident non-domicile clients. Paul is a CISI member and has an established network of clients in the Guernsey intermediary market and London. A dedicated sportsman, he takes part in golf, skiing, tennis and squash.



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september/october 2018 41


Adopting an ethical investment strategy Part 4 in the Jersey Charity investment series by Joel Graves, CFA, Investment Management, Smith & Williamson International Limited The introduction of a new charities law in Jersey (the Charities (Jersey) Law 2014) and the appointment of a Charities Commissioner by the Chief Minister to supervise registered charity governors mean that trustees need to consider their activities and responsibilities in relation to assets under their supervision very carefully. The objective of the articles in our series is to use our experiences of managing over £2bn of assets for a wide variety of UK, Irish and International charities to provide you with the necessary building blocks and best practice as you review or undertake your own activities. We consider matters such as: planning how much cash you need and when; documenting how you wish to deal with generating returns on your assets (the Investment Policy Statement); and we explain how experienced trustees make decisions about when and how to invest and how to go about selecting and instructing professional advisers. This last article in the series considers the mechanisms available to the trustee as they consider meeting any ethical, religious or belief-driven requirements laid down in the Articles or equivalent ‘rule book’, Letter of Wishes or appetite statement for the charity or foundation in their charge. Ethical or Socially Responsible Investing are increasingly important considerations for the following reasons: • ensuring a charity’s reputation is protected, as investing in an ethical manner; • making sure that the charity’s supporters, beneficiaries and staff are not alienated;

• making sure investments are in line with the charity’s stated purposes; • using investments as a means of furthering the purposes of a charity. “ trustees should not feel that by investing ethically they will be forced to accept a lower return.”

So what is Ethical or Socially Responsible investment (“SRI”)? SRI involves evaluating the ethical, social and environmental achievements of companies, taking into account their financial performance. There are typically three approaches to investing ethically which can be used individually or in a combination and are widely regarded as the main strands of SRI. Environmental factors relate to the physical world; social refers to people and society; and governance refers to how companies manage and conduct themselves. The investment industy is constantly evolving in response to these demands but broadly applies two mechanisms for managing investment restrictions: negative screening or positive screening.

Negative screening: Despite the rapid growth in the adoption of this type of investing and the availability of deeply sophisticated tools and standards to monitor or benchmark investments, (for example, the international standard of Sustainable Development Goals), the majority of investment firms still focus on the relatively simple mechanism of negative screening. Negative screening involves setting out a specific instruction not to invest in companies that do not meet the

ethical criteria set out by a charity. As a result, categories of investment such as tobacco, alcohol, armaments, gambling and possibly companies that engage in practices such as animal testing or environmental damage tend to be excluded. A recent high profile case in the media involved a major religoius charity inadvertently investing in a listed payday lender: something which was clearly not specified as a restriction but had a negative impact on the reputation of the charity following criticism of the deemed unethical practices of that lender.

Positive screening and impact investing: This method involves specifying appetite for investing in companies with ethical business practices that promote desirable goals, such as sustainable development, diversity & inclusion, and thematic investment (e.g. environmental technologies), or practices that are judged best in class on ethical grounds in their particular specialist sector. An investor or investor-group’s influence and rights of ownership can and do encourage more responsible business practices.This is usually due in the form of dialogue with the company or voting at company meetings with a view to prompting change in corporate behaviour. The application of ethical screening can be complex and time consuming, and as such it should be undertaken by an investment manager that has the systems and capabilities to ensure that the portfolio not only meets the ethical restrictions now, but also on an ongoing basis, with clear priorities for ‘principles versus performance’. Smith & Williamson, for example,


uses the Ethical Investment Research & Information Service (“EIRIS”), a leading not-for-profit ethical screening service, which provides in-depth coverage of approximately 3,000 global companies, covering over 110 different environmental and social governance areas, thus ensuring that all investment decisions are suitable given the objective of the mandate, and that the mandate can be adapted should circumstances change. We carry out monthly screenings of ethical portfolios as well as covering stock purchases on a daily basis. There has been some resistance to the adoption of SRI strategies, driven predominantly by the belief that returns from ethically acceptable investments are not as good as those achieved by their unrestricted peers. This is not necessarily true; there is growing evidence that investing in ethical companies mean they are more likely to flourish over the longer term and are less likely to be embroiled in the kind of scandals that can destroy shareholder value overnight.

“The investment industy is constantly evolving in response to these demands but broadly applies two mechanisms for managing investment restrictions: negative screening or positive screening.”

It is important that trustees ensure that any decision that they take about adopting an ethical investment policy is justified; meeting minutes must clearly set out the reasons why certain companies, themes or sectors are excluded or included, and such policies and outcomes should be periodically reviewed with the trustees and any appointed fund or investment manager along with performance, costs and other factors. Trustees should evaluate the effect of any proposed policy on potential investment returns and balance any risk of potential lower returns against the risk of alienating support or damage to reputation. This element usually requires expert advice; some charities are fortunate to attract relevant expertise at trustee level, but where this is unavailable the guidance of an investment house or independent consultant with the right expertise and track record should be sought.

In summary; charity trustees should not feel that by investing ethically they will be forced to accept a lower return, and where such wishes are expressed to an investment manager on an existing arrangement they should be reviewed and tested periodically against the contemporary outlook for the charity and the expectations of their supporters. “...meeting minutes must clearly set out the reasons why certain companies, themes or sectors are excluded or included, and such policies and outcomes should be periodically reviewed...”

We would be delighted to discuss any of our articles and copies can be provided on request by contacting Joel Graves.

Joel Graves Investment Manager t: 01534 716823 e:

Important information Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance. Smith & Williamson is an independently owned financial and professional services group with over £20.7bn of assets under management (as at June 2018). The firm is a leading provider of investment management, tax, financial advisory and accountancy services to private clients, charities, professional practices, entrepreneurs and mid-to-large corporates. The group’s c1,700 staff operate from a network of twelve offices in the UK, Ireland and Channel Islands. By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing. Smith & Williamson International Limited is regulated by the Jersey Financial Services Commission.


Words: Jessica Furseth TO HAVE THE life of a business hotshot – travelling around the

world, putting in a couple of hours for meetings, before lounging by the pool for the rest of the day – is nice work if you can get it. But you can’t, of course, because this version of business travel doesn’t exist anymore – if the idea was ever actually real. Any lingering luxuries afforded to work travel disappeared with the financial crisis, as businesses tightened their belts and became more cautious about flashing the cash. Economy flights and tight turnarounds have been the norm ever since. “The guys here take the mickey out of me when I’m going to Dubai, asking if I’m going to the swim-up bar,” says Trevor Norman, Director of Funds and Islamic Finance at VG in Jersey. “But it’s not all fun – business trips are work.” Seven million business trips are taken every year by UK residents, according to the Office of National Statistics, a number that’s typically risen by 2.8 per cent per year since 1980. And a survey by Bristol Airport found that those who travel with their jobs typically leave the country eight times a year. However, frequent business travel can have serious negative effects on health, both mental and physical. This is because there’s a lot going on when you’re travelling for work. You’ve got the stress of getting to the airport on time and passing through security, and the plane could be late. Trying to sleep in an economy seat is never fun, or you land late at night and find there’s only

junk food available. You have some alcohol and you skip the gym before crashing into bed for some restless sleep while fighting your body clock. And then tomorrow is a day of back-to-back meetings. There’s a proven link between the number of days spent on the road and the risk of long-term health issues such as heart attacks and strokes. However, a study published last December in the Journal of Occupational and Environmental Medicine also suggests it may be causing more immediate problems. People who travel a lot for work are more likely to suffer mental health problems as a result of lack of sleep, being sedentary and drinking more alcohol. The study also found that anxiety and depression spiked for those who found themselves frequently on the road.

CORPORATE CONCERNS While most of us probably travel less than 14 times per month – the frequency identified by the study as being particularly harmful – the negative effects can be felt at more moderate levels too. A World Bank study found that the business travellers among its staff were three times as likely to file psychological insurance claims. Health risk appraisals at large corporations routinely associate international business travel not just with poor health, but also with problems keeping up with the pace of work. This means it’s not just an individual’s problem, but a corporate concern.

A trip

too far? Jetting all over the world with work may sound glamorous but, as any hardened business traveller will tell you, it can be a slog. What’s more, it could also be bad for your health

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Writing in the Harvard Business Review, Dr Andrew Rundle, lead study author and Associate Professor of Epidemiology at Columbia University in New York, commented: ‘The opportunity to travel is often touted by companies as a benefit in their recruitment of talent, but the accumulating evidence linking extensive business travel to chronic disease risks needs to be factored in to the cost-benefit analysis of the practice. ‘Employees simply need to be aware that business travel can predispose them to making poorer health decisions.’ Dr Bob Gallagher, who oversees occupational health at Queen’s Road Medical Practice in Guernsey, says companies are getting better at taking responsibility for their employees’ wellbeing while on the road. He believes the issue should be considered as part of a company’s risk assessment policy. “Work travel can cause problems that can make people unwell, or it can make pre-existing mental or physical health conditions worse – or both, as these things are often linked,” he says. At his practice, Gallagher meets people who travel “an awful lot”, sometimes for weeks at a time. “It’s rare to meet someone

who travels frequently for work and who says it’s something they enjoy doing,” he says. For most people, business travel is something they have to do, and it can be a source of stress. Common ill effects include heartburn, acid indigestion, digestion problems and trouble sleeping, says Gallagher. “If you’re below par because you haven’t slept, you’re a bit hungover, you’ve eaten too much food, you haven’t exercised… are you performing at your best? Probably not.” While some of this is down to the individual, companies are starting to realise that it’s their responsibility too, he adds. “Organisations need to look at this. They shouldn’t cram the day full of meetings, so that people can’t have some rest. Make sure people have a bit more time,” says Gallagher. Ensuring employees don’t return from a mad-dash business trip too tired to drive home from the airport is also a matter for companies’ duty of care. As Andrew Perolls, Executive Director of travel management company Business Travel Direct, says: “Companies have to be more careful how they look after staff.”

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This means businesses must ensure that staff aren’t staying in hotels located in unsafe parts of town. They must also consider issues such as access to medical facilities, and ensure they know exactly where everyone is in case of a natural or political disaster. While Perolls can testify to the fact that the life of the work traveller has gathered speed – a one-day business trip to the US is not unheard of – he believes the situation might be improving. “What people are prepared to put up with is changing,” he says. Staff, for instance, are increasingly bristling at being told to fly budget airlines at the crack of dawn. The millennial generation, who are now in their 30s, are especially more attuned to work-life balance. “We know that in

in specialist professions, a job candidate may look at the travel policy before deciding to join a company if the job involves a lot of travel

specialist professions, a job candidate may even look at the travel policy before deciding to join a company if the job involves a lot of travel,” says Perolls.

ALL IN THE PLANNING Letting employees choose where to stay (within a budget) is one way to keep people happy. That way they can pick a hotel with a gym or within walking distance of good dining options. Allowing people to fly out the night before an event will also prevent stress, as will ensuring there’s downtime between meetings. And giving people a leisure day or two at the end of their trip can turn it into a more positive experience. “It’s a shame to go all the way to Bangkok only to see the airport,” says Perolls. Trying to manage as many aspects of a business trip as possible makes perfect sense – but ultimately, travel is an exercise in unpredictability. “Stress can be defined as a perceived lack of control, which is common when travelling,” says David Brudö, co-founder and CEO of Remente, a mental health app that aims to promote wellbeing through planning. Brudö explains how he recently used Remente to plan a trip to Japan, from booking flights and choosing restaurants to scheduling in meditation sessions on the plane. “When you’re travelling, you’re a bit disconnected from the outside world, but this means you actually have some time to take care of yourself. A plane is a great place to just sit and meditate, read a book and invest in yourself,” he says. It’s hard to avoid business travel. While video conferencing is getting better every year, it’s no a substitute for a handshake. But a stressed or unwell organisation isn’t a smart organisation, and it’s clear that companies are realising that taking care of people is ultimately a sound business decision. A study by Deloitte found that 88 per cent of UK businesses are working towards improving work-life balance for staff. That means helping people stay healthy on the road by booking the hotel with the nice gym or providing down time. It also means picking people who enjoy travelling to go on trips, while letting those who’d rather not stay home. n JESSICA FURSETH is a freelance business writer

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Case study: The lifetime flier Trevor Norman, Director of Funds and Islamic Finance at VG, took 90 flights last year, having gone on 18 business trips from his home in Jersey. “I’m constantly travelling,” he says. “My father was BA staff, so my mother flew with me even while pregnant. I’ve flown all my life, literally! “I was lucky enough to fly to all sorts of places before people were really travelling. That’s carried on in my business career.” Norman’s BA record shows he’s flown almost 600,000 miles, and he’s got the routine down pat. “In our spare room, I have travel drawers with all the bits I need,” he says. “I have a bag of electrical leads that I just drop in my case. It’s almost instinctive now.” As he usually flies to the UK first, Norman likes to get that leg of the journey done the day before a meeting – to avoid the risk of sitting in traffic on the M25 as his plane boards. “Also, I always allow time between meetings, for something to eat and a comfort break,” says Norman. “I try and relax as much as I can on the plane, have a snooze and try and arrive fresh. I can sleep just about anywhere and don’t tend to suffer much with jetlag – I’m lucky that way.” Missing home was more of a problem when the children were young. “That was stressful for my wife,” says Norman. But now that the kids have left home, his wife often joins him on business trips, making it more enjoyable for both of them. “I enjoy travel, seeing different places and learning about different cultures. I try and see the positive side of it,” he adds.

Advertising feature

In profile: Richard Parkinson Jersey is an increasingly popular choice for businesses operating in the mining and natural resources space. Seabed mining company SM2 is one such company breaking new ground in the sector. founder Richard Parkinson explains why he decided to set up on the island, as the industry begins its deep dive into the unknown WHAT DOES YOUR BUSINESS DO? SM2 is a seabed mining exploration company, focused on sourcing minerals and metals from the seafloor, in deep and ultra-deep-sea locations. It’s a long process to make sure it’s all done in an appropriate and sustainable manner, from an environmental, economic and socio-political perspective – so we’re still very much in the research, analysis and planning stages at present. It’s a sensitive area, and it’s vital we get all that absolutely right. The industry as a whole is still in its infancy. We’re right at the forefront of this emerging sector, and we don’t expect to begin any actual mining for another 10 to 20 years, with investigation and exploration of potential sites taking place in the coming three to five years.

but Locate Jersey even helped guide us through that, so we were very impressed… and relieved!

IS JERSEY PARTICULARLY WELL SUITED TO YOUR BUSINESS? Because we’re a global company, with ocean research sites around the world, having good travel links and being in a convenient time-zone (GMT) are real priorities for us – both of which Jersey certainly does offer. Another big sell for us when considering moving was the high calibre of regulation in the island. We’re managing valuable intellectual property, so it’s important for us to know we’re based in a secure, stable, reliable jurisdiction, with regulatory standards and good, robust laws that are respected the world over.



Yes, it was really smooth from a business perspective – the authorities were very welcoming and helpful. Once we got a licence to work on the island, everything else fell into place. Locate Jersey were especially helpful – from assisting us in formulating a business plan to the practicalities of relocation and living in Jersey. The only real challenge was getting a visa for my partner, who’s American,

There’s no doubt that Jersey is a really pleasant place to live and work. I love marine life and have a personal interest in boating, so you can’t really find anywhere better for that. We have a beautiful marina, numerous picturesque and historical harbours, and a wide selection of bays to moor up in. If you want to pop over to France for lunch, it couldn’t be easier, so we really enjoy that aspect.

HOW DO YOU SEE YOUR BUSINESS EVOLVING? There are currently two of us in Jersey with SM2. The main challenge to our growth will be how international regulation in our sector evolves and we absolutely intend to help inform that process. For that reason, we’re aiming to bolster our operational and administrative functions in Jersey as our groundwork moves forward, so that will add to our numbers. It’s a specialised and emerging area we work in, but we’re hopeful that our presence here might offer up opportunities for any islanders who have the right qualifications and experience. The business itself has a long road ahead and it’s very exciting. We work continually with scientists and environmentalists to try to better understand the impact of seabed mining and ensure that everything we do has a minimal impact on ecosystems. I’m personally very involved in this area and we take our responsibilities very seriously. In particular, we’re focused on seabed sites in the Pacific Rim, such as Papua New Guinea, Japan and the Solomon Islands, and we’re looking forward to the Jersey business being a key part of this exciting new venture. n This advertising feature was produced in partnership with Locate Jersey.

Locate Jersey were especially helpful – from assisting us in formulating a business plan to the practicalities of relocation and living in Jersey

september/october 2018 47

Advertising feature

Family offices: a strategy for success highvern Head of Family Office services Naomi Rive and Client Director Lucia Perchard explain how outsourcing can help provide family offices with an expert, professional and cost-effective solution AN INCREASING NUMBER of wealthy families are establishing family offices in order to support a vast array of issues relating not only to the management of their wealth, but also the day-to-day handling of their affairs. It’s become trite to say that because every family has its own unique set of needs, there are many types of family office, each with a slightly different focus. While each family should ordinarily drive the strategic direction of its family office, all too often it develops in an ad hoc way. It’s influenced not only by the skill set of the people employed to work within the family office, but also by the needs of different branches or generations of the family, each of which has its own wealth management requirements. While none of these challenges are insurmountable, many families find that, after a number of years of operating a family office, there’s a need to undertake a comprehensive review to ensure that it’s still providing the highest quality of service to its family clients on a cost-effective basis. An increasingly important component of any review is to consider what strategic outsourcing opportunities are available to the family. This requires the family office to critically analyse its core capabilities and identify those services that would benefit from a higher level of quality and

Naomi Rive

excellence by outsourcing them, as well as from more competitive pricing. The provision of trust and corporate services is an area that lends itself extremely well to outsourcing by family offices. And the demand for skilled and experienced service providers will only increase as the burden of regulation and tax compliance makes this area increasingly labour-intensive and specialist. Rather than battling to maintain family structures in a well-governed and robust way, family offices will often find that it’s a better use of their time to establish an effective, outsourced relationship and then maintain diligent oversight of that relationship, working closely with the provider and the family to ensure a seamless service. The fact that the family office is working alongside a well-regulated business is also likely to be a source of comfort for the family. This may also assist with strengthening governance and processes within the family office environment. As trust and confidence in the outsourced relationship grows, the opportunities for further collaboration are endless, with the service provider becoming an extension of the family office in the most successful instances. This is hardly surprising, given that many private client trust businesses now employ lawyers, accountants, real estate and investment professionals in addition to highly qualified and experienced trust and estate practitioners. Having access to experts in all of these areas is increasingly important for family offices, given the international, cross-border nature of many families, not to mention the variety of asset classes held within structures. Not only will a boutique private client business have access Lucia Perchard to a wide body of

professionals internally, it will also have an established network of high-quality intermediaries that it can engage with as and when necessary. Again, this has the potential to save the family office considerable time, effort and embarrassment if things go wrong, as well as being more cost-efficient. The challenge, of course, is finding the right business to collaborate with in the first place. This is not a process to be rushed, and endorsements from third parties, as well as a series of meetings to assess competency, culture and compatibility, will be essential. Fortunately, Jersey has no shortage of skill in this area, which is undoubtedly one of the reasons why single-family offices are choosing to base themselves on the island. Other attributes, such as time-zone, being English-speaking and having a solid understanding of regulation, also make the appointment of a Jersey-based service provider an attractive option. Independent ownership is also important for many families when selecting a partner, as it ensures a conflict-free service and often delivers a more director-led and client-focused approach. Transparency on costs and a well-defined risk appetite will also be key, along with a long-term approach to client relationships. At Highvern, our door is always open should families or their representatives wish to meet and discuss our family office services. We enjoy meeting families and understanding their needs and challenges. If we can add value in any way, then it will be our pleasure to do so. n


For more information, contact Naomi Rive, Group Director and Head of Family Office Services, 01534 480601, or Lucia Perchard, Client Director, 01534 480646,

september/october 2018 49


Words: Chris Menon

With the drive towards automation and self-service, human interaction is becoming less common in businesses of all kinds – and it’s a change that’s not being embraced by everyone

DESPITE ALL THE talk about the robot revolution and job losses to automation and artificial intelligence (AI), very little has been written about the knock-on effect of such technological change on human-to-human interaction, which is in steep decline. It’s clear to see, as banks, retailers and supermarkets move to self-service models, reducing the number of staff who can interact face-to-face with customers at bricks-and-mortar sites. Other sectors affected include travel (people increasingly book holidays online rather than visit the dwindling number of travel agents), utilities (DIY meter reading and online accounts), and telecoms (note the push for customers to handle their own accounts online). On an even more basic level, we appear to be gradually losing the opportunity to speak to a human when we wish to communicate with a company – we’re either directed to online chat, automated phone systems with synthesised voices or, in extremis, contact is reduced to tweeting. What’s more, this trend looks set to accelerate. The UK

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Contact Centres 2018-2022: The State of the Industry report by ContactBabel, which provides research on customer service centres, predicts that 45,700 jobs will disappear from the retail sector between now and 2021. Of those, 20,000 are projected to go from the 168,000 who are employed by high-street retailers and distribution firms to handle customer relations, as shoppers increasingly buy and interact online. Its prediction for the finance sector – the biggest customer service centre employer in the UK, with almost 230,000 staff – is that nearly 13,000 jobs will go as banks and insurers restructure. Similarly, the number of jobs at utility companies will dwindle as nimble newcomers with cheaper tariffs and apps force change.

WINNERS AND LOSERS So just what are the benefits to businesses and customers of this transformation? While it’s clearly more cost-effective for businesses to employ fewer staff, this isn’t the only driver. In part, some customers prefer it because it can be faster and


Are businesses losing the

more convenient to go online or use an app. For example, financial ‘robo-advice’ (digital financial advice based on an algorithm) is growing apace, with £6.6bn in assets under management (AUM) in 2018 – and this is an industry that’s expected to show an annual growth rate over the next five years of 51.4 per cent, resulting in around £35bn AUM in 2022. As Lee Morris, Investment Director at Quilter Cheviot, explains: “Ease of use and access makes robo-advisers a popular option for many. Looking deeper into the reasons for this, the lack of human interaction makes it an ideal scenario for the iPhone generation, who are able to interact on an anonymous basis with an app, even regarding fairly personal subjects – something many people have become accustomed to over the past 15 years.” Indeed, Morris points out that, as a result of this process, customers can now manage relatively low-cost portfolios from their iPhones as easily as ordering a takeaway. Still, this begs the obvious question as to whether these customers risk something worse than financial indigestion should

they make investment decisions based on a lack of knowledge. Morris points out that the Financial Conduct Authority is pressing such firms “to provide more clarity on fees and gather more information on customers’ financial circumstances”. Andrew McLaughlin, Chief Executive at RBS International, is keen to stress the benefits of increasing automation in improving customer satisfaction levels. However, he admits that incumbent bank players are being driven both by customer demand and the need to react to competition from new entrants who don’t have a physical presence. “Automation and, more importantly, digitalisation will mean fewer properties and people are needed to deliver banking services,” he says. “But this is a gradual transition. I understand why people are concerned, but I think that in the end it will be good for small islands such as Jersey. This shift will free up more people in the workforce to support other sectors – and it’s been discussed at length during the recent election campaigns that Jersey wants to diversify.”

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human touch?

Automation understand and respond to the nuances that may be communicated through subtleties of verbal or body language. For example, the dynamic of a client who may have recently lost a loved one, been through the process of divorce or a family dispute, or who has views on one’s future son or daughter-in-law, can’t be reduced to an algorithm. “Each of these examples is relevant to the industry within which we operate and must be navigated to bring a successful outcome to the client.”

Image credit:


For those aged below 25, the lack of human-tohuman interaction may perhaps be unproblematic and largely unnoticeable – this is, after all, the generation that prefers to text or WhatsApp rather than make a phone call. But for other, generally older, less tech-savvy customers, who are used to more faceto-face contact, the transition is often less welcome. McLaughlin, however, argues that this is an assumption not totally borne out by his experience. “Since launching our Digital Lounge in our Bath Street branch earlier this year, [we’ve] been running weekly sessions to help our customers understand more about our digital services,” he says. “And we’re seeing customers accessing this information from across all demographics.”

PERSONAL TOUCH Fortunately, complex transactions still require human-to-human interaction, as Lee Morris explains. “If you were planning a special holiday such as a safari, you probably wouldn’t use a budget airline and an online agent to make arrangements in some farflung exotic location where there are lots of difficult logistics and precise, complicated requirements. “Similarly, with a portfolio for more complicated arrangements, clients would prefer an experienced organisation that’s accustomed to working in a variety of market conditions. In such scenarios, there isn’t any substitute for speaking to an expert.” Paul Douglas, Managing Director at Accuro, which provides fiduciary and family office services to the private client market, is adamant that humanto-human interaction is key to his business. “Human beings are complex by their very nature, and this is heightened by global wealth, geopolitical issues, religious beliefs, regulation and increasing taxes and transparency,” he explains. “In our experience, no two clients are the same. While financial services are moving towards automation, people still want a personal approach to their relationship with an institution, so that their views are heard and respected. “As far as I’m aware, no system or automation can

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It must also be appreciated that in geographically small communities, human-to-human contact is vital for some businesses. The societal importance of supermarkets to a community is stressed by Colin Macleod, Chief Executive of The Channel Islands Co-Operative Society, which is owned by more than 100,000 Channel Islanders. “What’s generally not seen is that our neighbourhood stores can be the glue that holds communities together,” he explains. “We’re acutely aware that we can sometimes be the only people that members of the community see in a day – so, rather than seeing technology as a way to reduce human interaction, we see it as a way to improve service.” He argues that technology is helping his organisation to engage more deeply with customers. This takes a variety of forms – from improving its ability to forecast stock demand and thereby ensure better product availability, to processing customer payments in more convenient ways, as well as “ensuring we hear the community’s voice in a way that would be impossible via traditional forms of communication”. Of course, the risk is that if the vast majority decide to have their groceries delivered by Ocado, supermarkets will become as rare a sight as a whistling milkman doing his rounds. All of this leads us to ask if we should be concerned about the decline in human-to-human interaction. Isn’t digitalisation part of an inevitable journey to a better future? The answer isn’t simple. While there are clearly benefits, there are also disadvantages for some. It’s perhaps too simplistic to say that the old, vulnerable and poor will all be adversely affected by an accelerating shift to digital and a reduction in human interaction – yet a significant minority of the population aren’t equipped with native digital skills and the latest smart phones. The danger remains that, without help and support, some people will be further marginalised in the rush to reduce human-to-human interaction. Where will such ‘progress’ end? According to a wide range of tech experts, within 10 years many urban taxis will be driverless, while in time robots will replace domestic cleaners, home carers, shop staff and call-centre employees. These robots will be able to interpret human emotions and deliver empathetic, realistic responses. Ray Kurzweil, Google’s Director of Engineering and a noted futurologist, has even predicted that by 2030 there will be a melding of humans and robots, as we hook up our brains to computers to enhance our abilities. At that point, human-computer to humancomputer interaction may then become the norm. If you weren’t feeling a little worried before… n CHRIS MENON is a freelance business writer


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Who’s got the


As the world shifts towards cleaner, renewable energy sources, where do the Channel Islands stand when it comes to generating their own power? IT’S HARD FOR some of us of a certain

Words: David Burrows

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age to imagine that one day we’d be able to control the heating in our home from our mobile phone, so that it’s nice and toasty when we get in from a hard day at work in the depths of December. The fact is that the global energy market is in a state of transition, not only because of technology developments but also through decentralisation along with policy and regulation. In recent times, we’ve seen a shift from conventional single-energy suppliers to individual consumers taking a significant interest in how they want their energy supplied for their homes and businesses. As Ian Plenderleith, Group Managing Director of International Energy Group, explains, this changing, more empowered consumer behaviour can be witnessed through individuals and businesses increasingly investing in solar photovoltaic (PV) and solar thermal systems, home improvements on insulation and heat pump technology. “These initiatives, along with highefficiency appliances and home energy

devices, are changing the energy landscape,” he says. In addition to the ‘empowered consumer’, cross-border targets on greenhouse gas emissions – laid out initially in the Kyoto Protocol and then the Paris Agreement of 2015 – set the agenda for a concentrated move towards clean, sustainable and renewable energy. Over the 10-year period from 2005 to 2015, the share of renewables in the global electricity mix increased by approximately five to six per cent. While fossil fuels are still heavily relied upon to generate power around the world, evidence of a concerted shift to cleaner energy sources can be seen by following the money. In 2004, the world invested $47bn in renewable technologies. By 2015, this had increased to $286bn – up 600 per cent. With larger and ongoing investments in renewables and clean energy projects, the balance should, in theory, switch further towards them and away from fossil fuels in the coming years, particularly as costs and efficiency levels improve. Carbon emission targets and the


environmental impact of fossil fuels remain a focus, despite President Trump’s backward stance and climate change denial. In countries where pollution is at danger levels, the emphasis is on action not words. China, for instance, which has historically had to import large quantities of coal for energy, is now the biggest global investor in solar power.


Alternative power options are important to all countries – large or small. The Channel Islands have long been viewed as being overly reliant on power from France. While some countries are able to generate all of their own power, others are not – the Channel Islands fall into the latter category. Electricity is supplied from France and there’s no natural gas produced on the islands – liquid petroleum gas is imported via a number of supplier companies. So, is this in itself a problem and can current supply meet the islands’ ambitions in the years ahead – especially if demand for power increases? Alan Bates, Chief Executive at Guernsey Electricity, doesn’t believe the islands’ reliance on France is a danger – electricity from that nation has always been a secure and preferred option rather than an enforced and sole one. He also insists that supply isn’t a problem – even if power from France happened to be cut off temporarily. In 2014, the power link from France to the Channel Islands was indeed lost – but it was restored after two and a half hours. “Both islands do have a significant element of self-generation, so if we do lose power from France, we have the capacity to manage. We have at least two months of oil stocks on Guernsey.” Ian Plenderleith argues that the onset of electric transport, replacing combustion engine vehicles, will require greater supplies of electricity for all islanders. He explains how this challenge will be met. “We intend to install discrete distributed generation schemes that

Energy will include a blend of renewable energy and combined heat and power (CHP) technology – the latter being highly efficient electricity and thermal energy generation units with virtually zero NOx [nitrogen oxide], SOx [sulphur oxide] and particulate matter emissions. All these systems are designed to reduce the islands’ carbon footprint.” Bates agrees that electric vehicles will have an impact on power demand in future years and that the Channel Islands are well set up to handle it. “Increased power demands can be met. This is helped, to some degree, by a general reduction in energy consumption due to greater efficiency,” he says. In recent years, there’s been a dramatic change in housing build quality, with well insulated homes and businesses using only a fraction of energy that they once did. Bates is keen to add that the islands are already focused on low-carbon energy. “It’s a combination of green aspirations and a concerted move towards independent energy generation – for instance, from wind, solar or wave.” He cites a 30 megawatt windfarm northwest of Guernsey and a community-based solar PV Ray project introduced in March, which has so far outperformed predictions.

ISLAND POLICY Enthusiasm for alternative energy options is a result of both consumer preference and defined policy. In addition to global clean energy objectives, the Channel Islands have their own targets. “With a new energy policy in Guernsey being developed and Pathway 2050 in Jersey, the key is to decarbonise the islands, as Europe has been progressing for some time,” Bates explains. “During recent times, the cost of renewables has fallen considerably, making distributed generation schemes feasible. All this is good news for the environment and customers, as it will provide sustainable, secure energy at affordable prices.”

In addition to the solar and wind projects already outlined, wave technology is being embraced. Alderney Renewable Energy (ARE) has undertaken a project to enable tidal power generated in Alderney’s territorial waters to provide less expensive energy to the island (currently reliant on diesel-fired generators) as well as to European markets. While inevitably a cleaner option than fossil fuel power, ARE still had to factor in the environmental impact. It commissioned engineering consultant Xodus to prepare a scoping report, including seabed and marine wildlife surveys. According to an ARE spokesperson, from an environmental perspective, as with other renewable sources, tidal energy produces no greenhouse gases or other waste. However, unlike other technologies in the renewable sector, tidal energy is a completely reliable and predictable source

With an energy policy in Guernsey being developed and Pathway 2050 in Jersey, the key is to decarbonise the islands, as Europe has been progressing for some time

of energy. It’s also a highly efficient form of energy generation. Compared with coal and oil at 30 per cent, tidal power efficiency is rated at approximately 80 per cent.

IS ENOUGH BEING DONE? While all these ‘alternative’ energy projects make for interesting reading, are they sufficient in number for the Channel Islands to realistically reach ambitious clean energy targets? Alan Bates accepts that the technology relating to wave, wind, solar and tidal energy needs to evolve further before huge strides can be made. However, he’s confident that success, particularly regarding efficiency and storage, will be achieved in time. “It’s really a question of improving storage,” he says. “Renewables often work best when you don’t need them – for instance, during the day when the sun’s shining. The challenge is that when excess power is generated, it can be stored efficiently.” As efficiency improves, so should affordability. And as Bates explains, the market revolves around price. “The rapid reduction in the price of renewables will mean greater uptake of these power generation options,” he says. Greater uptake also means a higher percentage of energy supply being self-generated on the islands, providing greater independence. Plenderleith, like Bates, takes a positive view of the islands’ prospects: “I think that in a few years’ time, the Channel Islands will be a good example of how political will, policy and innovation all come together to deliver what’s needed to sustainably supply the energy requirements for a new digital economy.” n DAVID BURROWS is a freelance business writer

Share of renewables in electricity production UK


Global investmenT in renewable technologies










30.16% 56 september/october 2018




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You are what you


What role do businesses have to play in making sure that their staff eat healthily, and what are the possible costs of not doing so?

58 september/october 2018


Words: Sharon Gethings

after a big bowl of pasta for lunch. Our diet can also play havoc with our circadian rhythms, which govern our natural internal clock and dictate when we feel most alert. The more you align your diet with this clock, the more you’ll be able to harness your full potential during the day.

WHO’S RESPONSIBLE? Clearly, there’s a strong link between what we eat and how productive we’re going to be at work. So, it makes sense that we should eat in a way that optimises our workplace performance. Right? Dr Bob Gallagher leads occupational health at Queen’s Road Medical Practice in Guernsey, which provides a range of medical services to local businesses, including the finance and legal sectors. “Occupational health statistics show that if you’re obese, you’re likely to have lots more illness and worse sickness absence. If staff can lose weight, it reduces the likelihood of chronic illness such as diabetes, high blood pressure, heart disease and osteoarthritis. “At Queen’s Road, we bring in fruit for staff twice a week at both our sites – but we still have the chocolate and crisps, as staff want that option. Forward-thinking companies will engage with staff to encourage healthier lifestyles. Diet in and out of work is a critical part of that.” This is the major question: if nutrition can have an impact on the workplace, as outlined above, just how much should an employer impose rules regarding what staff can and can’t eat while at work? Workers often bring in biscuits, sweets and cakes as snacks – and grab storebought sandwiches for lunch. But in light of the rise in obesity around the world, should such items be banned? “Sharing birthday and other celebrations is part of the bonding process that encourages a cohesive workforce,” says Brewer. “If people bring in their own food, they should be allowed to make their own choices based on helpful information rather than be told what they can and can’t do.” So, it seems that giving employees

Forward-thinking companies will engage with staff to encourage healthier lifestyles. Diet in and out of work is a critical part of that

YOU KNOW HOW it is – you’re doing your best to eat well and stick to a diet, but your naughty colleagues just keep on bringing in biscuits, cakes and all sorts of other goodies that you can’t resist. Wellness in the workplace is an integral part of many firms’ corporate social responsibility these days, with the focus often on mental health and stress management. With the cost of poor mental health to the economy standing somewhere between £74bn and £99bn per year, this seems to make perfect sense. However, this focus means that good nutrition as a key to wellness is often overlooked – which is surprising, considering the obesity crisis in the UK. Dr Sarah Brewer, Medical Director at Healthspan, is a former GP and hospital doctor who now specialises in nutritional medicine. She says: “Even though we’re a manufacturer of vitamin, mineral, herbal and other supplements, Healthspan’s main message is that diet should always come first when maintaining health.” She also brings up a pertinent point: “Nutrition and mental health arguably go hand in hand – you help one, you can help the other.” What’s more, our diet can have a direct impact on productivity levels, in the same way that mental health issues can. Recent research at the California Institute of Technology shows that certain bacteria in the gut play a part in producing serotonin, which causes tiredness. Indeed, the digestive process itself can be tiring: your body only has so much energy to go around, which is why we often feel sleepy after eating. Altered levels of peripheral serotonin have also been linked to diseases such as irritable bowel syndrome, cardiovascular disease and osteoporosis. When and what you eat can also affect energy levels and mood. For example, an overabundance of carbohydrates – typically found in bread, starchy and sugary foods – can cause the body to produce lots of insulin, which floods the brain with serotonin and other sleep hormones such as tryptophan. No wonder we feel tired

september/october 2018 59


helpful advice on nutrition might be one way forward – and a good start could be making sure they’re actually eating something to begin with. Some people don’t eat lunch at all. Despite 75 per cent of UK workers in a 2017 YouGov poll for caterer Sodexo knowing how important what they eat at work is for their productivity, 65 per cent said they’ve skipped meals because they’ve had no time to eat, leading to low blood sugar levels, which can make you tired and grumpy. “Stable blood sugar levels are key to a sustained level of energy throughout the day,” says Beverley Le Cuirot, Founder and Director of WellBeing At Work in Jersey and a qualified health coach with the Institute of Integrative Nutrition (IIN). “I advise people to avoid starchy carbohydrates such as bread, potatoes, rice, pasta and breakfast cereals, which are disruptive to blood sugar levels. This is particularly the case with a sandwichbased lunch – and a sugary drink compounds the effect.” As an alternative, Le Cuirot suggests blood sugar-stabilising foods including meat, fish, eggs, seeds, nuts and non-starchy vegetables such as asparagus, broccoli, carrots, kale, peppers and spinach. She has seen at first hand the impact of serving such ingredients at many conferences and events she’s organised, where a quiet word with the chef has led to a food selection that’s helped keep energy levels up throughout the afternoon. “Plan ahead and prepare a healthy lunch to take in,” says Le Cuirot. “It’s also an idea to eat a healthy snack midto-late morning to help curb hunger pangs. A handful of nuts tends to work best for most people.” Staying in the office all day can have other negative effects – missed lunches are, in effect, unpaid overtime. Research by printer reseller Printerland showed that, on average, British workers spend 93 hours every year working through lunch breaks. “People eating at their desk aren’t getting a proper break,” says Sarah Brewer. “They would benefit from leaving the work environment for a walk or just to get a breath of fresh air.”

SUPPLY AND DEMAND So what, if anything, is the average company doing to encourage healthy eating? The Sodexo survey found that 82 per cent of workers would like to see their workplace offer a range of food throughout the day. “If food is provided by the business in, say, a work canteen – then yes, healthy options should be offered,” says Brewer. “Staff canteens should provide healthy

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of adults classified as obese Source: NHS, April 2018

British workers spend

93 hourS

every year working through lunch breaks snacks such as fresh juices every week, fresh fruit daily and breakout areas for people to eat lunch. They could also introduce nutrition training for new starters, as well as other schemes – we have a 99 per cent staff discount on Healthspan products, for instance.” Le Cuirot helps organisations with

their employee wellbeing strategies, including healthy eating. “There are positive ways through communications, awareness and training to encourage employees to introduce treats and snacks that are delicious yet healthy,” she says. But she believes firms should only ban foods if they adversely affect the work environment for clients and colleagues – such as strong cheeses, exotic fruits or spicy dishes – or if the organisation has a certain policy. One example is WeWork, which recently announced it was going meat-free in a bid to slash greenhouse gas emissions. Le Cuirot has studied more than 100 ‘diets’ and follows the IIN’s ethos of ‘bio-individuality’, which states that no one diet works for everyone. Each person has unique needs, and bio-individual diets are now proven to lower the chance of obesity, heart disease, diabetes and more. So encouragement and increased opportunity to eat healthily are the way forward. And if staff are still reluctant to change their ways, perhaps give them a little incentive to avoid eating ‘al desko’. A recent survey of 1,000 office workers found that one in 10 admit to only cleaning their desk once a month, and a further nine per cent said their workstation never gets disinfected. Yet the average desk harbours about 400 times more bacteria than the average toilet seat. It’s enough to put you off your lunch. n SHARON GETHINGS is a freelance health writer

Leading by example The desire for increased productivity has led to numerous businesses offering company wellbeing programmes. One of these is Healthy Performance based in Southam, Warwickshire. In 2017, 79 per cent of employees it screened went on to make lifestyle changes. Oli Barnard, the firm’s Senior Health Assessor, says: “We offer a variety of online and onsite health screening options that enable us to offer tailored advice to companies. These include detailed management health reports that staff can use to benchmark data and compare annually to track changes. “We worked with a small manufacturing firm in Banbury that’s made a big push at improving nutrition for staff, running in-house workshops, especially for its catering staff. We worked closely with the night shift workers. “There was a lot of interest and uptake of courses and things really improved – healthy snacks are provided, a big salad bar was installed. We’ve noticed that when senior staff get involved, there’s a real knock-on effect – the management led by example, stepping away from their desks for lunch. “Generally, we find that the younger generation is fantastic with nutrition. New tech companies often have fully stocked kitchens, including breakfast foods in case people miss this important meal. “Here at Healthy Performance, we practise what we preach. We have free fruit in the office and a little kitchen for food preparation. We encourage everyone to move around and get out – we even have a table tennis table. Our CEO is very good and has introduced walking meetings à la The West Wing.”

Reaching the minds other publications can’t reach





Getting up to speed The next generation of mobile networks promises faster download speeds and better connectivity. But how will 5G benefit the Channel Islands? and how well equipped are they for the roll-out of another island-wide network? IT’S SO OFTEN the case with technological developments that Words: Jon Watkins

62 september/october 2018

no sooner has something been introduced than the conversation moves swiftly on to the next iteration. Step forward 5G, otherwise known as fifth-generation mobile networks. While the dust has barely settled on the implementation of 4G – the mobile network we use to make calls, text and connect to the internet when outside of wifi – discussion has already turned to what 5G could add to our lives. Mobile connectivity has certainly come a long way since the first-generation network (1G) made it possible to make ‘mobile’ calls in the 1980s. The following decade, 2G brought the introduction of text and picture messaging. The subsequent 3G network added video conferencing and mobile data, while 4G brought with it enough bandwidth and speed to download music and movies direct to mobile phones. So what will the fifth iteration add? And what will it mean for individuals and businesses in the Channel Islands?



considered and cautious approach to its roll-out will be essential. “Implementing 5G will require a lot of planning and infrastructure work,” he says. “What we don’t want to do is rush this by thinking we have the right roadmap, but end up going down a cul-de-sac we can’t return from, while the rest of the world goes a different way. We need a genuine roadmap.”

CONSULTATION AND IMPLEMENTATION So, what might that roadmap look like? Tim Ringsdore is a Director at the Channel Islands Competition & Regulatory Authorities (CICRA), which has launched a consultation across the islands to source the views of those likely to be affected. “In terms of timeframes, we’ve made a good start,” he says. “We’ve been working very closely with Ofcom and there are already spectrum [operating] licences and test and innovation licences available should any operators want to come to the islands to test 5G. “In terms of an actual commercial launch, a lot of that will be down to the operators and when they believe it’s right to start pushing those services. But we’re expecting that to happen around 2020 or 2021. “We see it probably being rolled out in a slightly different way to 4G,” he adds. “4G was an island-wide roll-out, but our feeling is that this will be more around the town areas first, where there’s a higher-density population, and then rolled out elsewhere.” Despite that view, JT’s McDermott says the islands are already in a strong position to advance implementation. “We recently completed roll-out of full fibre to every broadband connection in Jersey, which is a world first and is essential to successful implementation,” he says. “It means there’s phenomenal

september/october 2018 63

Daragh McDermott, Corporate Affairs Director at Jerseybased telecoms provider JT, believes that from a day-to-day perspective, 5G won’t make a huge difference to people’s lives. The real opportunity rests with equipping the islands for a far more technologically advanced future. “The big revolution in connectivity came with the launch of 4G,” he says. “We saw a massive demand for the extra capacity and speed because that was lacking at the time. A lot of talk around 5G is about fast download times and the ability to carry more data. The truth is, you can do those things today. 5G vendors talk up the market for their own interests, but most of the things people will use the network for are already covered by 4G. “Where it will really add value is with things that require guaranteed connectivity and, more importantly, ultra-low latency – breakdowns or time lapses in the transfer of data,” he adds. “If you look at the developments on the horizon, such as remote surgery or driverless cars – where a vehicle is moving autonomously and you need to know exactly what’s around it at every moment, with instant data and feedback – 5G will be able to deliver that because it will sit on a fibre connection for the first time. But that won’t be an overnight change.” That view is echoed by Tony Moretta, CEO of Digital Jersey, the body set up to support sustainable economic growth in Jersey’s digital industry. “From a consumer perspective, it’s unhelpful to talk up 5G too much because it’s a long way off implementation and it doesn’t really provide anything different for consumers,” he says. “It’s not about speed – we already have speed.” However, Moretta acknowledges that 5G will be important for ensuring the islands retain their position as a desirable destination for tech businesses and investors. He adds that a


5G in focus

everyone seems to agree that 5G will further enhance the Channel islands’ investment appeal – not least as a sandbox for tech firms

connectivity available to every house on the island – and that’s important because fibre is the crucial underlying element to 5G. The various mobile sites will need to be connected by fibre to handle all the data traffic that it will carry.”

GUERNSEY PLANS In Guernsey, the situation is slightly different. But Justin Bellinger, Chief Digital Officer at Sure International, says the island is still in a strong position. “Guernsey uses the same technology as the UK, which is basically the BT Infinity product,” he says. “As a result, we have just under 500km of fibre installed and we’re continuously investing in that. All business districts, all schools, all government buildings are in place.

64 september/october 2018

“What remains is to fill the gaps that exist in some of the more remote areas and the less built-up areas.” While some speculation remains about the level of work required to fully implement 5G, one issue all parties seem to agree on is that 5G will further enhance the islands’ investment appeal – not least as a sandbox for tech firms. “The beauty of an island so small is that it’s quite easy to link up governments, regulators, utility companies and providers of any services,” says Bellinger. “It’s one of the reasons we have flourished in the past. From an offshore perspective, we’re well connected to the main transatlantic cable systems – which makes Guernsey an intrinsic part of the links between Europe and the US. “The islands host around 50 per cent of the entire global infrastructure for online gambling. We’re obviously attractive to certain parts of the financial services sector. And we have some innovative cloud-based products and data centres on the islands. So we’re very well placed, and 5G will simply enhance that appeal well into the future.” CICRA’s Ringsdore agrees: “We want to make sure we maintain our position and encourage further investment, because the government’s policies are very strong in terms of the digital economy – and 5G will enable applications to be developed that we can’t even think of today. “It gives these developers the chance to think way outside of the box. When we have a 5G network here as well as fibre, there’s very little you could think of that couldn’t be developed here in the islands. That’s a great place to be.” n JON WATKINS is a freelance writer

The 5G network will differ from the previous four iterations in that it will sit on a fibre network – delivering faster connections as well as economic benefits: ● Downloading a full HD movie on 4G takes around seven minutes. With 5G, it’s expected to take between 10 and 40 seconds. ● US-based provider Verizon says its technology can achieve download speeds that are 30 to 50 times faster than 4G. ● 5G will also have much lower latency, which means you’ll see very little delay or lag when you do things on your phone or other device. On 4G, latency is around 45 milliseconds. With 5G, it’s expected to be one millisecond. ● O2 recently forecast that 5G would save businesses significant amounts of time, including £6bn a year in productivity savings in the UK alone. ● Qualcomm estimates that by 2035, 5G will support the production of up to £8.5 trillion worth of goods and services.

When data and


ethics collide ‘THERE’S NO SUCH thing as a free lunch’ is quite

Words: Kirsten Morel

possibly the most pertinent – yet the most ignored – piece of advice in the internet era. Google and Facebook are two of the largest and most famous companies in the world, positions they reached by offering ‘free lunches’. Whether it’s a free platform for connecting with friends and family or an email service replete with on-demand office software, billions of people have bought into the idea that useful applications really can be free in this new, digital age. Of course, there is a pay-off. It’s just one that most people don’t consider expensive – access to our most

personal information, including the way we use our devices and the internet. To the majority, this has seemed like no payment at all. After all, what does it matter if Google’s bots know which websites we visit or when we’re most likely to be reading and responding to emails? The reality is that it matters a lot, but people haven’t understood this as they’ve given tech companies free rein to use their data for almost any purpose. In isolation, much of our data is unimportant but, when pooled together as mass datasets and subjected to detailed analysis, people’s routines, the way they live their lives and even their innermost thoughts can be detected and uncovered. As we’ve seen with Facebook’s admission that its user data was shared with third parties without the users knowing, there’s an enormous amount of information hidden amongst all those clicks and likes. In fact, there’s so much information that governments are using it to target specific groups and individuals with a view to manipulating the way they vote. Statistics such as 44 billion gigabytes per day don’t really

september/october 2018 65

As we share more and more data online, questions are increasingly being asked about how businesses handle that information, and whether they are doing so ethically


In isolation, much of our data is unimportant but, when pooled together and subjected to detailed analysis, the way we live our lives can be detected and uncovered

convey the incredible scale of how much data is being created on the internet. It’s only by looking at the number of people involved that we can begin to grasp the magnitude. There are believed to be more than four billion internet users in the world, which is well over half of the global population, and Facebook has 2.23 billion monthly active users. That gives the firm a unique insight into the minds and activities of people throughout the world. Of course, this is just internet data. Much of the information we provide to businesses is given up front and voluntarily – we’ve learned to trust companies to look after our credit card, bank account, social security information and more. However, as the data breaches at global giants Sony and Target have shown, that trust may be misplaced.

WAKE-UP CALL As people have woken up to the real consequences of data sharing, governments have begun to legislate more strictly. The EU’s much-heralded General Data Protection Regulation (GDPR) is the most recent and onerous example of new legislation brought in to protect our individual rights in the digital era. As Philip Harker, Analytics General Manager at DXC Technology, explains: “Data needs to be respected and treated as an asset – or a liability, if disrespected – and this affects all walks of life and business. “As consumers, we’re happy to get something for

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nothing with our loyalty cards, and we trust that that data will benefit us as consumers. Yet when we give our data for free access for information services, we should be rightfully unhappy when things go awry. “And in business, this is data Darwinism: we must adapt with the data-as-an-asset mentality, respect its source, its lifecycle and its value, or perish if we don’t.” Considering the recent Facebook revelations, the question of whether legislation is sufficient is now being asked, and some people are suggesting that it’s time to have a specifically ethical debate about the way organisations handle data. “In terms of legislative framework, over the past 30 years, the environment hasn’t changed a great deal,” says Paul Vane, Deputy Information Commissioner for Jersey. “Compliance with GDPR, while important, isn’t going to work on its own. We need to have a debate about respect and dignity in the digital environment and it’s the responsibility of businesses to bring this into their organisations.” Discussions about ethics are always difficult because they are relative. However, Emma Martins, Data Protection Commissioner for Guernsey, sees them as essential for the island’s future and not only because they’re a good thing to do, but because they’re also likely to create a competitive advantage. “The next chapter of the data economy will be about the ethics of data handling,” she says. “The more that businesses can see that the ethical handling


of data can help them, the more they’ll be successful.” One Guernsey-based company that’s acknowledged this is motor insurance provider First Central Group. “We do see that there’s a competitive advantage to dealing with data properly and carefully,” says Chief Information Officer John Davison. “First Central Group uses a lot of data and we take our cyber security and information security responsibilities very seriously, including having a policy of not selling customer data.” In this case, Davison says that the decision against selling data was made on the grounds of not wanting to give away intellectual property rather than ethics. But it’s an excellent example of the fact that, when it comes to data, commercial and ethical considerations can sometimes collide. The same can be said for the effect that GDPR’s stricter approach to data storage has had at an operational level. “One thing that’s happening is that compliance is getting people to ask more questions [about their operations],” says Davison. “GDPR states that you can only use data for the contracted reason given for using it. And this has highlighted a number of cases where businesses have found that they were holding data they didn’t need to keep.”

THE BIGGER PICTURE These examples also reveal one of the most contentious issues in data-handling ethics – the question of ownership. Until GDPR, data has largely been viewed as a wholly-owned corporate asset rather than still being under the control of individuals, an attitude that’s under growing pressure to change. “Autonomy and control over data are important aspects of any conversation,” says Emma Martins. “[Individuals] having autonomy isn’t optional from a governmental perspective because an enlightened, intelligent society doesn’t ignore issues of autonomy and rights.” The widening of the debate about data ethics has happened as people have begun to understand the capabilities of big data analysis. The insights being gained are far more intimate than many imagined, but with machine learning and artificial intelligence (AI) taking their first steps into the mainstream, the acceptance of the need for ethical debate has become more widespread. “Why are we using AI? Is there a need in the organisation? People think the technology is sexy but don’t think of the consequences. This is where the question of ethics comes in,” says Alexis Wintour, Managing Director of Channel Island consultancy firm, Marbral Advisory. Marbral has been involved in the creation of HumAIn Resources, an HR consultancy that helps businesses and their boards prepare for the advent of AI in the workforce. “Small jurisdictions are likely to be hugely impacted by AI, but what does that mean for islands such as

there’s a growing understanding that the Channel Islands could capitalise on their data sovereignty by adopting a more overtly ethical approach that creates commercial advantage

ours?” she asks. “We have a responsibility to bring together all of the information we gather to build a local ethical framework.” Paul Vane agrees about the need for information to be brought together and put into the public domain, but he also sees a risk in going too far. “There’s a danger that too much information can turn people off,” he says. “The whole drive of GDPR is to put people back in control.” It’s here that the regulator’s dilemma can be found. Whilst having a key role in the debate, they can’t do everything themselves. “There’s a balance between institutions’ duty to give information to boost understanding, but there’s also a responsibility on the individual to make sure they understand,” says Vane. Engaging individuals in the debate is essential and needs to come from a position of diversity because, as big data and AI are teaching us, technology isn’t neutral; it contains the implicit biases of its developers, a fact that ethical approaches must account for. “If you have balanced, diverse teams, then you stand a better chance of developing appropriate frameworks,” says Wintour. As the EU continues with its legislative approach, albeit guided by an ethical agenda, there’s a growing understanding that the Channel Islands could capitalise on their data sovereignty by adopting a more overtly ethical approach that creates commercial advantage. “We’re embedding ethical principles into our strategy,” says Martins. “We want businesses to comply because they want to, because it’s good for them and their brand, rather than through fear of penalties. “We have the opportunity to stand out by embracing legal standards and looking at what more we can add, because if you look at the qualities we have – compliance, skills, stability, a good legal system – we have all of the requirements needed to look after the data of others.” n KIRSTEN MOREL is a freelance technology writer

september/october 2018 67



The Agenda is compiled by Businesslife’s Fashion and Lifestyle Editor, Thom O’Dwyer, with additional material by Danny Cobbs

1. WOOD YOU BELIEVE IT? Alessi – the madly inventive Italian homeware and kitchen utensil high-design company, which virtually invented the post-modern mode for everything from designer kettles to designer toothbrushes – is approaching its centenary. Founded in 1921, it’s still going strong. If anything, stronger than ever. The latest addition to its massive catalogue of gadgets and homeware ‘gotta haves’ is a sophisticated and surreal range of room diffusers called The Five Seasons. Created by award-winning Dutch designer Marcel Wanders, there are five enigmatically named, seasonally scented leaf

goes all autumnal

diffusers to choose from – Brrr, Ahhh, Hmm, Grrr and Shhh – and each offers an original take on the whole home fragrance shtick. Stylised leaves in filigree-carved mahogany wood, rather than ugly traditional reeds, are placed in a super-stylish minimalist porcelain base, transforming this room diffuser into a bijou interior design home accessory. The base spins slowly around, allowing the air to whisper through the scent-soaked leaves and carry the fragrance to every corner of the room. How does Alessi think ‘em up? £59 per diffuser,


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2. INTERIOR DELIGHT Why not bring a little piece of history into your home with the new Archive Collection by Flock. The stunning wallpaper pictured is based on a gouache pattern design for men’s waistcoats from the 1840s. Storm-Saffron will inject a massive dose of sharp, spiky style and sophisticated clout to any 21st century interior. Printed digitally in Lancashire on woven paper made from sustainably sourced wood, the wallpaper – which comes in six other intensely rich colours – is printed to order and typically takes four weeks. Flock was established in 2013, driven by the desire to discover and nurture the best of new British design. Under the directorship of Jenny Wingfield, an eclectic mix of artists, designers and recent art school graduates create a bold, beautiful and unique collection of textiles for interiors that you won’t find anywhere else. With a focus on vibrant colour and geometric pattern, Flock has a strong aesthetic that captures the work of the individual designers represented, as well as offering a curated and coherent collection. £130 per roll,

3. BACKSTAGE BEAUTY Ladies… flawless beauty and the perfect autumn glow are at your fingertips with the new Dior Backstage Makeup Collection. An extensive, professionalstandard range inspired by the backstage artistry at the catwalk shows, it’s the brainchild of Dior Makeup Creative and Image Director Peter Philips. At the heart of the collection is the Dior Backstage Face and Body Foundation, which comes in 40 shades. This was the foundation that celebrity makeup artist Daniel Martin used on Meghan Markle for the royal wedding. Although this is the key product in the collection, there are also do-all palettes and brushes. The contour palette pictured here was designed with supermodel Bella Hadid and her famous cheekbones. Peter Philips explains: “She’s a master of contouring, and these are the shades she always uses.” Also shown, the lipstick pallette is ingeniously versatile and useful. Of the three rows, the first is sheer, the next is satin, and the last is matte. The new formula hovers in the pinky and nude territory. What makes this collection so exciting is that it allows every woman to become her own professional makeup artist. To transform, enhance and define the face just like the world’s most famous models and A-List celebrities. Now’s the time to go pro! Contour palette, £34; lipstick palette, £38,


4. INTO THE WOODS French perfume house Roos & Roos has introduced a new and utterly bewitching fragrance named In the Wood for Love. The scent borrows its beautiful and evocative name from the romantic film of the same name, released in 2000 by Hong Kong filmmaker Wong Kar-wai. The heady fragrance takes us into a mysterious, dark, woody and floral atmosphere. ‘Let’s walk into the woods while the wolf is not there’ are the famous fairy tale words that inspired mother and daughter duo Chantal and Alexandra Roos to create a special bouquet with a certain ‘playful freshness’, recalling a romance that took place in the damp, dark forest. Bergamot and mandarin essences burst and sparkle, with floral middle notes of violet and iris. Raindrops trickle down the earthy base notes of cedarwood bark, patchouli and vetiver, creating a mysterious yet flirtatiously exhilarating aura of sensuality. £170, 100ml, selected retailers nationwide

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THE AGENDA 5. RIDE THE FUTURE In the film ET, had Elliott been riding a Vanmoof Electrified S2 Bike, that famous across-the-moon moment would have taken half the time! Electric cycles just don’t get any cooler than this sleek, battery-powered war horse. This ground-breaking, hot-offthe-assembly line city bike has an unusual and eye-catching geometric design. Bluetooth technology responds to you when you approach, automatically unlocking the bike and disarming the theft-defence system. Anyone messing around with this city slicker will set off an earsplitting alarm – the bike then disables its own motor and flashes SOS with its lights. The message to thieves is crystal clear – this baby is just too much hassle to steal. The new S2 and X2 models feature an intelligent motor that generates more power with greater efficiency and an increased range of 93 miles. Its top speed is an impressive 20mph. It also has a unique turbo boost. Press a button on the handlebar and you’ll get an extra surge of acceleration to get you up steep hills. Riding the S2 is as smooth as satin and uncommonly comfortable. And you won’t have to lug that hideously heavy lock around any more. Definitely the ride of the future. £3,198,


6. FIGHTING SPIRIT The 1930s were the heyday for gin. The decade also saw the birth of a great British and Commonwealth icon, the Spitfire. The single-seat, high-performance fighter aircraft came to symbolise British freedom, the defender of True Brit values. It took a special type of person to fly a Spitfire – strong, intelligent, self-assured and a little bit reckless. That’s why women such as Joy Lofthouse, Molly Rose and Margaret Fairweather made such great pilots. Spitfire Heritage Gin was created as a homage to the aircraft. And with 2018 the Year of the Woman, it seemed appropriate to make Bunny, the gin-toting pilot on the bottle, the beverage’s figurehead. The glamourpuss retro babe was created by renowned aviation illustrator Romain Hugault, while inside the bottle, multiaward-winning master distiller John Walters worked his alchemy to create a perfect 1930s-style botanical gin. Made at one of only three single estate distilleries in England, the gin is produced in the heart of Cambridgeshire in hand-beaten copper stills. In the spirit of the Spitfire, this artisan distillery set its standards high. This gin isn’t just the best, it’s the best of the best! £43.64,


7. TWINKLE TOES Ballet flats – the shoes that fashion forgot – are having a bit of a renaissance. Very Noughties indeed. Luxe shoe brand Roger Vivier – now under the creative direction of Gherardo Felloni – has reinterpreted the iconic Gommette ballet flats of old for a whole new audience of hipster fashionistas. Famously worn by Catherine Deneuve in the 1967 film Belle du Jour, Roger Vivier’s shoe designs have gained iconic status, made immediately recognisable by the famous square buckle. Crafted in Italy from the finest and plushest suede, the classically elegant shoe pictured here just oozes Parisian chic. Adorned with the signature buckle and a rubber outsole for all-day wear, the shoes are as practical as they are pretty. £395,

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8. TIME OF THE ESSENCE British designed and Swiss made, Marloe Watch Company is an independent designer and producer of wristwatches based in Henley-on-Thames. The company’s values are strongly bound to tradition and fine design. It’s these values – along with a passion for timepieces – that inspire the creation of truly unique and immediately recognisable watches powered by manual mechanical movements. The Haskell Green Watch, pictured, was inspired by the classic Range Rover green. It’s a modern-day masculine urban traveller’s watch, something that could be worn everywhere and anywhere. A watch that’s robust enough to withstand the daily rigours of modern city life in the fast lane, and elegant enough for after-hours wining and dining. The Haskell Watch has everything – and more – to accompany every man every step of the way through life in the urban jungle. And it won’t break the bank either. £745,


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9. DANDY DETOUR Blame it on popster heart-throb Harry Styles, but like it or not, flamboyant printed suits have become something of a sartorial sensation. This trend may not be every man’s tasse de thé, but thanks to Italian fashion house Etro – the family business best known for its bold use of pattern and print – a more subtle approach makes the trend far more accessible. Metro man wants to be stylishly turned out, but not to look like a popster peacock on parade. Pictured here, the timeless subtly patterned blazer and matching tailored trousers are crafted from wool and keep the ‘walk on the wild side’ colour inside for the glorious multi-coloured patchwork lining. In typical Etro fashion, this season’s menswear collection blends classic tailoring with exuberant design. Creative Director Kean Etro named the autumn 18 presentation Dandy Detour, which was exactly what it was. A soft-edged bohemian variety of dandyism, but nothing to frighten the horses. Blazer, £900; trousers, £445,

10. CROCODILE SHOES Classy, luxurious and top of the line are just a few ways to describe Paul Parkman Shoes. Founded by Polat Sendir and headquartered in Hawthorne, California, all the bespoke footwear and accessories, such as belts, are made by hand in limited numbers at the brand’s small Istanbul-based factory. Its speciality is beautiful, handmade, hand-painted men’s dress shoes. The firm originally focused almost exclusively on classic British-style design, but has since expanded into more adventuresome fashion collections. Literally hundreds of different shoe styles are on offer, and they’re all mouth-watering, to the say the least. Pictured here, the autumnal multi-colour, hand-finished loafers feature a crocodile-embossed calfskin upper, green burnished leather soles and camel leather lining and inner sole. Handmade to order, you must allow at least 15 days for delivery. The shoes are couture-level creations, which means each one will have a unique hue and polish, and may differ slightly from the picture. For all serious shoe connoisseurs, look no further. £335,


11 11. SUPER SUV Meet the Urus, a spacious, five-seater SUV with a Lamborghini badge on the bonnet. Some may consider the Urus a brand extension too far. Other, more pragmatic, types will simply accept that SUVs are where the new car market is at and will praise the Italian car maker for its good business acumen, writes Danny Cobbs. Regardless of your viewpoint, Lamborghini needs a car like the Urus to enable it to continue building the sort of supercars that have graced many a bedroom wall (think Countach, Miura, Aventador, Huracan and the like). So here it is – weighing in at nearly two tons, drenched in typical Lamborghini design styling cues, inside and out, and powered by a 4.0-litre V8 twin-turbo, this is Lambo’s answer to the sporty SUVs from Porsche, Bentley and Range Rover. And a very credible alternative it is, too.

It’s not so much the magnitude of its 650bhp and 850Nm of torque, it’s the way that’s been turned into speed. Paired with an automatic eight-speed gearbox, there’s a four-wheel drive system and a plethora of driving modes to optimise the car’s performance in various environments. Torque vectoring and four-wheel steering add even more fun into the mix and give it a 0-62mph time of 3.6 seconds and a top speed of 189mph. The interior, with its slim Y-design dashboard and DNA memory sport seats, feels more like you’re at the controls of a jet fighter than a practical SUV with a capacious 600-litre boot. Unsurprisingly, what with this being a Lamborghini, it’s not particularly cheap – but you do get a heck of a lot of a car for your money. From £131,500,

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12. GONE DARK California-born, and now Paris-based, cool dude designer Rick Owens has been on the fashion radar since 2002, when he showed his first collection and won a cult following for his ‘stylish grunge’ look. Since then, he’s been quite rightly dubbed the Prince of Dark Design. If you don’t wear black, white or shadowy shades, Rick Owens isn’t for you. His real forté is his leatherwear. He makes some of the best men’s leather jackets in the world, cut to perfection and conveying his signature rebellious aesthetic. When he isn’t ripping apart and deconstructing garments with a vengeance, he can also be the master of minimalism. He’ll strip away everything but the bare essentials, and let the simple pared back shape do all the talking. Like the darkly monochrome long-line shirt shown here, crafted from the finest virgin wool. Enhancing its sense of uninterrupted minimalist line, it features a concealed button fastening and is finished with a high crossover V neckline. Design at its purest. £420,


13. BAGS OF STYLE Creativity, innovation and passion – that’s the mantra of Braccialini, the Italian-based luxury leather handbag and accessories company. Founded in 1954, its unmistakably unique 10,000 square metre headquarters is located in the heart of the leather manufacturing sector of Florence. The external façade is entirely covered by a vertical wall of verdant plant life and ivy, and the interior layout was constructed on Feng Shui principles. In addition, the factory uses all renewable sources of energy, including solar panels and recovered rainwater. So this isn’t just any run-of-the-mill fashion sweatshop. Fun, funky and out-of-the-ordinary best describes the Braccialini look. Which may explain how the company came to produce all Vivienne Westwood’s bags and accessories under licence. In all the leafy arcadian colours of autumn, the doctor’s bag, pictured, is the perfect example of Braccialini’s high level of craftsmanship and design creativity. The medium-sized bag is made from the finest and softest leather, fully lined, and has a removable shoulder strap. £200,


14. THE ART OF AFFORDABILITY You don’t need to be an oligarch to buy serious art, and the Affordable Art Fair is proof of that. Launched in London’s Battersea Park in 1999, thousands descend on the fair to browse and buy original contemporary paintings, sculptures, photos, lithographs and prints. Artwork is by emerging artists and established names, and prices range from £100 to £6,000. It’s now a global affair, with fairs in 10 cities including New York, Amsterdam, Hong Kong, Singapore, Hamburg, Brussels, Milan, Stockholm, Bristol and London. In addition to the eye-boggling display, each fair is a creative smörgåsbord of demonstrations, talks, lectured tours, hands-on workshops and live music. At the Autumn Affordable Art Fair (18-21 October) in Battersea Park, Founder and CEO Will Ramsay and Director Lucinda Costello will provide insights on a range of topics. A perfect example of what you might expect to find at the fair is the stunning Towards Upton, pictured, by Paul Powis (£3,000). Landscape painting became his oeuvre after a move from London to the hills of Worcestershire. He is now a globally recognised artist, represented by the GreenStage Gallery in Worcester. This brilliantly conceived art fair combines an inspiring Tate Modern experience with the animated buzz of a street market. Go!

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15. THE GREAT CORDUROY COMEBACK Velvet has been in the fashion spotlight for long enough, and has now been usurped by that 1970s staple, corduroy. The reinvention of velvet’s ribbed cousin fits in with the millennial crowd looking to remake and repackage past trends, but better. And one of the brightest fashion stars – Korea-born, US-raised, Londonbased designer Rok Hwang – made brilliant use of the material in his autumn/winter 2018 collection. Having launched his label ROKH in 2016, the designer’s trademark look is ultra-chic subverted classics. His ageless, seasonless aesthetic plays with reconstructed and deconstructed timeless silhouettes. No surprise he was this year’s winner of the LVMH Special Prize, fashion’s most prestigious competition. The jacket shown here in cosily lush corduroy has a tightly cinched, wide-belted waist, unique hardware fastenings, and a sharp collar elegantly framing the neck. Best worn with high-waisted, wide-leg trousers for a top-to-toe look. ROKH offers classical tailored separates with a contemporary twist at its best. Jacket, £776; Trousers, £441,

17. HAUTE HALLOWE’EN Now in its 77th year, New York-based Coach began life as a rather staid top-end accessories brand, and the company still has an important focus on bags. However, when British designer Stuart Vevers took over as Executive Creative Director in 2013, he brought a new, fresh, tongue-in-chic perspective to the house, positioning it to flood the Insta-feeds of hip girls such as muse superstar Selena Gomez. Today it’s a cool, modern fashion brand with global recognition and a devoted following. Thanks to a collaboration with the Walt Disney Company, the autumn/ winter 2018 collection is a fairy tale gone wild! And straight out of Snow White and the Seven Dwarfs comes this classic wool/cashmere blend crewneck sweater, complete with Wicked Witch’s poison apple. Just in time for Hallowe’en! £359,


16. FOR THE LOVE OF LOGOS Balenciaga is continually refreshing its logo and this long-sleeved cotton polo shirt makes a particularly bold statement. The oversized silhouette is framed with a striped, ribbed classic polo collar and has slight side-hem slits so it sits loosely over trousers or jeans. The house is currently under the creative direction of influential designer Demna Gvasalia, who’s also the head of Vetements, Paris’s hippest design collective. Founded in 1937, the fashion house of Balenciaga has become world famous for its modern, revolutionary aesthetic, with strong shapes and directional cuts. Under Gvasalia’s direction, its edgy couture take on streetwear is now reconnecting consumers with founder Cristóbal Balenciaga’s iconic legacy. £495,


18. NOT ON THE WEB Prada is undeniably the designer brand most favoured and revered by fashionistas worldwide. Season after season, Miuccia Prada – the Wonder Woman of Fashion – gets it right with her astute mixture of clean lines, modern streamlined silhouettes and, most importantly, her tongue-in-chic wit. Prada has become fashion’s premium status symbol. Dedicated followers of fashion will spend hours not only trying on clothes from the latest collection, but also extolling the virtues of Prada ownership. And one mustn’t forget, the Devil wears Prada. This season, the accessories are the usual mix of fun and funky, along with seriously and classically correct. Top of the list in funk are the Prada Pop clip-on earrings, pictured. Crafted in sterling silver and plexiglass, the spider-shaped earrings are sophisticated yet surreal. These are statement ear baubles that will add a subversive touch to polished elegance when worn with other Prada pieces. Just what the voodoo witch doctor ordered for Hallowe’en! £350,


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Directory To advertise in the directory in print or online contact Carl Methven on + 44 (0)1534 615886 or

Great learning boosts performance It’s a simple fact of business that people who know how to use their IT systems properly are more productive and happier at work. At ALX Training, it is our mission to ensure that every person we work with can use their essential applications properly, saving time, smoothing processes and creating a more productive workplace.

Appleby is one of the world’s largest providers of offshore legal advice and services. Uniquely positioned in the key offshore jurisdictions of Bermuda, BVI, the Cayman Islands, Guernsey, Isle of Man, Jersey, Mauritius and the Seychelles, as well as the international financial centres of Hong Kong and Shanghai. We are also the only firm to have offices in all three British Crown Dependencies. Our services include:

Ashburton Investments is an investment manager offering discretionary portfolio, multi-asset and specialist fund solutions to international private and corporate clients including family offices, trustees and wealth managers. While the rest of the industry may have had to come to terms with how the global financial crisis changed the world for their clients, we have simply carried on doing what we have always done – delivering risk adjusted returns through all market conditions.

Our trainers are renowned for their product knowledge, and their friendly and energetic attitudes to training help them get the best from every person they teach.

l Corporate l Dispute Resolution l Private Client & Trusts l Property

Learning starts at induction We are well-known for our range of Microsoft Office courses which includes Office 365, Excel, Outlook, PowerPoint, Word, Project, SharePoint and Visio but our clients know we can do much more.

Members of the Jersey and Guernsey offices regularly advise London City and international law firms on all legal aspects of offshore corporate, finance and investment fund transactions and arrangements in the Channel Islands.

Not only do we train on well-known accounting packages such a Xero and QuickBooks but we create courses on bespoke in-house systems. We design unique courses specifically for your organisation, so that your staff learn precisely the information they need to work efficiently and effectively.

For more information visit our website

Multi Asset is not the latest investment trend to us. It has been the cornerstone of our business since inception, supported by our experienced and longstanding equity specialists. For more than 35 years, we have invested in what makes sense. Our product set and approach to investments has evolved over time to suit ever changing market conditions but the underlying constant is that we understand our clients need to effectively manage risk and we put them at the centre of our thinking.

Wendy Benjamin Managing Partner, Jersey Group Partner, Guernsey

Globally, Ashburton Investments has over £9.1bn under management as at April 2018 with offices in the Channel Islands, United Kingdom and South Africa.

We know there’s no better place for your new colleagues to start learning than during their induction programme, so we develop bespoke induction courses that give your new starters all the information they need to hit the ground running. We can even deliver content online, so training can be ongoing and continuous.

Contact Laythamm Malorey E: T: +44 (0)1534 512010

Contact us to discover great learning opportunities: T: 01534 873785 E :

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Independent and Professional We offer a full range of management and fiduciary services to our domestic and international private clients and corporate structure:

Be Secure is a consultancy business providing services in the following areas; GDPR data protection ISO 27001 Information Security l Cyber Security l l

Family office - bespoke assurance l Wealth management - your strategy l Trustee - impartiality with vision l Corporate services - attention to detail l Good governance - a helpful eye l Strategic guidance - controlled ideas

Be Secure, in association with partners who are experienced professionals in data protection, technology, cyber security and legal services are working to deliver high standard assurance and advisory services to Channel Islands organisations.

We aim to assist in the provision of personal service to meet your requirements. Ask us.

We work as a business partner to your organisation in support of the board of directors, trustees, partners, senior management and staff in managing the governance obligations of data protection in this new GDPR data protection world!


Being vigilant and proactive in the face of a fast changing legal, economic and fiscal landscape. We can provide the focus to your solution. Try us. Our team has many years of experience dealing with a wide range of clients in different countries. We look to provide good corporate governance to achieve your aim. Contact us: Wendy Warder – Senior Trust Manager Lisette Le Creurer – Senior Trust Manager Justin Clapham – Client Director Áine O’Reilly – Client Director Tim Cartwright – Consultant Tel: 00 44 1534 870670

Be Secure is lead by a highly experienced finance professional, who has worked in senior roles in private equity owned businesses, in both commercial and financial services business sectors. As a member of the International Association of Privacy Professionals (“iapp”) and as a Certified Information Privacy Manager (CIPM) and GDPR Practitioner, Be Secure’s founder and director can help you, and your colleagues, manage this area in a professional and practical way for your organisation and clients. For further information please contact: Brian Siney, Founder and Director, CIPM, FCA +44 7797 738743 or

Carey Olsen is a leading offshore law firm. We advise on Bermuda, British Virgin Islands, Cayman Islands, Guernsey and Jersey law across a global network of nine international offices. We are a full service law firm working across banking and finance, corporate and M&A, investment funds and private equity, trusts and private wealth, dispute resolution, insolvency and property law. Our clients include global financial institutions, investment funds, private equity houses, multinational corporations, public organisations, sovereign wealth funds, high net worth individuals, family offices, directors, trustees and private clients. We work alongside all of the major onshore law firms, accountancy firms and insolvency practitioners on corporate transactions and matters involving our jurisdictions. Our advice is delivered by an approachable and experienced team of globally-minded lawyers who work in partnership with our clients to help them achieve their objectives. We have the expertise and resources to handle the most complex international transactions combined with a personal approach to business. Contact: T +44 (0)1481 727272 T +44 (0)1534 888900

Regulated by the Jersey Financial Services Commission


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Deloitte LLP Deloitte LLP offers professional services to the UK and European market. The company has the broadest and deepest range of skills of any business advisory organisation and employs over 14,400 exceptional people in 28 offices in the UK and Switzerland. We provide professional services and advice to many leading businesses, government departments and public sector bodies and publish many influential studies and thought leadership pieces. Deloitte LLP employs 160 professionals across the Jersey, Guernsey and the Isle of Man offices. It is the UK member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its global network of 150 member firms, each of which is a legally separate and independent entity. Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. For further information please do not hesitate to contact: John Clacy, Partner, Guernsey Phone +44 (0) 1481 724011 Greg Branch, Partner, Jersey Email: Phone: +44(0)1534 824325

Estera is a leading global provider of fiduciary and administration services. Established for over 25 years, Estera provides corporate, trust, fund and accounting services to clients across the world. It has 500 highly qualified professionals across 12 jurisdictions: Bermuda, BVI, Cayman, Guernsey, Hong Kong, Isle of Man, Jersey, Luxembourg, Malta, Mauritius, Seychelles and United Kingdom. Estera collaborates with clients and their advisers to deliver smart, considered and most of all practical solutions, whether in a single location or across multiple jurisdictions. Our commercial focus, attention to detail and responsiveness coupled with a resolute commitment to the delivery of service excellence, is what sets us apart. Contact: Richard Prosser Group Director +44 1534 844 844 Estera Trust (Jersey) Limited is regulated by the Jersey Financial Services Commission.

About EY EY is a global leader in assurance, tax, transactions and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. Our strong network has enabled us to build close working relationships with our colleagues in EMEIA and across the world. This allows us to respond quickly to our CI clients’ needs, drawing upon our industry experience across all our services lines. To discuss how we can support your business, please contact one of our partners below: Andrew Dann, Managing Partner, Assurance E: T: 01534 288 655 Richard Le Tissier, Partner, Assurance E: T: 01481 717 468 Chris Matthews, Partner, Assurance E: T: 01534 288 610 David Moore, Partner, Assurance and Advisory E: T: 01534 288 697 Wendy Martin, Partner, Head of Tax CI E: T: 01534 288 298 David White, Head of Tax, Guernsey E: T: 01481 717 445

78 september/october 2018 To advertise in the directory in print or online contact Carl Methven on + 44 (0)1534 615886 or

Fiduchi is an independent multi-family office, trust, corporate and yacht services provider. We are owner managed free from the pressures of Private Equity, Corporate and Institutional ownership. We focus on the following three service areas: Private Wealth: We provide bespoke solutions to family offices and a broad range of HNWIs, entrepreneurs, business leaders and large families from all over the world. Corporate Services: including Real Estate, Capital Markets and Employee Services.

Highvern Trustees is a leading provider of wealth structuring, governance and advisory services to an international client base of high-net-worth individuals, their families and businesses. It offers senior industry expertise and client focus, developing long-term, sustainable client relationships by working closely with and getting to know the individual ambitions of every client with whom it works. Highvern Fund Administrators provides a fully tailored suite of bespoke fund services to investment managers and family offices across private capital markets including renewables, private equity, real estate and debt.

We’re a global leader in delivering fund, corporate, capital market and private wealth services to multinationals, fund managers, financial institutions and business entrepreneurs. With over 2,500 employees working from 39 offices in 28 countries across Europe, the Americas, Asia and the Middle East, we’re focused on delivering high-quality tailored services to our clients with a view to building long-term relationships. In the Channel Islands we offer a comprehensive range of services to our clients and business partners: orporate Services C Fund Services l Real Estate Services l Capital Markets l Private Wealth l Employee Benefits l Regulatory Compliance Services l

Yacht Services: (formally Jersey Yacht Management Limited) are leading specialists in the offshore yacht, megayacht and superyacht services industry. We have a thorough knowledge of all aspects of yacht ownership structures, yacht registration, tax, administration and crew employment and payroll. For further details contact: David Hopkins - Managing Director +44 (0) 1534 755 111 Robert Ayliffe - Executive Director +44 (0) 1534 755 124 Darren Hocquard - Executive Director +44 (0) 1534 755 101

Both businesses are built on cutting edge technology, truly independent ownership and a team of experts with the shared vision of responding to client needs in a flexible, timely and constructive manner. To discuss how Highvern can help you or your business achieve your goals please contact : Family Office Naomi Rive, Group Director + 44 (0)1534 480601 Private Client Miles Le Cornu, Group Director + 44 (0)1534 480603

Funds Aidan O’Flanagan, Head of Funds + 44 (0)1534 480690

Fiduchi Limited is regulated by the Jersey Financial Services Commission.

Email: Highvern Trustees Limited and Highvern Fund Administrators Limited are regulated by the Jersey Financial Services Commission


We pride ourselves on providing professional, personal and cross-border services to our clients across the globe. For further information, please contact Simon Mackenzie Managing Director Intertrust in Jersey Tel: 01534 504 000 Paul Schreibke Managing Director Intertrust in Guernsey Tel: 01481 211 000 Intertrust Jersey is regulated by the Jersey Financial Services Commission and Intertrust Guernsey is regulated by the Guernsey Financial Services Commission.

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Julius Baer’s origins date back to 1890. From that time the renowned Swiss private banking group has been dedicated to serving and advising sophisticated private clients and family offices from around the world – going on 125 years now. Julius Baer employs more than 100 staff in Guernsey and offers a range of financial services, including portfolio management and investment advisory. Credit services include the provision of Lombard lending and UK buy to let mortgages. There is also a dedicated team that supports the needs of External Asset Managers and the Branch works closely with the wider Julius Baer Group through the provision of administration and support services that are delivered from its booking centre.

KPMG in the Channel Islands is a leading provider of professional services, including audit, tax and advisory. With offices in Jersey and Guernsey, we employ over 260 members of staff across the two islands. We work closely with clients, helping them to identify and grasp opportunities, and mitigate risk. KPMG’s global network enables us to draw on international resources to meet clients’ needs. KPMG member firms are located across 154 countries and employ more than 200,000 people around the world. With passion and purpose, we work shoulderto-shoulder with clients, integrating innovative approaches and deep expertise to deliver real results.

Steve Burt Branch Manager

Jersey Jason Laity Chairman

Jean-Luc Le Tocq Head of Private Banking

Andrew Quinn Head of Audit

Craig Allen Head of Investment Management

John Riva C.I. Head of Tax

Shaun Kelling Head of External Asset Management

Robert Kirkby Advisory Partner

Guernsey Neale Jehan Managing Director

Bank Julius Baer & Co Ltd, Guernsey Branch is licensed in Guernsey to provide banking and investment services and is regulated by the Guernsey Financial Services Commission.

Tony Mancini Tax Partner Ashley Paxton C.I. Head of Advisory

Specialty: Bespoke IT Development & Business Consultancy Puritas is an award-winning provider of intuitive software and business solutions for the financial services industry. Specifically designed to meet the increasingly complex accounting, compliance, and reporting needs of our clients, all software features robust audit and control capabilities which can be easily updated to reflect changes in the regulatory environment. Our products include: l PureFunds - a unitized product platform specifically designed to support many different types of asset class and fund structures and help fund administrators and portfolio managers better manage investor activity l PureClient - an advanced customer due diligence/client management system which will maintain and update client records for any entity or relationship and provides the necessary transparency and look-through reporting that is needed to manage sophisticated structures l PureManager - a bespoke software package for fund and investment managers which provides for effective control, analysis, reconciliation and reporting of daily trading activity. As well as software development, our services include: l Systems integration and implementation l Programme and project management l Project and business consultancy To find out more how Puritas can help your business. Contact: Mike Feighan - Director Phone: +44 (0) 1534 874100 Email:

80 september/october 2018 To advertise in the directory in print or online contact Carl Methven on + 44 (0)1534 615886 or

Building trust in society and solving important problems We focus on three things at PwC in the Channel Islands: assurance, tax and advisory services. But how we use our knowledge and experience depends on what you want to achieve. So whichever one of our 390 staff in the Channel Islands you work with (or 225,000 people across the PwC global network of member firms), they’ll start by asking the following questions: Are you looking to build trust? Give your shareholders more value? Or do you want to do something completely different with your strategy? When we work with you we really listen, to understand you better. We’ll get to know you, your business and your goals. Then we’ll share what we’ve learned to help you get there. We want to deliver the value that you, our clients, our people and our communities are looking for. Talk to us about your issues and aspirations. For further information, please contact: John Roche, Partner, Guernsey Phone: +44 1481 752040 Email: Karl Hairon, Partner, Jersey Phone: +44 1534 838276 Email: Follow us: @PwC_CI URL:

Vantage is an innovative group of companies providing a wide, yet associated range of specialist services to our professional, corporate and private clients.

Viberts is dedicated to providing outstanding legal advice and customer service, both in Jersey and internationally.

Since our formation in 2006 we have grown to offer an extensive range of business solutions to meet the expanding and everchanging needs of our clients – to solve their problems and to improve efficiencies.

Our clients range from private individuals to multinational corporations, local businesses and public authorities. We are large enough to offer a full service but small enough that each client has direct contact with one of our partners. We always take a pragmatic approach so that we can deal with matters as efficiently as possible, but we are also compassionate and understanding when it comes to sensitive issues.

We can insure a firm’s buildings, contents and liabilities, arrange the company pension scheme, advise on life assurance, and provide medical insurance for all staff members. We can provide office space, source new staff and advise on employment matters. We can also consult on salary levels and employee benefits. We provide both regulated and nonregulated services, specifically; l Insurance Broking l Captive Insurance Management l Pensions and Retirement Planning l Investments and Life Assurance l Remuneration Surveys, Recruitment and HR Advisory l Serviced Offices and Property Management. For further details please contact: Richard Packman, Chief Executive, Vantage Group +44(0) 1534 706503

We partner with other specialists across the globe where required to bring you the best possible advice and representation. Our range of bespoke legal services includes: l Commercial l Employment l Family l Litigation l Personal l Property For expert legal advice, please contact us today. E: T: +44 (0) 1534 888 666 W: Vantage Limited, Vantage Insurance Brokers Limited and Vantage Pension Trustees Limited are regulated by the Jersey Financial Services Commission.

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questions with EMMA MARTINS

Tea or coffee? Decaf cappuccino with plenty of chocolate sprinkles. Favourite TV programme? Settling nicely into middle age, I find myself opting for radio over TV. I can’t do without Radio 4’s Today programme and Dead Ringers. Most amazing place you’ve visited? The first time I visited Rome, I felt an extraordinary sense of being immersed in history. The beauty of the place and the incredible food are also hard to beat. Scariest thing that’s happened to you? Funny scary – I’m completely unable to handle rollercoasters. Proper scary – when I thought my thentoddler son was lost in London’s West End. My heart felt like it had been ripped from my chest.


Your best quality? I try to be kind, fair and appreciative. The worst thing about you? I don’t always succeed. Last meal on death row? The tasting menu at Veeraswamy in London. Lots of courses, so I can savour the heavenly food and, at the same time, delay the inevitable. Cats or dogs? A house full of as many of both of them as can fit. Have you ever sung karaoke? I wouldn’t inflict that on my worst enemies. First job you had? Packing Christmas gift baskets in the basement of a Body Shop store in London during the school holidays. That first little brown envelope of cash was just the best.



82 september/october 2018

Worst job you’ve done? See above. The thrill of the cash soon passed, and I realised the job wasn’t for me. What’s at the top of your ‘bucket list’? My daughter and I spend a lot of time giving detailed consideration to our bucket lists. My list is forever changing and sometimes I even manage to tick things off. After a

shameful number of years putting my job before my family, getting a better work/life balance is top of my list right now. Favourite item of clothing? Don’t have one. Clothes are a necessity and not much more interesting than that for me. Sweet or savoury? Mostly savoury, but I do need something sweet and calorific to accompany my decaf cappuccino. Have you ever met anyone famous? In my youth I bumped into David Bowie after going to the (incredible) Serious Moonlight Tour concert at Wembley. Totally star-struck. Best piece of advice you’ve ever been given? Life is short. Love the people who treat you right and forget about the ones who don’t. If you get a chance, take it – if it changes your life, let it. If your house was on fire and you could save one item, what would it be (family excepted)? I was given a painting of my children for my birthday last year. It’s absolutely beautiful and has huge emotional value for me. That and my wedding album, if I could sneak that out too. Buzzword you hate the most? ‘Quick win’. It smacks of spin, insincerity and style over substance, all of which I can’t abide. What do you have for breakfast? Any working parent knows how low on the pecking order we are in the morning frenzy. I’ve skipped breakfast for so many years that I now don’t want anything before heading to work. Something about you that people might be surprised by? I was quite a militant teenager. A group of us would protest outside South Africa House in London after school every Friday, campaigning for Nelson Mandela’s release. My son visited Robben Island while on a football tour last year. Knowing he was there was unexpectedly emotional. Funny how the threads of one’s life connect sometimes. Emma Martins is Guernsey’s Data Protection Commissioner

David Bowie image credit:





Making the right decision isn’t always easy. When we work with you we adopt your concerns as our own, guide you through the tough times and focus on helping you make the choices that will get you where you need to be. We measure our success from your perspective so when you succeed, we do too.

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