Brexit is likely to create many opportunities for Guernsey’s funds sector and so far, it has had no adverse impact on the jurisdiction’s ability to do business across the financial services sector.
While the UK’s exit from the European Union has created uncertainty for many, Guernsey’s offering of continuity, stability and resilience has resonated strongly with investors. That was the view of a panel of industry experts speaking at Guernsey Finance’s webinar Global Guernsey: ‘Continuing Market Access in an Uncertain World’.
Panelists David Crosland, a partner at law firm Carey Olsen, Ross Youngs, Head of Client Development at BNP Paribas and Mark Le Page, Extended Assurance Director at EY, all agreed that a combination of stability, unchanged market access and resilience has made Guernsey’s offering an attractive one for investors in Europe and beyond.
“It’s really been business as usual for Guernsey. The key thing is that there has been no change in Guernsey’s relationship with the EU and the UK,” said Ross Youngs. “I think the stability of that environment is critical. It’s already a third country and there are advantages to that.
“Funds in Guernsey can continue to market to Europe via the National Private Placement Regime, and importantly, the rest of the world as well. Brexit hasn’t impacted on our business in Guernsey, and I think it’s going to create a lot of opportunities,” he added.
David Crosland said that the way that Guernsey was perceived by the rest of the world was very important. “US investors and Asian investors are looking at the UK and wondering what is going on with this whole Brexit process and where it’s going to stand,” he said.
“The fact that Guernsey’s position is unchanged is incredibly attractive. Brexit has been good for business because we can offer that certainty. I think the island has played a really good game, it has been very careful to maintain that ‘good neighbour’ relationship with both the UK and with Europe.”