The Government of Jersey has launched its Financial Services Competitiveness Programme.
The programme is a major strategic initiative aimed at strengthening Jersey’s position as a globally attractive and forward-looking International Finance Centre.
This comprehensive programme is designed to support and enhance Jersey’s financial and related professional services (FRPS) sector – the Island’s largest employer and the most significant contributor to tax revenues that fund public services. It brings together several government departments, the Jersey Financial Services Commission (JFSC), Jersey Finance, Digital Jersey, and representatives from across the financial and professional services industry.
The Financial Services Competitiveness Programme will deliver clear, actionable recommendations focused on improving Jersey’s regulatory and business environment, enhancing its global positioning, and preparing the sector for future opportunities and challenges.
The programme is governed by a Ministerial Working Group, chaired by the Minister for External Relations with responsibility for Financial Services, Deputy Ian Gorst (pictured), with the Chief Executive Officer, Dr Andrew McLaughlin, acting as the Senior Responsible Officer. They will be supported by a cross-government team of officials.
The programme is built around four core workstreams, which will be managed in a phased approach.
- International Tax Strategy – Led by Revenue Jersey, this will focus on maintaining Jersey’s strong position through a forward-looking tax policy.
- Business & Regulatory Environment – Led jointly by the Government and the JFSC, this aims to improve the ease of doing business, delivering quick-win reforms as well as medium- and long-term changes to enhance the Island’s appeal to global investors.
- External Growth Strategy – A global market analysis to inform Jersey’s external engagement strategy, identifying future value pools and Jersey’s competitive positioning, led by the Government with expert support from Jersey Finance Ltd.
- Future Competitiveness & Regulation – Bringing together insights from all workstreams, this phase will culminate in a report by an independent panel of global experts.
Deputy Ian Gorst said: “Jersey’s financial services industry is a key growth engine of our economy. It is central to Jersey’s prosperity and our ability to reinvest in and regenerate the Island. Through the Financial Services Competitiveness Programme, we are setting out a bold, coordinated plan to ensure Jersey remains an attractive, agile, and forward-looking International Finance Centre.
“This initiative shows that we are not content to stand still – we are proactively investing in the Island’s future, and working in partnership across government, industry, and the regulator to deliver sustainable, long-term success.
“Jersey has a proud 60-year history as a trusted, stable, and innovative IFC. However, global economic shifts, regulatory changes, tax policy evolution, Brexit, post-pandemic recovery, and rapid technological advancement mean that IFCs around the world – including Jersey – must continuously adapt to stay competitive. The Financial Services Competitiveness Programme is Jersey’s response: a future-focused, evidence-led strategy to sustain and expand the Island’s most vital economic sector.”
Chief Minister, Deputy Lyndon Farnham commented: “We are facing rapidly changing global environments and we must continue to adapt. By evaluating our strengths, the project will help us to continue promoting Jersey as a leading International Finance Centre and build further worldwide confidence in our services.”
