The Government of Jersey has officially launched the Financial Services Competitiveness Programme, a strategic initiative aimed at reinforcing Jersey’s standing as a globally competitive International Finance Centre (IFC).
Enhancing Jersey’s Financial Sector
This new programme is designed to support and grow Jersey’s financial services and related professional services (FRPS) sector. As the Island’s largest employer and the key contributor to tax revenues, which fund public services, the financial sector plays a critical role in Jersey’s economy. The initiative unites various government departments, the Jersey Financial Services Commission (JFSC), Jersey Finance, Digital Jersey, and industry professionals from across the financial and professional sectors.
The programme aims to offer clear, actionable recommendations that will improve Jersey’s regulatory and business environment. It also seeks to strengthen its global positioning and prepare the sector for future challenges and opportunities.
Four Core Workstreams
The Financial Services Competitiveness Programme will be managed through four key workstreams, each addressing a specific area of improvement.
International Tax Strategy: Led by Revenue Jersey, this workstream focuses on ensuring Jersey’s continued strong position in the global tax landscape with a forward-looking tax policy.
Business & Regulatory Environment: Jointly led by the Government and JFSC, this workstream aims to enhance the ease of doing business in Jersey. It will include quick reforms and long-term strategies to attract global investors.
External Growth Strategy: This workstream involves conducting a global market analysis to develop Jersey’s external engagement strategy. It will identify future opportunities and competitive positioning, supported by Jersey Finance Ltd.
Future Competitiveness & Regulation: This phase will combine insights from all workstreams and conclude with a report by an independent panel of global experts.
Strategic Leadership and Government Commitment
The programme will be overseen by a Ministerial Working Group, chaired by Deputy Ian Gorst, the Minister for External Relations and Financial Services. Dr. Andrew McLaughlin, Chief Executive Officer, will act as the Senior Responsible Officer, leading a cross-government team of officials.
Deputy Gorst emphasized the importance of Jersey’s financial services industry, calling it a key driver of the Island’s economic growth. He explained that the programme is a forward-thinking, coordinated effort to ensure Jersey remains an agile and competitive IFC in a rapidly evolving global market.
Adapting to Global Changes
Jersey has built a proud 60-year history as a trusted, stable, and innovative IFC. However, Deputy Gorst noted that in light of global economic shifts, regulatory changes, and challenges such as Brexit and post-pandemic recovery, IFCs around the world—Jersey included—must continuously adapt to remain competitive. The Financial Services Competitiveness Programme is Jersey’s proactive response to these challenges, focused on sustainability and long-term growth in the sector.
Through this initiative, the government seeks to secure Jersey’s place as a leading International Finance Centre for decades to come.
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