Two decades on and we now champion Jersey’s world-class finance sector from seven international bases, we have more than 160 finance companies bringing their expertise to the table as Members and our team has grown to a near 40 strong group of professionals who truly drive our vision to promote Jersey as a futurefocused international finance centre (IFC).
PEOPLE WITH PURPOSE
Our progress is testament to the commitment of the Jersey Finance team in collaboration with key partners such as our membership base, the Government of Jersey, the Jersey Financial Services Commission (JFSC) and our wider Island community. These relationships are what really makes Jersey the successful financial hub it is today and we need to continue to send that message out loud and clear.
We have embedded team values into our working environment in Jersey and with our global team. The pride demonstrated by the Jersey Finance team is reflected through our award-winning activity and the high-quality services we provide to a diverse range of stakeholders, with measurable outputs and effective financial management. Key to the team’s success is a desire to champion change, to work with partners to drive Jersey forward to maintain our leading edge as a destination of choice for global investors. New products, services and strategies, legislative enhancements, independent thought leadership and marketing platforms help increase brand awareness and deepen understanding of what Jersey can offer.
The skills, training, experience and diversity within the industry’s 13,600+ professionals have contributed to the success and reputation of Jersey as an IFC of excellence. However, we fully recognise the increasing international competition for talent and the need to grow and protect our workforce in the years ahead.
As such, Jersey Finance’s Future Fit Workforce workstream aims to identify and document any current and future challenges in recruitment and skills, with a view to creating short and longerterm solutions to futureproof our industry.
The Jersey Finance Rising Stars awards continues to attract nominations from managers around the industry who wish to reward and recognise their future leaders with record numbers voting this year, celebrating our home-grown talent. In addition, our Life in Finance scheme continues apace offering sixth form students work experience opportunities within our industry.
There are many excellent examples across our industry of programmes that nurture and develop existing employees and attract future talent. Not only is it an exciting and rapidly evolving industry, it also offers a wide range of great roles across a variety of different sectors. Jersey Finance will continue to work with its members and key partners locally to promote the many career opportunities and professional pathways available.
CHANGING TIMES FOR TECHNOLOGY
The evolution of how we work prompted by the pandemic has created a clear shift in the role of technology with regards to how businesses transact. As an Island we were well equipped for this, having initially launched a fintech strategy in 2016 as well as being officially home to the fastest broadband speed in the world.
Over the past year, that strategy has been accelerated in recognition of how fintech, backed up by a sustained and robust regulatory framework, can support our financial services industry and put us in a strong position for the future.
While our objective remains for Jersey to be ‘the easiest IFC to do business with remotely in a digital world’, our new strategy takes a more flexible approach, prioritising being adaptable and recognising that technology moves quickly. It reflects the changes that have occurred at both an industry and a global level and acknowledges the Government of Jersey’s refreshed Financial Services Policy Framework, which puts the opportunities created by fintech and technologies as a key strategic priority.
Over the past five years, financial services firms in Jersey have made good progress in pushing themselves up the maturity ladder in terms of technology adoption and with the 3,000 professionals employed in the digital sector in Jersey and 100 digital jobs created each year, we have the expertise on the Island to take advantage of innovation and ensure that we remain at the forefront in integrating fintech to our overall financial services proposition.
A SOCIALLY COHESIVE FUTURE
The global shift towards greener priorities has led to environmental, social and governance (ESG) principles becoming embedded in firms’ investment processes. With the impact of noticeable climate change now bringing governments together to find methods to reduce the carbon we unleash into the atmosphere, these ‘green’ inspired trends in business and finance are set to be cemented in the way we all work in future, while IFCs – always under scrutiny – will be evaluated in future through an ESG lens.
Fund managers are already bringing ESG factors into their assessments in their choice of domicile, while the next generation of investors has made it clear in studies that their priorities will reflect this new thinking.
Jersey believes that, with its many years of experience in channelling capital effectively, its role will become ever more important in facilitating both foreign direct investment across the globe and in meeting expanding philanthropic ambitions into projects designed to make a positive difference to our world.
JURISDICTION OF CHOICE
We, nor our industry, can afford to be complacent. Off the back of a major pandemic, markets are having to manage spiralling inflation, we face the prospect of another global recession and considerable unrest persists in Europe and around the world.
We know that more than ever we must build on the solid credentials of well over half a century of financial services expertise to ensure we remain a leader among IFCs.
As such, we will continue to focus on those strengths our reputation has been built on, including our political and economic stability, our robust regulatory environment, our world-leading connectivity to the rest of the world and our highly experienced work force. We will also increase our emphasis on ESG concerns, as well as investing in technology to ensure we remain relevant in an increasingly purpose driven and digitally focused world.