Underpinning the success of the Jersey finance industry since its infancy has been the role and services provided by the accountancy professionals in the jurisdiction and this year the Society that represents most of them is celebrating a significant milestone.
There has been a formal body in place since 1954 before a flourishing international industry was even thought of. In those early years Island based accountants were represented by the Jersey Association of Practising Accountants, then in 1974 it was replaced by the Jersey Society of Chartered & Certified Accountants (JSCCA) to represent, promote and serve the accountancy profession in Jersey. Thus, I am proud to be president in the year we celebrate our 50th anniversary.
In respect of the international finance industry, qualified accountants have been an integral part of the network of specialist providers that work closely together to deliver the solutions for international clients who decide to locate their funds here, undertake transactions or establish structures to protect assets or secure investments. That network of skilled professionals working closely together has consistently been one of the great strengths of our jurisdiction.
As a trade body, we play an influential role, sitting on various working parties, established by the government, the regulator and the industry, that provide such a vital touchstone in developing the industry‘s offering, ensuring that it is stronger, fairer and more transparent.
Collectively the 500 or so members of the Association and 20 corporate members, represent the vast majority of the chartered or certified accountants in the Island, both those in accountancy and professional service firms and those working in house for other firms and organisations.
We are not one of the highest profile trade bodies but we have been a long standing sounding board for the authorities for many of the regulatory changes where expertise from the industry is sought. Furthermore, the government turns to us on occasions for a view on the pulse of the economy and for forecasts about its future.
Right now, for example, Jersey’s Company Law is about to be amended significantly for the first time since 1991, changes designed to offer enhancements which will be advantageous to practitioners and investors and we will be actively involved in the consultation ahead of the finalisation of any changes.
Influence
Driving the work of the Society are a series of sub-committees and it is these teams, along with the main committee, that provide the interaction that help to shape the development of the industry. A quick overview illustrates the breadth of the Society’s reach across the jurisdiction and its active participation in Jersey’s offering on the global stage.
A technical, accounting and regulation sub-committee currently led by Matt Ryan provides Jersey’s practicing accountants and authorities with interpretations on international standards and how they apply from a local perspective.
A taxation sub-committee headed by Paul Eastwood consults members on changes to legislation including application of international rules and domestic proposals where we would look to highlight elements in the Jersey Budget, for instance, that we perceive might be difficult to implement.
The marketing, training and education sub-committee headed by Catherine Watson, is tasked with arranging an annual two-day conference with prominent guest speakers attending from off Island, an annual dinner and a series of tailored CPD events for our members, helping to reinforce high standards within the profession, while new this year is a regulation & compliance sub-committee. Such is the demand for advice and guidance in this field it was thought best to form a team of experts in the field headed by Sarah Sandiford. Their role is to liaise with the regulator on compliance matters, including the extensive rules now in place to facilitate the crackdown on money laundering across the world’s jurisdictions.
Talent
We also look to the future and the considerable talent that it is important to nurture and support from the time they enter the industry. The Association has created a Student Society for members who are currently training but not yet qualified. Networking events are staged to help them meet with other talented young professionals and to highlight career opportunities as they progress to their qualifications. It is so important to bring the next generation along with us if we are to sustain the high standards that the Island has adhered to for so long.
We also give talks in schools and attend careers events, which is an opportunity to point out that working in accountancy is not all about number crunching that might once have been the case. As those in the industry will know, many of today’s firms are involved in such a wide range of disciplines and need such a plethora of skills to advise on an international basis but that would not always be so obvious when still a student so it is up to us to show them that the one thing the accountancy profession is not in 2024 is staid and boring.
Naturally there are still local firms providing the nuts and bolts of accountancy, handling bookkeeping and accounts and the tax returns for local companies, always a vital service for the business community. However, gradually the larger professional service firms have expanded their offering to furnish their deep technical knowledge on issues central to today’s marketplace. Global taxation, cybersecurity, alongside the growth in digital services and the impact and measurement of ESG matters on firms and organisations and their reporting obligations in an ever more complex regulatory environment, are some of the more topical examples.
It is undoubtedly true that to maintain a fully functioning, successful international finance centre requires a substantial core of talented, qualified accountants able to interpret international developments and to advise on implementation. Without the contribution of accountants, it is a bit like establishing a city without roads to connect the properties so while we are not the practitioners that generally promote the jurisdiction, we provide that essential support function to the fund services businesses, banks, the wealth managers, trusts companies and other corporate service providers that bring so much business to the jurisdiction and have done so over many decades.
Contribution
We celebrated our anniversary with a dinner in which many of the previous presidents of the organisation were able to attend and which was an opportunity to look back and to thank them for their contribution to the success of the Society. Yet while we were pleased to reflect on the considerable contribution of the JSCCA to Jersey’s commercial success so far, we remain alert to the future and how our various highly qualified, specialist teams can best support the industry infrastructure in the years ahead as it faces new challenges, such as the digital transformation already underway, the adoption of AI and the further tightening of regulation that is inevitable in the years to come.
The JSCCA has been one of the engines of growth for the last 50 years, helping the jurisdiction combine stability with robust but tailored regulation so effectively. Whilst supporting our members, we hope to continue with our ongoing contribution to help Jersey remain at the forefront of international financial services, a jurisdiction confident in its ability to meet evolving international standards head on – such as the recent 2024 MONEYVAL Assessment – and one that is equally confident that it knows it can call upon professionals in accountancy and audit that are the equal to those in any leading jurisdiction.
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