Jersey is always at its best when we pull together. The MONEYVAL review has required a great degree of coordination and cooperation between Government, industry and the regulator and significant commitments of time and energy from individuals and businesses across the sector. Preparations for a MONEYVAL review are always rightly challenging for any jurisdiction and it has been greatly encouraging to see how the authorities and industry have come together to look to ensure we are as prepared as possible for the on-site assessment later this year. I am very much aware of the time and effort that goes into preparing for MONEYVAL and I am hugely grateful to everyone for their hard work.
The relationship between Government, Jersey Finance and the Jersey Financial Services Commission (JFSC) has always been crucial in our work to promote the industry. We have our own distinctive and important roles but ultimately we all need to be moving towards the same broad objectives and goals if we are to uphold Jersey’s best interests. I am pleased that, overall, I am hearing of increased positivity across industry in this respect.
Whilst MONEYVAL has rightly been our primary focus, we have also continued to implement our financial services policy framework following its refresh at the end of 2021. We are currently working to deliver legislation which will support the provision of information to credit reference agencies and support affordability checks which will be a requirement under the new consumer credit regime. We have also created Jersey LLC’s – a product which is making our services more familiar to the US market and generating good amounts of new business for the Island.
Whilst work has been ongoing in this area with advancements in the digital ID space, one of our next targets must be continuing to support the creation and use of more digital products to ensure we remain at the competitive edge of industry developments, by making the best use of developments in technology and delivering new innovative services to our clients.
As an industry, we have always sought to diversify, build upon our core strengths and be more productive. Looking ahead, one such notable area will be the implementation of open banking and open finance. This enhanced sharing of information will support businesses and individual consumers by ensuring they are making the most effective use of their deposits.
The Government has now been in office for just over a year. Since I last wrote for this publication, responsibility for financial services has transferred to the Chief Minister’s portfolio, with Deputies Elaine Millar and Ian Gorst appointed to lead the ministerial work on a day-to-day basis. They are an experienced and effective team to represent the industry.
Our focus as a Government is to continue seeking resolutions to our perennial challenges – including housing, population, skills, recruitment and retention. In the next year we intend to make progress with programmes to support affordable purchases and, through the work of our new Cabinet Office Delivery Unit, we are seeing improvements in the support we provide to our key workers. It is vital that we continue to work with the industry in all these areas and particularly in the development of our future skills needs, as we aim to build a sustainable economy that is ready for the challenges and changes of the years ahead.
Jersey’s financial services industry has adapted and grown for over six decades, changing in response to global developments and customer expectations. I have no doubt that it will continue to do so and that Jersey will remain a stable jurisdiction in a fluctuating global economic environment and a place where people across the world can invest with confidence.