'Action plan' announced to grow Jersey's financial services industry

An action plan is being developed to grow Jersey's financial services industry.

An expert panel is expected to make suggestions to ministers by next spring.

In an annual update to the sector, External Relations and Financial Services Minister Deputy Ian Gorst said the financial world is changing rapidly - and the island must change with it.

To that end, the government, promotional body Jersey Finance, regulator the JFSC and industry partners have been working together on a 'Competitiveness Programme' to find ways to expand the sector and enhance its standing as a leading international finance centre.

A raft of new measures have been announced, some of which were recommended in a review of the industry by the global consultancy firm McKinsey.

They include having a core team of officers focused on monitoring global market trends and making sure policy and law changes are made quickly 'to put the island on the front foot'.

A new 'concierge service' will be developed to make it easier for businesses to set up in the island.

There will also be more targeted work to promote Jersey in key markets, and a review of regulatory rules to asses Jersey's 'risk appetite' for emerging sectors such as digital assets.

Tax policy enhancements such as RegTech incentives and a review of personal income tax residence rules are also being 'advanced'.

Deputy Gorst addressed delegates at the Financial Services Annual Update at Radisson hotel on Monday (24 November), saying Jersey has to adapt to protect and grow a sector which contributes £3 billion to the local economy, provides 14,000 jobs and generates 40% of tax revenues.

 “As well as practical changes, we also need to change our mindset, and understand that the privilege has shifted.

"With so much change and innovation in the industry across the globe, it is no longer a privilege for financial services businesses to operate in Jersey. It is now Jersey’s privilege to serve them."

He said everyone must 'pull together' to give businesses a reason to choose Jersey.

The expert panel is being chaired by economist Sir Howard Davies, former Chairman of NatWest Group, former director of the London School of Economics and the first chairman of the Financial Services Authority.

The government says its recommendations will form the basis of an 'action plan' that will be outlined on 23 March 2026.