Project to look at growth of financial sector

A project will examine ways of making Guernsey's financial sector more competitive in the next five to 10 years

Opportunities to expand Guernsey's financial sector are to be explored in a new initiative.

The States of Guernsey and financial and business groups have jointly-commissioned the Finance Sector Policy Framework to find ways of making the industry more competitive in the next five to 10 years.

The States' Committee for Economic Development said the framework would aim to ensure the sector in Guernsey "continues to drive sustainable economic growth and strengthen the foundations of its ongoing success".

Consultancy firm Oliver Wyman is to start the project in September with work expected to conclude in 2026.

The Guernsey Financial Services Commission (GFSC), Guernsey Finance and the Guernsey International Business Association (GIBA) commissioned the framework along with the government.

Deputy Andrew Niles, finance sector lead for the Committee for Economic Development, said it was important to seek new opportunities to "ensure we invest in our future".

He added: "The finance sector remains the engine room of our economy, and this framework will help ensure we remain competitive, forward-looking and aligned with emerging global trends."