Jersey falls eight places in Global Finance Centres Index

Geoff Cook said it was encouraging Jersey had kept such a high ranking

Jersey has fallen eight places and out of the top 20 in the Global Financial Centres Index (GFCI).

But the island has kept its title as the highest rated offshore jurisdiction, and is at number 28.

Jersey is above Guernsey which has fallen from 28th to 31st, and the Isle of Man, which fell from 40th to 43rd.

The top four finance centres have remained the same as last year with London at number one, followed by New York, Hong Kong and Singapore.

The GFCI competitive rankings is published every six months.

Geoff Cook, chief executive of Jersey Finance Limited, said it was encouraging Jersey had remained the top offshore financial centre.

He said: "Recent market conditions and a remarkable period of regulatory change have presented significant challenges for offshore centres and the Crown Dependencies in particular.

"This is reflected in the latest rankings, and in the number of onshore city centres moving up the rankings."

Mr Cook added Jersey's rating meant it was still perceived very positively by others in the marketplace.