In an edited version of a speech given at the International Trust and Private Client Forum in Guernsey in March 2018, Dominic Wheatley, Chief Executive of Guernsey Finance, gives an overview on Guernsey’s approach towards Brexit
There are plenty of people highlighting threats from Brexit, but the process also offers a number of opportunities for the Channel Islands which Guernsey is well placed to take advantage of.
Firstly, we have a brilliant, stable and responsive business environment available at a time when many other parts of the world lack stability, security and certainty of outcome. Across all our niche sectors we offer experience and expertise in our industry, world-leading regulation, and a unique combination of global standards of business conduct and commitment to the legitimate interests of our clients.
Secondly, we have the innovation, flexibility, and internal connectivity to respond quickly to changing circumstances as they occur, be they emerging client demands, evolving market access requirements, or changing international regulatory standards.
Thirdly, our longer-term future is founded upon our uniquely symbiotic relationship with the City as a major capital provider and a conduit to other economies.
"There are plenty of people highlighting threats from Brexit, but the process also offers a number of opportunities for the Channel Islands which Guernsey is well placed to take advantage of."
Industry continues to market actively in London and the EU, reminding our clients and their advisers that the CI’s remain stable, secure places to manage their finances, places that are easy to do business, and highly expert in the range of niche industries that we provide.
Government, industry and regulators in the island are all engaged in activities to secure Guernsey’s best interests.
Not surprisingly, Guernsey’s Brexit strategy should reflect and build on these strengths:
To maintain our commitment to quality and high standards across our finance sectors.
To ensure that our existing services are known and recognised as fit for purpose and highly effective to meet client needs through the Brexit process.
To ensure that we closely observe and respond to changes as they occur to keep our range of services relevant and efficient in changing circumstances.
To continuously build and enhance our UK and City relationships and those with key markets around the world.
This is nothing new – it is what we have always done. That is why we continue to be successful across both islands 60 years after the first international business arrived here in the 1950s.
And that is why we will continue to be successful into the future.