First published on the States of Guernsey website.
The Committee for Economic Development, the Guernsey Financial Services Commission (GFSC), Guernsey Finance and the Guernsey International Business Association (GIBA) are jointly commissioning a Finance Sector Policy Framework to identify the opportunities for Guernsey's finance sector to grow, diversify and become more competitive over the next 5-10 years. The Finance Sector Policy Framework will also agree, and prioritise, the joint steps required to capitalise on those opportunities.
Representatives of all four parties have overseen a competitive tender process involving on-island, and off-island, experts with a demonstrable track record in working with international finance centres and governments across the world. The preferred bidder has been confirmed as Oliver Wyman. The firm will begin work this month, with the project concluding during Q1 of 2026.
The objective of the Framework is to ensure that the finance sector continues to drive sustainable economic growth and strengthen the foundations of its ongoing success, through:
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Analysis of how industry competition is expected to evolve and how Guernsey can position itself for success;
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Identification of emerging sectors and development of a long-term growth strategy;
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Strengthening of regulatory, legal, and operational frameworks to support innovation;
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Design of initiatives to address skills gaps through talent attraction, retention, and upskilling; and
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Development of marketing and innovation strategies to enhance Guernsey's global standing.
Guernsey is a prominent international finance centre supported by a robust regulatory framework and a diverse financial services sector. The finance sector contributes significantly to the island's economy (37% of GDP in 2023, rising to 44% with professional services). The island is recognised for its leadership in investment funds, private wealth management and insurance. More recently, there has been an increasing focus on innovative sectors such as fintech, digital assets, and sustainable finance. All four parties have come together to commission this work to leverage these strengths to foster sustainable economic growth and maintain competitiveness amid evolving global trends.
Deputy Andrew Niles, Finance Sector Lead for the Committee for Economic Development, said:
"This is a timely and important project for Guernsey. 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. I'm grateful to all members of the Project Board for coming together to support and assist in the delivery of this key piece of work.
"We're not going to re-do the work that the Island has already done. Much of that will provide the starting point for Oliver Wyman. What we want to do now is identify how we strengthen the areas where we have a competitive hold, expand existing areas into new and different geographies and products, and explore new and feasible opportunities where Guernsey can win.
"New opportunities will not simply arrive at our door. We must seek them out and ensure we invest in our future."
William Mason, Director General of the GFSC, said:
"We are supporting the development of this Policy Framework to help us build on the work we are already doing through our Digital Finance Initiative to modernise and improve our regulatory regime to adapt it to the maturing needs of digital innovators. We can now build on the great foundation provided by our February Moneyval assessment result to ensure Guernsey remains a top choice for high quality innovation."
Rupert Pleasant, Chief Executive of Guernsey Finance, said:
"This Policy Framework will help augment our jurisdiction's global messaging and reinforce our unique strengths in areas such as private wealth, funds, investment management, sustainable finance, fintech, insurance and banking. Having a cohesive, forward-looking strategy will significantly enhance how we promote Guernsey internationally over the coming years."
Jo Peacegood, Chair of GIBA, said:
"The finance industry in Guernsey is ambitious about its future, and the Policy Framework will provide a vital roadmap to help unlock new opportunities and maintain our competitive edge. Industry is pleased to be working in partnership with government, the GFSC and Guernsey Finance to ensure the Policy Framework reflects the needs of this critical economic sector."
The cost of the work is jointly funded by the Committee for Economic Development, the GFSC and Guernsey Finance. This investment of taxpayer and industry funds has not been made without considerable thought and commitment from all involved.
