The government of Jersey is to make available up to £900,000 for a strategic review of the island’s financial services industry.
The review, which will be commissioned by Jersey Finance, will take into account the opportunities and challenges that may arise from the UK government’s changing relationship with the European Union.
The Chief Minister, Senator Ian Gorst, has cited recent changes to the political landscape as the driving factors behind the decision to refresh the island’s financial services strategy.
The Finance Industry Strategic Jurisdictional Review, published by consultancy McKinsey in April 2013, remains at the heart of the strategy. However, the new review will also focus on the following key areas:
• Potential opportunities and threats arising from Brexit, and the implications for the Island’s financial services strategy
• Possible responses to the wider developments affecting the financial services industry, including the impact of changes in digital technology
• Identifying means for the industry to secure new growth
• Developing proposals to support the banking sector to respond to macroeconomic challenges, pressures on their business models and threats from digital disruption.
The strategic review will be commissioned in April, with a final report expected towards the end of the year.