Discussions at Guernsey Finance’s annual Industry Update highlighted the island’s value to the UK economy, industry progress in 2023, and business development opportunities for 2024. Speakers provided insight into ‘Guernsey’s Place in the World’, explored through agency representatives, the launch of a new research report, and an international business development panel. 

Guernsey Finance Chief Executive Rupert Pleasant (7313) kicked off the event with an opening speech on how Guernsey Finance promoted and worked with the industry in 2023.

He said: “To uphold our well-earned reputation as a respected international finance centre, we must continue to promote and connect Guernsey in our chosen key markets. 

“That remains of the utmost importance as the international marketplace becomes more and more saturated. We must ensure that Guernsey’s voice is heard over the noise of the crowd.”

He cited healthy growth for Guernsey Finance in 2023 – including an increase of 182% potential new business introductions to Guernsey's financial services industry, which totaled 1,840 as well as maintaining the agency’s digital reach at 8.7 million impressions.

Deputy Chief Executive Barnaby Molloy (8541) then took to the stage to reveal the agency’s refreshed digital offering. The agency will now promote Guernsey’s finance sector under the brand ‘Guernsey Finance’ at www.guernseyfinance.com.  

A new research report exploring Guernsey’s value to the UK economy, produced by independent research house Frontier Economics, was also launched at the event. The report highlights the ways in which the sectors of Guernsey’s specialist financial services industry generate significant value to the UK.   

The key findings of the report include:

• Guernsey-based funds channel significant investment into the UK economy, and currently hold UK assets worth £57 billion, a figure which has increased 14% year on year since 2020.  
• UK FTSE 100 companies may collectively save almost £100 million per year by using Guernsey captive insurance structures. 

Business development representatives from the UK, US, South Africa and the Middle East then took to the stage to explain the current trends from their respective jurisdictions, giving insights into possible areas of business development for Guernsey in 2024.