A milestone year for Jersey’s finance industry

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Jersey Finance chief executive Joe Moynihan reflects on the sector’s contribution to Island life and plans to strengthen local and global activity in 2022

WHILE 2021 was another challenging year for businesses generally, brought on by the global pandemic, it has also been a milestone year for Jersey’s finance industry as the Island celebrated the 60th anniversary of Jersey’s international finance sector.

Although this represents a tremendous achievement by all of those who have shaped the finance industry over the past six decades into what it is today, it has also given us a good opportunity to reflect on the industry’s relationship with the Island’s community as a whole.

Island life

We are incredibly aware that the finance industry is integral to Island life. It is key to the people who work in it, the work firms do with community groups and charities, as well as the investment they make in other local businesses. The industry is very much a part of the community in different ways.

We have focused on that community aspect in our anniversary activity this year.

At the beginning of 2021, for example, Jersey Finance set itself the task of raising £60,000 for the Association of Jersey Charities in an attempt to provide a boost to local charities. Using the slogan ‘Together we Shine’, we held a number of events from family guided walks and a free information clinic, right through to abseiling off Gorey Castle as part of our dedicated fundraising week in September, while also encouraging our member firms to hold their own fundraising initiatives.

We were also incredibly proud to support this year’s Jersey Charity Awards, organised by the AJC, which recognised excellence within the local charity sector. I am pleased to say we have made significant headway towards reaching our fundraising target, with more than £20,000 raised during the fundraising week alone. Our efforts to reach the fundraising target will continue into 2022.

Looking forward

Looking ahead at the next 12 months, we expect these will be just as busy for the Island and my hope is that the freedoms of pre-pandemic times will once again be fully resumed, no doubt with a newfound appreciation.

Certainly, a key focus for the finance industry will be to ensure we continue to play a part in supporting our local communities and businesses as we all get back to some semblance of normality.

And, with Jersey elections taking place in June 2022, it will be a big year for local politics as well. There is a clear opportunity for everyone to have a say on how our island is run to safeguard our heritage, while ensuring we are well prepared for whatever the future has in store – from pandemics to the urgency around climate change. I would encourage everyone to participate next year.

We live in an island rich in character, history and good citizenship. It is a message that came out strongly from our anniversary activity this year, and it is vital we keep it that way to safeguard our future prosperity.

Internationally, we will continue to broaden and deepen relationships in our key markets, offering world-leading expertise and innovative solutions and products as we work hard to nurture strong connections globally.

Many of the themes and developments that I have touched upon here will be covered in more depth in the pages that follow as we review and outline the unique tapestry that has come together through the decades to deliver the Jersey finance industry that we know today.

I hope you can find the time to explore the articles which reflect on some of the success we’ve achieved over the past 60 years and look at what the future may hold for Jersey as a jurisdiction of choice for international investors and their advisers.

In my view, the outlook is most certainly positive as we continue to work hard to remain competitive, innovative and maintain our high standards as an international finance centre of excellence.

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