Guernsey Report 2022

For more than 50 years, Guernsey has been one of the world’s best-regarded and most successful international finance centres. In this special focus, we look at how Guernsey continues to provide stability, security and substance in the wealth management arena.

Rupert Pleasant, Chief Executive of Guernsey Finance, discusses what makes the island an attractive destination for financial services in such uncertain times around the world. Also, our exclusive interview with William Mason from the Guernsey Financial Services Commission details the biggest achievements of the GFSC since its formation 35 years ago.

In addition, our comprehensive sector focus concentrates on Guernsey's key industries. Deputy Nick Moakes, Chair of Guernsey Green Finance, considers how the island’s specialist financial services industry has continued to develop products that propel capital towards sustainable initiatives.

Guernsey has grown into Europe’s number one captive insurance domicile, with more than 300 structures based in the island. Mark Elliott, Chairman of the Guernsey International Insurance Association, discusses the milestones reached by the jurisdiction in the Insurance sector.

Guernsey is also a leading jurisdiction for the establishment and management of trusts. Paul Buckle from Ocorian provides an analysis of two recent Guernsey cases that highlight that on a change of trusteeship, the outgoing trustee (T1) has a duty to give its successor (T2) all the papers in its possession pertaining to the trust and which T2 needs to maintain due administration. We also hear from Kit Hobbs from Bellerive Trust on the latest developments affecting philanthropic ventures, spanning legislation, case law, market practices and general evolution.

Detailed analysis by key industry bodies and prominent practitioners on current trends and developments demonstrates the array of services and vehicles that Guernsey has to offer.

Guernsey

Stability, Security And Substance

Guernsey

Rupert Pleasant

Guernsey Finance

Like the rest of the world, Guernsey had to continue dealing with Covid-19-based disruption in 2021 but, in comparison, it was a far more stable year.

We can still look back at 2021 as a year where Guernsey showed its core strengths of stability, security and substance, which makes the island such an attractive destination for financial services in such uncertain times around the world.

Guernsey demonstrated ‘quality and quantity’ early in 2022 as the Guernsey Financial Services Commission’s (GFSC) fund statistics for Q4 2021 showed that the net asset value (NAV) of Guernsey-domiciled funds had surpassed £300 billion for the first time, with an increase of £58.1 billion (27 per cent) over 12 months, taking the total to £303.6 billion. The NAV has increased every quarter since the end of Q2 2020 and the total number of funds, standing at more than 850, is also at the highest level for nearly 10 years. Assets under management have doubled since 2008.

Guernsey: A Sophisticated And Innovative Financial Centre

IFC Media interviews William Mason, Director General, Guernsey Financial Services Commission.

Guernsey

William Mason

Sustainable Finance

A Force For Global Good

Guernsey

Sustainable Finance

Deputy Nick Moakes

Guernsey Green Finance

Since the launch of Guernsey Green Finance four years ago, quickly followed by the world’s first regulated Green Fund regime, Guernsey has proved that it is worthy of its excellent reputation in the global sustainable finance community.

And far from resting on its laurels, the island’s specialist financial services industry has continued to develop products that propel capital towards sustainable initiatives. We are not simply talking the talk, we have the credentials to back it up. The island’s financial services regulator, the Guernsey Financial Services Commission, has just launched a consultation into a Natural Capital fund regime and is also consulting on how to further strengthen anti-greenwashing measures. But more on that later.