Jersey government launches financial services plan to tackle threat from emerging IFCs

​​The Jersey government has launched an action plan to support the island’s financial and related professional services (F​​RPS) sector in tackling “multiple and converging threats”.

The government said the FRPS sector needs to pivot towards a growth mindset to counter competition from emerging international finance centres, particularly in Asia and the Middle East, and remain agile as capital flows change and digitalisation drives new products.

Following a review of the FRPS the government has published Time to Win, which pledges to protect Jersey’s tax regime, reduce the costs of doing business for all FRPS firms and their clients, embrace digitalisation and lead on tokenisation, and invest in connectivity and IFC infrastructure.

The plan is supported by £30m identified in the 2026-2029 Budget for investment in competitiveness.

Deputy Ian Gorst, minister for external relations, who has responsibility for financial services, said: “The importance of our financial services industry cannot be underestimated – it is the engine of our economy and has underpinned so much of daily life in Jersey for many decades.

“But the truth is the world is changing. We are facing increased competition from other centres, and emerging technology is allowing people and businesses to move around with increasing ease.

“We therefore need to fight harder than ever before to maintain our competitive edge. In a fast-changing global landscape, this is a once-in-a-generation opportunity for government, industry and regulator to work together to make sure Jersey seizes the opportunity of this time to win.”

Sir Howard Davies, who chaired the independent expert panel, added: “Jersey has strong foundations. While it is facing significant challenges, it is well-placed to take the decisive action and reforms needed"​.”