What was said at JerseyGov Mid-Year Financial Services update on Strengthening Jersey’s Competitiveness.

Please find below a Video recording and summary of what was said at the JERSEYGOVs Mid-Year Financial Services update on Strengthening Jersey’s Competitiveness.

The event took place on 23 July 2025 at the Radisson Blu Hotel in Jersey, with the purpose of providing an overview of speeches and discussions from a government-led event focused on enhancing Jersey’s financial services sector.

A recording of the event is here:-

• https://www.youtube.com/watch?v=ZIn5OA4ThMQ (see timings for each speaker below)

And below is a summary organised by speaker and highlighting key points and themes:

1. Deputy Lyndon Farnum – Chief Minister

Key Themes:

• Reaffirmed the government’s commitment to Jersey’s financial and professional services sector.
• Emphasised the sector’s economic importance: nearly 50% of economic output and the largest employer.
• Introduced the Competitiveness Program as a strategic initiative to future-proof the industry.
• Highlighted collaboration with regulators, industry leaders, and professional bodies.
• Stressed that competitiveness is a continuous discipline, not a destination.

2. Deputy Ian Gorst – Minister for External Relations and Financial Services

Key Themes:

• Reflected on the challenges post-MoneyVal assessment and the need to reset.
• Outlined four workstreams of the Competitiveness Program:

1. Quick-fire improvements by government and regulators;
2. Enhancements to Jersey’s private fund regime;
3. Revised sound business practice policy; and
4. Consultation on repealing COBO (Control of Borrowing Order).

• Announced a strategic review by McKinsey to shape long-term growth.

1. See below for an update from Alec Petro – McKinsey Consultant

• Emphasised the need to act amid global geopolitical and economic shifts.
• Confirmed a 2026 action plan will be published based on findings.

Gorst written Speech  

• www.gov.je/News/Speeches/MinisterExternalRelationsSpeeches/Pages/MidYearFinancialServicesUpdate.aspx/
• https://tinyurl.com/2ca2yeam

3. Tom Le Feuvre – Director of Strategy

Key Themes:

• Provided updates on workstreams 1 and 4:

• Workstream 1: International tax strategy led by Revenue Jersey.
• Workstream 4: Expert panel chaired by Sir Howard Davies to consolidate insights.

• Reinforced the importance of tax neutrality and improved onboarding for businesses.
• Highlighted Jersey’s global engagement on tax policy (e.g., OECD discussions).

4. Joe Moynihan – CEO, Jersey Finance

Key Themes:

• Stressed the finance industry’s role in supporting the broader economy.
• Emphasised the need for continued strategic leadership and collaboration.
• Introduced Vision 2050, focusing on:

• Talent;
• Technology;
• Toolkit; and
• Togetherness.

• Confirmed alignment between Vision 2050 and the Competitiveness Program.
• Expressed strong support for the government’s initiatives.

5. Alec Petro – McKinsey Consultant & Jersey Government adviser on this programme

Key Themes:

• Provided a global context for Jersey’s competitiveness:

• Rising geopolitical volatility;
• Fragmentation of globalisation;
• Diverging regulations; and
• Rise of digital assets and private markets.

• Urged Jersey to:

• Be agile and act as a “shock absorber” for clients;
• Focus on digital asset regulation and private market growth; and
• Choose strategic bets and execute with precision.

6. Panel Discussion – Quick Wins for Business Environment

Panellists:

• Helen De la Cour (Government of Jersey);
• Jamie Warnock & Beverly Kent (JFSC); and
• Mike Jones (Mourant Consulting).

Key Outcomes:

• Identified six priority actions and over 250 suggestions from industry.
• Announced:

• Removal of 50-investor limit on JPFs;
• 24-hour authorisation for JPFs;
• Revised sound business practice policy; and
• Move from quarterly to annual fund reporting.

• Discussed potential changes to:

• MLCO role;
• Beneficial ownership thresholds; and
• Reliance regime and KYC platforms.

7. Deputy Elaine Miller – Minister for Treasury and Resources

Key Themes:

• Reiterated government’s long-term commitment and funding support.
• Emphasised collaboration as essential to success.
• Encouraged continued industry engagement and feedback.
• Announced next update event on 24 November.

Closing Notes

• The event concluded with a Q&A session covering:

• KYC technology adoption;
• Inter-island collaboration;
• Registry integration;
• Talent retention;
• Real-time data sharing; and
• Risk appetite and regulatory alignment.

Learn more about financial services competitiveness programme

• https://www.gov.je/industry/finance/pages/financialservicescompetitivenessprogramme.aspx?dm_i=7IOW,A1EN,22SPPF,1ABLZ,1
• https://www.gov.je/news/2025/pages/FinancialServicesCompetitivenessProgrammeProgress.aspx