Welcome to your newsletter
Invitation to GAT Members Luncheon
Members are warmly invited to our next Member's Luncheon being held on Wednesday 3rd April at Moores Hotel at 12.30pm.
We are delighted to announce that GAT Sponsor, Alternative Solutions Limited will offer a speaker on the subject of: Reducing the risk: How to get ahead of insider threat. Join Dave Matthews, a systems engineer at Netwrix, to explore some real-world cases of insider threats — intentional and inadvertent — and learn the key best practices for IT governance and mitigating your risk.
Our luncheon will also feature an industry update from Chairman Paul Hodgson.
Our popular events give members the opportunity to network and to catch up on relevant news among peers on issues that affect the fiduciary community. We encourage members to book early to secure their place.
New London Representative appointed
Christine Gill was introduced to Guernsey Finance’s stakeholders at the promotional agency’s annual Industry Update in the island in January, and will build on positive steps taken to enhance business connections in the capital.
Christine will be responsible for expanding Guernsey’s range of activities in the City of London and identifying opportunities for Guernsey financial services businesses. She will focus on the marketing of Guernsey as a jurisdiction for investment funds and private wealth at Guernsey Finance and third-party events and face-to-face meetings.
To read more about Christine and the role, click here.
Update on the Provisional 2018 Year End Financial Position
Deputy Gavin St Pier addressed the States Assembly on the 27th February providing a fiscal update on the provisional 2018 financial performance.
- General revenue income grew to £438m, an increase of approximately £8m, or just under 2%, on the 2017 revenues. The result is also comfortably ahead of the budgeted position of £431m.
- Committees and Authorities have collectively underspent against their budgets by just under £2m.
- The States' Trading Supervisory Board has remitted £3.5m to General Revenue from States' Trading Assets and property sales.
- Transfers to the Capital Reserve totalled just under £57m.
UK parliamentarians updated on current local issues
Deputy Jonathan Le Tocq, member of the Policy & Resources Committee with responsibility for external relations, represented Guernsey on 11th February at the CIAPPG meeting in the Houses of Parliament.
'I was pleased to attend the CIAPPG's first meeting of 2019 to update the Group on a number of recent developments including our recent referendum and decision to implement an Island Wide Voting system, but the main focus naturally continues to be the impact of Brexit and the Channel Islands' response to it.'
Cross border testing for Global Financial Innovation Network (“GFIN”)
The Guernsey Financial Services Commission (“GFSC”) announced on 7 August 2018 its participation in the Global Financial Innovation Network (“GFIN”).
The consultation sets out the three main functions of the GFIN:
- act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models;
- provide a forum for joint policy work and discussions; and
- provide firms with an environment in which to trial cross-border solutions
GFIN has recently published two documents:
With these publications and the commencement of the GFIN’s initiatives the GFSC has confirmed its continued support and involvement in the GFIN by sitting on the GFIN’s coordination group and by being one of the GFIN members participating in cross-border trials.
For further details read the full article
Discover Guernsey – GIBA produces interactive recruitment tool for the island’s financial services industry
GIBA has produced an interactive PDF that showcases the many positive aspects of working and living in Guernsey.
GIBA notes that "Guernsey has developed numerous niche leadership positions in financial services through excellence and innovation. The depth and breadth of expertise present in the island must be maintained to sustain an economically substantial financial services sector."
GIBA hopes that the document will be helpful in the recruitment process to explain the career potential of the local finance industry and answer typical questions that recruits may have about the island.
The PDF is interactive, linking to other relevant websites and useful sources of information. Practical advice on setting up home, registering with local service providers and exploring the Bailiwick is also included.
GAT Members may use the attached document as you see fit and are encouraged to share with your human resources department or send to local or off-island recruitment agencies where appropriate.
Please find below a link to the summary minutes for January's meeting of GIBA Council.
Legal Week's Private Client Global Elite Directory available
As part of Guernsey Finance’s sponsorship of Legal Week’s Private Client Global Elite event, they have 35 copies of their directory, worth £195 each, for distribution.
The supplement details the final list of just over 250 individuals who were short-listed from a combination of votes, commitment to client care, work experience and effect, international networks and professional expertise. Alongside the greatest movers and shakers in the private client field, the Elite also highlights the ‘next generation’ of lawyers in the Ones to Watch section, which aims to showcase the emerging talent in the private client world.
If you or your colleagues would like a free copy of the Elite supplement, please email Millie Jones to put one aside for you and arrange collection from the Guernsey Finance office.
STEP Lecture Series 2018/19
Breakfast Lecture Number 2
11th March 2019 – 8.15am*-9am
Dorey Room, St James
*Breakfast served from 8am
Topic: A day in the Economic Crime Division
Speaker: Adrian Hale - Guernsey Border Agency.
Adrian Hale will give an overview of all of the divisions of the Economic Crime Division:-
- Financial Intelligence Service
- Financial Crime Team
- International Confiscation and Asset Recovery Team
Adrian is the Head of AML/CFT Policy and Compliance for the Financial Intelligence Service.
For a full biography and more details please visit stepguernsey.org
Lunchtime Lecture No. 10 - *Rescheduled*
15th March 2019 – 12-1pm
Dorey Room, St James
Topic: The Rewards and Pitfalls of the Art Market: An independent perspective.
Speaker: Charles Cochrane, Cochrane Adams Fine Art Agent
Charles will look at inherent risks to buyers and sellers of art and some recent developments introduced to deal with those risks. In particular he will examine: the participants in the art market and what they do; the pitfalls and rewards of buying art; an analysis of selling art looking at auction and private sales; and the development of guarantees and private sales at auction.
Charles Cochrane is a qualified solicitor and has worked as an international fine art agent for nearly 15 years.
*Please note that this is a new lecture date following the cancellation of the lecture due to take place on 25th Ferbuary.
Click on the image below to book.
2019 Guernsey Private Wealth Forum
Please be advised that the 2019 Guernsey Private Wealth Forum has been moved from Thursday 14th November 2019 to the new date of Monday 25th November 2019.
To find out more about the event, please follow this link.
If you are interested in sponsoring this event and would like to know more, please email Emily.
We would like to give thanks to our Sponsors for their support.
- Asset Risk Consultants
- Alternative Solutions Limited
- Carey Olsen
- Walkers (Guernsey) LLP
IT Risks in Finance: Expectations vs. Reality
Sometimes the expectations of financial organisations about the most dangerous cyber risks and threat actors do not match reality. Indeed, the incidents that happen in real life are not necessarily the incidents that these organisations are most worried about. The same works for threat actors. Sometimes the people responsible for real incidents are not the ones they expect. This mismatch makes it difficult for these institutions to deal with IT risks effectively.
This article addresses the key takeaways from the 2018 Netwrix IT Risks Report to explore the main concerns of financial institutions and a vivid discrepancy between organisations’ expectations and reality.