Jersey is a leading centre of excellence for international trust and private client work, according to the Island’s Chief Minister, and could benefit from moves to establish a ‘level playing field’ for the global industry.
Senator Ian Gorst delivered the keynote address at the Mourant Ozannes International Trust and Private Client conference at the Hotel L’Horizon in Jersey, and chose the opportunity to assure industry professionals that the Island’s government will play its part in maintaining the finance centre’s reputation for high regulatory standards, an innovative legislative outlook and transparency on matters such as ownership and tax.
The Mourant Ozannes ITPC conference is one of the key events on the international wealth management calendar and attracts high calibre speakers and delegates from all over the world, as well as locally.
Senator Gorst told the audience that the States is working hard with other governments and international regulatory bodies to achieve a level playing field for the wealth management sector in terms of tax and transparency matters and said a great deal of support has been forthcoming for those efforts from UK Prime Minister David Cameron, and Chancellor of the Exchequer George Osborne.
“We will continue to work with industry and other governments to achieve our common goals”, he said. “Jersey will benefit from a level playing field because clients will choose jurisdictions where the best services are. That is why it is increasingly important that Jersey is promoted in international markets, which we are achieving through a programme of foreign engagement, for example in China and the United Arab Emirates. We have a world leading wealth management reputation and the industry will get stronger through innovation.”
Later this year Senator Gorst will propose a new Charities Law in Jersey, which is designed to balance social policy with encouraging philanthropy, a growth area of the wealth management industry. The Chief Minister said the Island’s political stability and innovative finance industry will help Jersey thrive in an uncertain world, as it has done for hundreds of years.
More than 90 trust and private client professionals attended the conference in Jersey last week. Mourant Ozannes was praised for organising the conference and the unique way in which it is structured. The theme of the conference was “Trustees’ duties, pitfalls and escape routes” and the delegates discussed the implications of recent cases such as Prest and the ambit of Public Trustee v Cooper as well as debating issues such as the lengths to which Jersey has gone in protecting trustees. The event followed a similar conference in Guernsey at the end of April.