In August Tax-news.com reported that Jersey will have a new finance body to promote and defend its financial industry, in part a response to the OECD's crackdown on so-called "harmful" tax havens. Since the publication of the OECD report in June, Jersey, like many other jurisdictions, has been striving to defend its reputation and the new body, which had been given the working title of Promoco, has been designed to work parallel to the existing Jersey Financial Services Commission. Last week, it was announced that Jersey Finance Ltd is the definitive name for the company which will market Jersey's financial sector.
Jersey Finance is now fully established, having been
incorporated in August, and its directors approved
- now only the chief executive and a politician have
to be appointed. These final key players are expected
to be in place by the end of the year.
Geoffrey Grime, Jersey Finance Ltd’s first chairman and one of the four directors approved, said a trading name had not yet been decided but the new company would fill a gap that had existed for about a year. He said: 'All the businesses here promote themselves but Jersey has not been promoted internationally since the Edwards Report was issued. I do not think that it has adversely affected Jersey – business is still coming in – but we do not want to fall behind.'
The Jersey Finance Industry Association (JFIA) has appointed Ian Moore and Clive Jones as representatives from the finance industry. Robert Christensen and Mr Grime are independent members. In addition, a nominee from the Financial Services Commission will sit on the board as an observer rather than a director. A member of the Industries Committee has yet to be appointed as a fifth director.
The establishment of Jersey Finance has been applauded by those in the finance industry. Indeed, voluntary donations from the financial sector to the tune of about £500,000 are due to be received, with the Jersey States contributing an equal sum to complete the new body's funding.
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