Financial organisations in Guernsey have jointly commissioned a Finance Sector Policy Framework, aiming to identify opportunities for the finance sector to grow, diversify, and become more competitive over the next five to 10 years.

The framework has been commissioned by the Committee for Economic Development, the Guernsey Financial Services Commission (GFSC), Guernsey Finance, and the Guernsey International Business Association (GIBA).

Alongside its goal of identifying opportunities, the framework will also look to agree and prioritise the collaborative steps needed to capitalise on those opportunities.

Following a tender process, which was conducted by representatives from all four organisations, Oliver Wyman has been confirmed as the preferred bidder.

The firm will begin work on the Finance Sector Policy Framework this month (September), with the project expected to conclude in the first quarter of 2026.

The framework’s objective is to ensure the finance sector drives sustainable economic growth and strengthen its foundations though analysis of how industry competition is expected to evolve and how Guernsey can ‘position itself for success’.

It will also look to identify emerging sectors and the development of a long-term growth strategy, strengthen the regulatory, legal, and operational frameworks to support innovation, design initiatives to address skills gaps, and develop marketing and innovation strategies.

Committee for Economic Development finance sector lead, Deputy Andrew Niles, said: "This is a timely and important project for Guernsey. The finance sector remains the engine room of our economy, and this framework will help ensure we remain competitive, forward-looking and aligned with emerging global trends.

"We're not going to re-do the work that the island has already done. Much of that will provide the starting point for Oliver Wyman. What we want to do now is identify how we strengthen the areas where we have a competitive hold, expand existing areas into new and different geographies and products, and explore new and feasible opportunities where Guernsey can win.”

Guernsey Finance chief executive, Rupert Pleasant, added: "This policy framework will help augment our jurisdiction's global messaging and reinforce our unique strengths in areas such as private wealth, funds, investment management, sustainable finance, fintech, insurance and banking.

“Having a cohesive, forward-looking strategy will significantly enhance how we promote Guernsey internationally over the coming years."

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