To begin, how do you view Jersey’s evolution into a globally respected international financial centre?
It’s been a long journey. Jersey was one of the first jurisdictions to introduce a very beneficiary-friendly trust law. By putting beneficiaries at the centre, it made Jersey a safe place to establish trusts. Naturally, that attracted asset managers, trustees, banks, lawyers, and accountants. This trust law became the nucleus of our finance industry, dating back to the 1960s.
Since then, the sector has grown steadily and kept pace with change. Our legislative framework is modern, and the government has consistently supported a high-quality finance centre. While we’re not the size of Dubai or Hong Kong, despite having a similar landmass, Jersey, with a population of just 110,000, has built a thriving and internationally respected finance industry.
You play a key role in professional training at SIFS. How is the school helping to future-proof Jersey’s workforce and strengthen its global competitiveness?
When I arrived in Jersey in 1999, I became Deputy Director General of the newly formed Financial Services Commission. At the time, regulation was fragmented across several government departments. One of the first laws I helped bring in was the Investment Business Law, regulating the securities industry.
Back then, no qualification requirements existed, not offshore, and rarely even onshore. I believed strongly in introducing mandatory qualifications to raise the quality of the industry. So, by 2000, we required industry professionals to become qualified. The sector responded incredibly well. A few firms who couldn't meet the standards exited the market, but most embraced the change.
Later, we introduced similar requirements under the Trust Company Business regime. I worked closely with Highlands College to develop a wide range of training courses and sat on the Board of Governors there.
As demand eventually slowed, once most professionals had qualified, a colleague and I founded the School of International Financial Services as a private venture. It’s since grown far beyond our expectations. We now operate in 14 jurisdictions, including Luxembourg, Dubai, Guernsey, the Isle of Man, Cayman, Bahamas, and Mauritius, with over 15,000 learners to date.
We offer a range of courses, from short professional development sessions to three-year programs. This growth reflects my belief that in today’s world, success isn’t built on secrecy or questionable tax treatments, but on professional competence. Our competitive edge lies in being centers of excellence, and that starts with training.
How do you assess Jersey’s current regulatory framework in balancing innovation with compliance
Jersey’s regulatory framework is very close to my heart. I played a key role in designing and launching many of the core laws still in place today.
We must maintain a principles-based regulatory regime. The moment you move toward a detailed, rules-based approach, innovation becomes stifled, because regulations can’t adapt quickly to new products or services. But principles like integrity, solvency, and competence remain relevant no matter how the market evolves. So yes, I think our current framework strikes a good balance, and I’d urge Jersey to stick with that model.
How does Jersey compare globally in terms of transparency and risk management?
Transparency is a politically sensitive topic. There’s pressure for jurisdictions like Jersey to publish beneficial ownership on public registers. I understand the reasoning, but I also see legitimate cases for confidentiality, especially for high-profile individuals or those in sensitive situations.
That said, Jersey meets all international transparency standards. We provide shareholder information and cooperate fully with global partners. What I find interesting, perhaps even hypocritical, is that while we face this pressure, the UK Companies Registry recently removed shareholder data from public access.
Jurisdictions like Jersey must operate within the acceptable boundaries set by mainstream nations, even if larger countries, like the U.S., or Delaware in particular, continue offering far more secrecy. We must lead by example, maintain best practices, and contribute to global standard-setting bodies. That’s how we stay informed and ahead.
As Chair of the Risk Committee at Santander International and a non-executive director at various firms, what are the key risks facing financial services in Jersey today?
Cybersecurity is at the top of everyone’s risk register. Whether you’re a bank or a retailer like Marks & Spencer, cyberattacks are a universal threat.
For international financial centers, additional risks include managing complex clients, particularly ultra-high-net-worth individuals. Their structures often span jurisdictions and generations. Ensuring tax compliance and proper beneficiary oversight is critical.
This ties back to training: staff must understand country risk, sanctions, and rapidly changing geopolitics. What’s permissible one week may not be the next. AML, financial crime, insider dealing, all must be taken seriously.
Ultimately, it’s about recognising and managing the risks the business creates internally through its decisions on systems, people, products and services; those which arise from hostile actors such as hackers and fraudsters; and those which your clients may bring to your business if you have not properly understood who they are and what they are doing through your business.
What opportunities exist for Jersey to become a global hub for regulatory expertise and compliance services?
In many ways, that’s already happening. Jersey’s skilled compliance professionals are in high demand, commanding excellent salaries and often being recruited to places like Dubai, Luxembourg, and the Cayman Islands.
Many of these professionals started their careers at Highlands College, trained through SIFS, worked in Jersey’s financial firms, and then took their expertise abroad. I hope some of them return with even greater experience.
On the business side, we considered a regime to allow third-party compliance providers, externalising what is usually an in-house function. I even drafted a regulatory framework for it. While it wasn’t adopted, I believe it would be a strong step forward in exporting our compliance expertise globally.
Do you have any expansion plans for SIFS?
We’re active in 14 jurisdictions and have a permanent presence in five. Our core model is online, which helps us remain cost-effective.
We work with a network of local experts. If we’re running a program on tax in the Cayman Islands, for example, we partner with local tax authorities and leading advisors there. So although our delivery is often virtual, we have genuine regional relevance and expertise.
And a final message to Newsweek readers who might consider Jersey for investment or tourism?
Jersey is a truly special place. I moved here in 1999 with a difficult job ahead, introducing anti-money laundering, investment regulation, and more. Yet in all that time, I have never encountered corruption. The rule of law is applied fairly and consistently. The legal system is excellent; court cases are timely and well-managed. The professionals—lawyers, judges, and regulators, are world-class.
Beyond that, it’s safe, family-friendly, and beautiful. The food is fantastic. The beaches are stunning. Even the weather is quite good, though perhaps not today!
Two more areas I’m proud of:
First, KnowYourCountry.com, a business I co-own. Founded by Gary Youinou, it assesses global country risk, essential for AML compliance. It’s now the world’s leading reference tool for assessing country risk, and it’s based right here in Jersey. Much of the content is freely available and reflects the depth of Jersey’s risk and compliance expertise.
Second, I’m the Jersey director of Central Associates, a global investigations, intelligence, and surveillance firm. We assist clients in tracing assets, conducting due diligence, or investigating fraud. It’s a fascinating business, privately owned, with three directors, seven staff, and 32 field agents operating worldwide.
These firms demonstrate Jersey’s entrepreneurial spirit and the high-calibre expertise we offer across the globe.
.png)
