"Offshore" Has Lost Much of its Meaning

I firmly believe that Guernsey has lost its "offshore" name. The simple fact is that the tags "offshore" and "onshore" were lost many years ago.

The recent implementation of laws enforcing the licensing of trust companies in Guernsey has helped raise standards across the board, creating common standards, such as the four-eyes process, to which all trust providers have to comply. Even though this has meant we have had to restructure some of our operations, this raising of the bar is definitely good for us, the business and the clients.

The Guernsey Financial Services Commission has clearly listened to the outside world and I am more than comfortable with the levels of regulation that have been introduced. The island and other financial centres in a similar position should use this to their advantage in terms of business development, as it offers significant comfort to both existing and potential clients within our industry.