Annual Report

The plan was developed recognising that the coming years are likely to continue to provide a challenging environment for our industry, in particular with the tumultuous geopolitical backdrop showing no sign of abating, as well as high inflation and supply chain disruption. If anything, those challenges have exceeded our expectations.

It is, however, a plan underpinned by positivity and a clear sense of purpose, where we believe Jersey’s core strengths of stability, certainty and expertise can help offset these global uncertainties. In addition, we believe the finance industry’s innovative mindset can play a critical role in creating solutions and driving growth.

In 2024, the plan continued to pay dividends. Industry figures highlight that the total value of bank deposits held in Jersey has increased 7% year-on-year and regulated funds business is up 4% annually. Member feedback tells us more families and private investors are migrating their structures to Jersey, and corporate activity remains strong, with the third highest number of corporate entities on the register on record.

Additionally, our commitment to driving progress in the sustainable finance and fintech, and wider finance related technology, sectors has continued apace. For instance, we held several sustainable finance lunch and learn sessions, published an ‘Innovation in Sustainable Finance; Opportunities for Jersey’ white paper, and advanced the ‘Greening Jersey’ initiative.

We also set the wheels in motion to hold our inaugural Sustainable Finance Summit in 2025, a year which marks the five-year countdown both to our 2030 Sustainable Finance Vision but also to the UN’s Sustainable Development Goals. We remain committed to our sustainable finance initiatives, and this framework is at the heart of our efforts.

When it comes to technology, we sought to advance Jersey’s fintech proposition, and awareness of the opportunities and threats posed by artificial intelligence, through a number of events and a series of ‘AI Thought Leadership’ papers, while we furthered our foothold in the virtual assets arena by supporting a number of updates to Jersey’s regulatory guidance in this space.

This is just a snapshot of the activity that has taken place in 2024. The following pages provide further detail on our achievements as well as how our vision and mission have evolved to better support our industry and – crucially – the local economy and community.

The cumulative picture is one that builds on the stability and certainty we can offer through our sound legal, regulatory and political platform, and one that capitalises on the collaborative and innovative mindset that reinforces our competitiveness and sets us apart from other jurisdictions.

I am pleased to endorse the contents of the 2024 Jersey Finance Annual Report.

In 2024 those standards were very much at the fore, highlighted through the publication of the latest MONEYVAL assessment of Jersey’s capabilities on anti-money laundering and combatting financial crime. Preparing for such a review was a major undertaking, requiring an extensive industry-wide collaborative effort, with the findings affirming the Island’s compliance with global standards and placing Jersey in the top tier of IFCs.

The successful MONEYVAL report in 2024 was absolutely critical. It was an outcome that has helped to cement our reputation for certainty, stability and high-quality service provision. It also helps pave the way for the industry to achieve its ambitions in future innovative areas, including sustainable finance and digital assets; areas that can play a significant part in driving our future growth as an industry.

This report details how, working with our Member firms and other stakeholders, we have looked to realise those ambitions in 2024.

To provide a flavour of that activity, the past 12 months have seen us continue to facilitate numerous events in key markets across the globe covering a broad range of topics. We also continued to produce thought-provoking reports to drive conversations within the industry. In 2024, this included a paper on ‘Digitalisation and the Evolution of Virtual Assets’.

We also focussed on a key workstream – to nurture a sustainable and high-quality local workforce, and to that end have implemented a number of initiatives to support individuals at all stages of their career journey.

For instance, our first ever ‘Ready’ two-day conference, attended by more than 150 professionals, explored Jersey’s position as a positive force and visionary leader in international finance. We also furthered our efforts to ensure Jersey’s skills set remains fit for purpose, establishing a ‘Future Leaders Forum’, supporting a comprehensive mentoring scheme and rewarding talent through our annual Rising Stars awards.

Crucially, we also began work on a critical project that will see us into the second half of the century. Vision2050 has brought together government, the regulator and the finance industry, which we feel is essential in shaping the sector’s future. This project will undoubtedly evolve further in the coming months and years to keep pace with an increasingly complex picture from both an economic and geopolitical perspective.

Since our last annual report, we have had two changes in our senior leadership team: Allan Wood left in April 2024, and Lisa Springate retired in March 2025. I would like to sincerely thank them both for their dedicated service over the years.

It is with pleasure that I approve the 2024 Jersey Finance Annual Report.