"Time to Win" Report - Securing Jersey's Competitive IFC Edge  

"Time to Win" Report - Securing Jersey's Competitive Edge in Financial and Related Professional Services (FRPS)

Overview

• Published in March 2026 by the Government of Jersey as the culmination of the Financial Services Competitiveness Programme, this 26-page final ministerial report and action plan outlines a strategic reset to bolster Jersey's position as an international finance centre (IFC).
• The FRPS sector is the island's economic cornerstone, generating over 50% of economic output, 40% of jobs, and 60% of tax revenue, equivalent to funding health, education, and most social security.
• Since emerging in the 1960s, it has driven real income per person from £7,800 to £65,800 (in today's prices), far outpacing the UK's growth.
• The report, informed by four workstreams (International Tax Strategy, Business Environment "Quick Wins," External Growth Strategy, and an Independent Expert Panel chaired by Sir Howard Davies), draws on over 200 stakeholder interviews, 100+ global contacts, and industry engagement.
• It emphasises execution over vision, highlighting Jersey's strengths (tax neutrality, stability, high standards) while addressing erosion caused by friction, complexity, and complacency.

Key Challenges and Diagnosis

• Shifting Global Landscape: Geopolitical fragmentation, wealth redistribution (e.g., $12 trillion intergenerational transfer by 2030, with 91% of under-40 HNWIs holding digital assets), and rising client expectations for digital-first, predictable services.
• Emerging Competition: From 14 major IFCs in 1970 to 135 in 2025, with Asia (Singapore, Hong Kong) and the Middle East (Dubai, Abu Dhabi) outperforming on speed, certainty, and service. Jersey ranks 31st in the Z/Yen Global Financial Centres Index (down from 13th in 2009).
• Internal Friction: Institutional overlap (JFSC, Revenue Jersey, Jersey Finance, Government), cautious regulatory posture, super-equivalence (e.g., Sound Business Policy reforms acknowledged as overly complex), manual processes, and digital lag. 60% of private wealth relationships require enhanced due diligence, but only 2% use tools to reduce duplication.
• Sector Pillars: Banking (£182.7B deposits), Funds (£465.9B assets, 88% alternatives), Private Wealth (£1.4T managed across 66,000 relationships), and Professional Services, all growing but losing relative market share.
• Mindset Shift: The "privilege has shifted" Jersey must now compete aggressively to host global businesses, not assume demand.

The Independent Expert Panel warns of existential threats

• Like AI automation (potentially replacing 30% of work hours by 2030),
• Banking consolidation (licenses down from 42 to under 20), and
• EU regulations (e.g., AIFMD).

Without action, a gradual decline risks fewer jobs, lower revenues, and falling living standards.

Strategy: "Time to Win"

A "reset" focused on discipline, service culture, and growth hunger. Jersey commits to maintaining its simple, stable tax regime (tax neutrality core, competitive personal income tax, no capital gains/wealth/inheritance taxes).

The prize: Significant returns from improved speed, certainty, and experience; inaction means market share erosion.

Five Imperatives for Competitiveness and Growth:

1. Renew Appetite for Growth: Embed growth mindset in Government/JFSC; scan opportunities; target new products (e.g., insurance framework); refocus Jersey Finance on marketing/concierge; align tax incentives for talent.
2. Reduce Regulatory Cost and Complexity: Minimise super-equivalence; streamline AML/KYC; reform penalties/bank licensing; publish service targets.
3. Lead in Tokenisation: Create ecosystem via Digital Assets Innovation Council; modernise frameworks for tokenised assets; invest in skills.
4. Embrace Digitalization: Incentives for adoption; e-KYC accreditation; Pillar 2/business tax portals; JFSC registry transformation; cyber security investment.
5. Invest in Attractiveness as IFC: IFC2 office space; London connectivity; pro-growth agenda (housing, education, skills); active diplomacy/treaties.

Momentum Established (Since Mid-2025):

Jersey Private Fund modernisation, Sound Business Policy simplification, partial COBO repeal, Digital Assets Council launch, MOU review, business tax portal, and personal tax framework review.

Funding: Budget 2026-2029 allocates £31M, with potential increases for digitalisation. The panel suggests earmarking "upside" revenue from the new 15% corporate tax for sector reinvestment.

Monitoring Success: Focus on funds/banking/digital/private wealth; track via KPIs, dashboards, and a restructured Financial Services Advisory Board (FSAB) public campaign to explain the importance of FRPS.

Independent Panel Recommendations (Summarised):

• Institutional Reform: Eliminate overlaps; refocus Jersey Finance on promotion/onboarding; Government "nerve centre" for policy/delivery; strengthen FSAB for monitoring.
• Regulatory/Tax: Reduce super-equivalence; streamline KYC (e.g., central repository); dedicated FRPS tax service; recalibrate risk appetite.
• Sector Strategies: Funds (specialist for non-EU); Banking (attract specialists, deepen ties); Geographic expansion (US, GCC, India); Digital assets (lead responsibly); Insurance (consider framework organically).
• Infrastructure: Reform housing/work laws; restore 8pm London flights; enhance education/culture; diplomatic engagement; modernize digital interfaces.

The report calls for immediate, measurable action to convert strengths into growth, positioning Jersey as agile, customer-focused, and intent on winning.

Diary of Future Actions, Changes, and Events

Based on the report's Delivery Roadmap (Annex 1) and Implementation Path. Timelines are based on March 2026 (report date) and assume a 2026 election, and are organised chronologically for clarity.

Sources

26-page full report - https://www.gov.je/SiteCollectionDocuments/Government%20and%20administration/Time%20to%20Win%20report.pdf   

https://www.gov.je/SiteCollectionDocuments/Government%20and%20administration/Time%20to%20Win%20summary%20brochure.pdf

The JFSC says:- https://www.jerseyfsc.org/news-and-events/government-competitiveness-programme/