THE Guernsey International Business Association, the Guernsey Training Agency and the Guernsey Financial Services Commission have launched a new qualification framework designed to underpin the island’s position as one of the world’s leading financial jurisdictions. The development of a qualification regime will ensure those working in the finance industry demonstrate to clients, other jurisdictions and international regulatory authorities that the island’s workforce is second to none in quality, knowledge and qualifications.

Qualification matrices have been designed to reflect what local associations and employers representing the finance sector professions have identified as appropriate qualifications for staff throughout their career.

It is hoped that the move will ensure that the skill base of the sector is

kept as up to date as possible and

recognises experience as well as

formal qualifications.

‘The GFSC, which has been involved from the outset, wanted to make sure that standards of training and competence in the industry were adequate, but I was determined that the GFSC should not set prescriptive rules,’ said GFSC director-general Peter Neville.

‘The approach which has been adopted achieves what we want in a less costly and more pragmatic way and is one that is responsive to the needs of the industry. Our involvement is simply to keep an eye on things to make sure the right standards continue to be met.’

Training Agency chief executive Professor Richard Conder said that other jurisdictions had imposed a qualification regime on the finance sector, which was highly prescriptive and had a negative impact on the industry.

He described the new self-regulated system as pragmatic.

Giba chairman Robin Fuller said that local employers looked for balance of experience and qualifications to provide the high level of service which customers expected.

‘This is another example of how Guernsey can produce unique solutions and maintain its competitive edge,’ he said.

He welcomed the GFSC’s comments and desire for partnership with the industry.

The development and oversight of the matrices will be through ‘education forums’, which have been developed by the Training Agency, local and national professional bodies and the heads of the relevant divisions of the commission.

Each forum includes the local professional association and representatives from international bodies. They will meet four times a year.

The qualification matrices will come into effect in the autumn.