GUERNSEY has moved up four places in the ranking of global financial centres.

Its position of 12th in The Global Financial Centres Index, published by the City of London, also sees the island ahead of Jersey for the first time since the twice-yearly rankings started in March 2007.

Since September, Guernsey has moved up from 16th, while in a year it has gained seven spots.

Jersey has gained just three positions in the past year to lie in 13th.

Guernsey was also ahead of other competitor jurisdictions, such as Luxembourg in 14th, the Isle of Man in 18th, the Cayman Islands in 22nd place and the British Virgin Islands in 34th.

GuernseyFinance chief executive Peter Niven (pictured) said the results were great news, especially considering the current economic backdrop and incessant negative rhetoric on the world stage about so-called ‘tax-havens’.

‘It shows how Guernsey is seen by the international finance community as a solid and safe place to do business and vindicates all our efforts and the progress we have made in developing and promoting Guernsey’s finance industry.’

The report is produced by the Z/Yen Group for the City of London and ranks financial centres based on external benchmarking data and current perceptions of competitiveness.

The fifth list of its kind was headed once more by London, which held its slender lead over New York.