THE author of the independent review of British offshore financial centres has been talking up Guernsey’s finance sector.

Michael Foot (pictured), who published the findings of the HM Treasury-commissioned report in October, told 130 delegates at the recent Guernsey Fiduciary Forum 2010 in London that the global financial crisis had resulted in greater scrutiny of so-called ‘offshore’ centres but Guernsey had responded positively and was well positioned for the future.

‘A jurisdiction like Guernsey has its future in its own hands and needs to be left to get on with that within a framework of good governance,’ said Mr Foot.

‘You have the flexibility and ability to sit down in a room and talk – industry, regulator and government – about what really matters and plan for the future.’

Also speaking at the forum was Nils Johnson of Spence Johnson, who wrote the Offshore Evolution report published last year in association with the Society of Trust and Estate Practitioners.

‘Guernsey has the opportunity to lead from the front in showing other financial centres what is best practice in risk management, investment management, advice and trust administration,’ said Mr Johnson.

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