Jersey Finance is to commission the review, which will be conducted by global consultancy firm McKinsey.
It will begin in April, with the results expected by the end of the year.
Jersey’s chief minister, Ian Gorst, cited recent changes to the political landscape as the driving factor behind the decision to get McKinsey to analyse the landscape again.
Similar research was conducted for the channel island by the consultancy firm in 2013 in the Financial Industry Strategic Jurisdictional Review.
“We are fully committed to maintaining the ongoing success of Jersey as an internationally respected and competitive finance centre, and thereby continuing to grow the island’s economy for the benefit of everyone,” said Gorst.
“As the UK government’s relationship with Europe changes, we will ensure that Jersey continues to receive the best available advice and information to allow us to make the right choices on behalf of the Island.”
The latest review will focus on:
- potential opportunities and threats arising from Brexit, and the implications for the island’s financial services strategy;
- possible responses to the wider developments that are affecting the financial services industry, including the impact of changes in digital technology;
- identifying means for the industry to secure new growth; and,
- developing proposals to support the banking sector to respond to macroeconomic challenges, pressures on their business models and threats from digital disruption.
