A NEW advisory committee has been set up to put together a plan of action for Jersey’s finance industry.

The committee will be building on the conclusions of a comprehensive report compiled by the London Business School earlier this year. The group includes representatives of Jersey Finance, the Finance Industry Advisory Committee, the Jersey Financial Services Commission and the States Chief Minister’s Department.

The LBS report commissioned by the States Economic Development Department at a cost of £100,000 made a number of recommendations and concluded that although Jersey as a financial services centre had a number of advantages, it needed to increase marketing activity internationally and speed up the time taken to bring new products onto the market.

The LBS team also found that practitioners from Jersey were seen as lacking experience in international markets, compared to those from competitor jurisdictions like Singapore. Geoff Cook, chief executive of Jersey Finance, told JFL members on Tuesday that unless action was taken, the report would be ‘left on a shelf’. Mr Cook said he wanted to make sure that the conclusions were given a life.