In February of this year, an Internal Perception Audit of the financial services industry was undertaken as a means of providing a benchmark for the territory’s marketing and communications programme and to give the BVI International Finance Centre a clear picture of how the public and private sectors believe that the sector should develop.

The firm of Edelman, UK, Public Relations Consultants, carried out the audit.  It was conducted through a series of interviews with a cross section of persons from the public and private sectors, including senior political and administrative leaders, managers of trust companies, law firms and community leaders, over a three-day period.

The questions asked of the private sector related to the nature of their operations, their vision for the future, their reason for choosing the BVI as a jurisdiction base, the extent to which they consider the business sector to be cohesive and their expectations from the International Finance Centre.
Specific marketing questions related to conferences and seminars they considered important, overseas markets to be tapped, new products and whether they would contribute financially to the work of the centre.
Questions asked of the public sector included the importance of the sector to the economy, the relationship between the public and private sectors, potential hurdles for the future both nationally and internationally, the extent to which there is need for more education and training for the development of the industry and the extent to which legislation is keeping pace with business development.

The recommendations which fall on pages 3-6 of the Report are divided into short, medium and long term and will be developed further within the context of the overarching recommendation of the development of a strategic plan for the sector,” said Deputy Chief Minister and Minister of Finance and Health and Welfare Honourable Ronnie W. Skelton.
A steering committee to develop this plan will be established within the next six weeks.

“Madam Speaker, Council would note that the recommendations of the Report include the need for more regular dialogue between the private sector, the Financial Services Commission and the Finance Centre, the need for a published Legislative agenda with opportunities for greater consultation with the industry, better infrastructure and greater concentration of marketing efforts in London, Hong Kong, Shanghai and the East Coast of the US,” Hon. Skelton declared.

It is also recommended that a training agency for financial services be established. He said an External Perception Audit is also close to completion and will be submitted to this House in due course.