Leader of Government Business/Premier Designate and Minister of Financial Services, Hon McKeeva Bush, announced several new initiatives at his first meeting with financial services industry leaders at the Ritz-Carlton, Grand Cayman, on Thursday, 28 May.
The meeting was held at Mr Bush’s behest to ascertain urgent issues impacting the Cayman Islands’ financial services industry.
Mr Bush said Government would be taking a holistic approach to foster the long-term future of the industry, taking into account marketing, legislation, lobbying, immigration and education requirements.
However, the main purpose of the meeting was to tackle immediate concerns.
“Tell me what you need to be done immediately,” Mr Bush told the assembled financial industry representatives.
“We will not keep you in the dark on matters relating to the industry. We need your support and in order to achieve that, we certainly need to keep you abreast of what is going on.”
Sharing the head table with Mr Bush were Chief Secretary Hon George McCarthy, Financial Secretary Hon Kenneth Jefferson, Ministry of Financial Services Chief Officer Carson Ebanks, and Paul Byles, Managing Director of Focus Corporate Services and Consulting and the meeting’s organiser.
Mr Bush revealed that Mr Byles would assist him as policy advisor on financial services industry matters.
Also in attendance were Cabinet Ministers Hon Rolston Anglin and Hon Juliana O’Connor Connolly, as well as Member of the Legislative Assembly (MLA) and Deputy Speaker Cline Glidden Jr.
Mr Bush revealed that Government would revive the Private Sector Consultative Committee with industry-wide representation to work with Government on financial services issues. The committee would meet regularly once per quarter but more frequently when necessary, he added.
Also, a smaller Financial Services Council, comprising eight to 10 persons, would meet once a month, provide updates to the rest of the industry and serve as a liaison between Government and the industry, he said.
Mr Bush revealed that arrangements were underway to take a delegation to London in early June to meet key UK Treasury officials with a view to signing a tax information agreement with the UK. While on the visit, the delegation also plans to visit Paris to sign a similar agreement with the French, Mr Bush said.
“At the end of the day, we want to bring back business to our country,” he said.
Mr Bush said a Financial Services Secretariat, with research and policy analysts and a dedicated legal draftsperson, would support the Ministry of Financial Services. The unit would also tackle marketing and business development aspects of the industry.
The Secretariat would chiefly use existing resources but might need to hire personnel to function as a single entity performing consolidated functions. Mr Byles would help get the revamped unit up and running, he added.
Lauding the private sector for setting up the Cayman Islands Financial Services Association (CIFSA) and committing its own resources to meet the present challenges impacting the industry, Mr Bush said he would like to work closely with the association to ensure that the public and private sectors were united in their approach. A meeting with CIFSA would be organised shortly to cement ways of working together, he said.
Mr Bush highlighted a plan to help Cayman become a full-service international financial centre. To achieve this, international businesses will be encouraged to establish physical offices and headquarters in the Cayman Islands, he said.
Dealing with immigration, Mr Bush said the current approach to work permits would be reviewed in order to implement one that is more aligned to the needs of the financial services industry. Skill shortages in certain areas were common knowledge, he said.
Government would continue to encourage the industry to train and educate Caymanians, Mr Bush said.
“In the meantime, we must be more flexible with the human resources needs of the financial services industry while protecting Caymanians,” he said.
Mr Bush also revealed plans for starting a financial services training programme at the University College of the Cayman Islands (UCCI). This initiative would offer education for interested Caymanians in a wide range of topics within financial services. It aims also to benefit those without formal university education by helping them improve their productivity, he told the meeting.
Expressing satisfaction at the turnout and the quality of discussions at the meeting, Mr Bush said, “I am confident that, with a positive and sustained approach that includes public and private sector input, we can make a difference. What we want is for Cayman to not just maintain and consolidate its position but gain new financial ground.”