bl magazine issue 43 march/april 2016

ISSUE 43 MARCH/APRIL 2016

BL MAGA

ZINE ISSUE 4

3 MA

RCH/APRIL 20

16

brexit

how might the channel islands be affected?

businessThe rise of real estate finance, how sport could

save the Channel Islands’ tourist industries, and why freelancing is the future of work

propertyImprove your home by thinking beyond loft

conversions, what’s the score in commercial property, and how to build a garden office

interviewRichard Hardie from Livingroom Estate Agents

and Geri O’Brien from Savills give the lowdown on residential property in Guernsey and Jersey

2 july/august 2015 www.blglobal.co.uk

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www.blglobal.co.uk march/april 2016 3

Welcome

▼

If you think that the run-up to the UK general election creates too much hysteria in the media, then you’re really going to have to brace yourself – because the EU vote is

coming. To be honest, I’ve had enough already. Turn on the news, switch on the radio, open a newspaper or dare to glance at the interweb and it’s all you will see.

Any sensible, calm, reasoned debate has already gone out of the window, and we’re left with people shrieking at one another and throwing around dubious statistics and statements masquerading as facts. And it’s only going to get worse between now and 23 June.

The vote on whether the UK should keep its EU membership looks set to be the most divisive issue that I’ve ever seen in my lifetime – and all I want to do is hide away from the noise that surrounds it. Unfortunately, that’s not a luxury I have, as I do need to try and keep on top of what’s going on – it’s part of my job. And the reality is that while it is a divisive issue, it’s also one of the most important issues I will ever have to vote on. So I’d best ‘suck it up’, I guess.

And the referendum vote is, perhaps, an even bigger issue than many people realise. Not only will the result have a direct impact on the UK in the years (and decades) to come, it will also have a knock-on effect on many other jurisdictions – not least the Channel Islands.

Wake me up when it’s all over

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p16

Any sensible, calm, reasoned debate has already gone out of the window, and we’re left with people shrieking at one another

This is something that we address in our lead feature in this issue.

On a lighter note, we’re also introducing a property section in the magazine from this issue onwards – so while you’re thinking about which way to vote (if you have a vote), you can distract yourself from all the mayhem with different ways of improving your home and the benefits of building an office at the bottom of your garden.

Always looking for the silver lining, the one good side of all this EU brouhaha is that it has stolen media coverage from the protracted election of presidential candidates in the US. And let’s face it – the less I have to look at Donald Trump’s gurning face and Shredded Wheat hair, the better.

Nick Kirby, Editor-in-Chief, BL magazine

4 july/august 2015 www.blglobal.co.uk

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Contents

INSIDE

© Chameleon Group Limited, all rights reserved. Reproduction in whole or in part without written permission is prohibited. Views expressed by our contributors are their own and do not necessarily represent the views or policies of Chameleon Group. While every effort is made to achieve total accuracy, Chameleon Group cannot be held responsible for any errors or omissions.

Office: Floor One, Liberation Station, Esplanade, St Helier, Jersey JE2 3AS

BL is published six times a year by Chameleon Group

+44 1534 615886www.blglobal.co.uk

The BL Global Discussion Forum

Follow us @blglobalnews

CEO, CHAMELEON GROUPCarl Methven

[email protected]

EDITOR-IN-CHIEFNick Kirby

[email protected]

ART DIRECTORAngela Lyons

SUB EDITORKate Wheal

BUSINESS DEVELOPMENT CONSULTANTJane Gregory

[email protected]

[email protected]

NEWS AND [email protected]

GENERAL [email protected]

BLMAGAZINE

contributors

74 march/april 2016 www.blglobal.co.uk

Guernsey has been crowned European domicile of the year for the fourth

successive year at the UK Captive Services Awards.

The awards, now in their fourth year, are hosted by Captive Review and recognise and reward captive insurance service providers that have demonstrated exceptional customer service and innovative product development over the previous 12 months.

Guernsey was shortlisted alongside Dublin, Gibraltar, Luxembourg and Malta in the best European domicile category. The award was collected on behalf of the island’s industry by Adele Gale, Client Service Director at Aon Risk Solutions.

In addition, a number of Guernsey-based firms were named as winners in their respective categories including:● Aon Captive & Insurance Management – ILS Service Provider● Kane – Independent Captive Manager and Customer Care in Captive Management ● White Rock Group – Cell Captive● Willis Towers Watson – Solvency II Initiative, Employee Benefits Specialist and Captive Manager n

Guernsey picks up best captive domicile award

BLguernsey

Single-day business visitor numbers fall

Latest figures show that the number of people making single-day business trips to Guernsey has fallen for the third consecutive year.

According to the 2015 Travel Survey, 13,100 business visitors came for a day during the year. This is a fall of 39 per cent compared with 2014, when 21,600 single-day visitors came to the island. But it compares even more starkly with 2012, when the figure stood at 33,900.

Tony Rowbotham, President of Guernsey’s Chamber of Commerce, reported on the BBC, said it was “massively disappointing” and blamed “uncompetitive” transport links. “We are price uncompetitive on our flights compared with other jurisdictions and that’s the feedback we’ve been getting for two years,” he said. “Chamber members [say] they are finding it difficult to get clients to come here; clients feel were too expensive. And expense is comparative – like it or not, we are compared against other jurisdictions.”

With regard to visitor numbers, the survey showed a slight annual increase of 0.8 per cent on the year. n

Adele Gale (centre) of Aon Risk Solutions with Andrew Ryan and Sophie Thompson

from Captive Review magazine

Reforms proposed for Insolvency Law

Guernsey’s Commerce and Employment Department has announced that it will be pursuing a number of significant

changes to Guernsey’s insolvency laws. The proposals, which will form the basis

of a recommendation to be made to Guernsey’s legislature, the States of Deliberation, follow a year-long consultation between industry, practitioners and members of Guernsey’s insolvency law working party. The recommended changes include:● Introduction of insolvency rules, to address procedural aspects of practice, overseen by a standing rules committee that will include practitioners.● Introduction of general objectives for liquidators, including a requirement to undertake duties in a reasonable and efficient manner.● Requirement for consultation with creditors during liquidation and administration.● Requirement for the appointment of an independent liquidator in an insolvent voluntary liquidation.● Establishing a set proof of debt procedure, giving liquidators the power to determine creditor claims, while providing a route for creditors to challenge such decisions.● Giving administrators the power to make distributions to creditors and allowing administrators to apply to dissolve the company.● Increased statutory powers for liquidators and administrators to compel the provision of documents and information from directors and other parties.

The Commerce and Employment Department will prepare a policy letter that will go to the States of Deliberation, which will consider and approve the policy letter. This is in effect an instruction to the law officers to draft legislation to give effect to the changes. It is anticipated the policy letter will go to the States for a vote before the election.

If approved, Law Officers will start to draft the amendments. The time taken will depend on resources and the priorities given to legislative drafting work, but that should be completed by the end of the year, with a view to this draft law going back to the States for approval in the first quarter of 2017. n

7 NewsA round-up of business news from the Channel Islands and beyond

12 AppointmentsRecent key hires for Channel Island firms

Finance16 brexitWhat might the UK referendum mean for Guernsey and Jersey?

24 real estate financeOne area of funds that’s enjoying a purple patch

business29 sports tourismWhy sport could give Channel Island tourism a much-needed boost

32 credibilityHow being credible is a difficult first step for a new business

36 business digestSome interesting (and weird) business snippets that we’ve come across in recent months

38 customer feedbackAre firms getting a bit desperate when it comes to asking for feedback?

42 strategic foresightHow looking to a number of futures can put a business in control of its own destiny

46 freelancingMore and more people are going it alone – so is this really the way our work lives are heading?

technology53 data securityWe hand over all kinds of data online, but how sure are we that it’s being looked after?

56 APPSFrom keyboard apps for fat-fingered typists to reading on the go

Property59 commercial propertyHow the markets in Guernsey and Jersey are performing and what lies ahead

62 interviewRichard Hardie and Geri O’Brien give their insights on residential property in the islands

68 garden officesWant to work from home? Don’t have a spare room? Then get an office for your garden

71 home improvementsAdding value to your home isn’t all about swanky conversions and flashy decor

74 bl guernseyThe latest financial and business news and views from the bailiwick

BL Jersey


BLjersey

Do you ever give thought to the thought of giving thought? Does that even make sense? Most of us take for

granted our ability to think clearly, make decisions and even judge the quality of an opening line of an article. But what happens if one day you lose that ability?

There are any number of reasons why a person’s capacity may become impaired, including mental health problems, stroke, injury or addiction. It’s easy to imagine how quickly things can change for a person and their family when this happens. Accidents and dementia are probably the most common triggers and the latter is a growing concern.

Jersey’s elderly population is expected to double during the next 30 years. With this, the number of people suffering from dementia will only increase. Given this reality, it’s positive news that Jersey is updating its outdated mental health laws to match modern needs. So here are ▼

New mental health law aims to bring peace of mind The introduction of a new mental health law in Jersey should help reduce the distress caused when an individual is no longer able to make their own decisions, as Giles Baxter, Partner at Viberts, explains

answers to some of the more common questions surrounding the changes.

WHERE DO THINGS STAND RIGHT NOW?Mental health issues have the potential to affect us all (whether directly or indirectly). However, right now there is no specific Jersey legislation dedicated to addressing and resolving all the issues arising when a person loses the capacity to make their own decisions. That is set to change under a new Capacity and Self-Determination (Jersey) Law. A draft, which resembles the UK’s Mental Capacity Act 2005, was sent out for public consultation towards the end of 2015. This will be completely new to Jersey when it comes into force, which we expect to be soon.

WHY IS THE NEW LAW BEING INTRODUCED?Carers and professionals currently don’t have enough clarity as to when a person

should be regarded as lacking mental capacity. To put it another way, there are no clear rules to protect the autonomy of individuals with questionable capacity. The new law will shift the focus from taking power away from an individual towards a more modern approach. It will be aimed at empowering people to make their own decisions whenever possible and encouraging them to plan ahead in case they are unable to make decisions in the future.

WHAT ARE THE KEY CHANGES?In order to make this shift, some major changes will be brought in under the new law. There will be:● New guiding principles, such as a default position presuming a person has capacity● A test for mental capacity, which will focus on the ability to make specific decisions ● A process to ensure decisions made for a person lacking capacity are taken in their best interests● Provision to enable people to make, in advance, decisions to refuse treatment● The ability to make lasting powers of attorney so that people can appoint someone to look after their physical wellbeing and financial affairs● Safeguards to ensure people are only deprived of their liberty in accordance with their human rights● New offences to deal with neglect and ill-treatment.

WHY SHOULD YOU CARE?These changes will affect anyone working with or caring for an adult who lacks capacity to make specific decisions. They will need to comply with the new law when making decisions on that person’s behalf. However, for the majority of us,

77 bl JerseyChanges to mental health laws, business developments and finance news

The AgendaSpring has most definitely sprung as our lifestyle section goes decidedly floral

81

29

DR LIZ ALEXANDERSome companies might

argue that it’s impossible to look 12 months ahead,

let alone beyond that, but as author and

business strategist Liz discovers, it can be the

difference between leading or following.

HARRY MCRANDLEBrexit will be the word on everyone’s lips until the end of June, but while everyone is concerned about its effect on the

UK, our writer Harry digs deep to find out what it

could mean to the Channel Islands.

KIRSTEN MORELIt’s a tale of two different

worlds as BL regular Kirsten takes a look at

how commercial property in the islandsis stacking up, before

delving into the murky and complex world of

data security.

DAVE WALLERIn his own inimitable style, business writer

Dave takes a look at what it takes to be credible as a start-up, before asking if companies

are too desperate in seeking feedback

from customers.

62

With unrivalled local knowledge and experience, no-one understands the needs of the local market like we do.

To speak to our Channel Islands team, call (01534) 282076.

WE HAVE EXPERTS IN YOUR AREA, IN YOUR AREA.

The Royal Bank of Scotland International Limited trades in Jersey and Guernsey as Coutts & Co Channel Islands and as Coutts.

The Royal Bank of Scotland International Limited. Registered Office: P.O. Box 64, Royal Bank House, 71 Bath Street, St. Helier, Jersey JE4 8PJ. Business address: 23-25 Broad Street, St. Helier, Jersey JE4 8ND. Regulated by the Jersey Financial Services Commission.

Guernsey business address: P.O. Box 62, Royal Bank Place, 1 Glategny Esplanade, St. Peter Port, Guernsey GY1 4BQ. Regulated by the Guernsey Financial Services Commission and licensed under the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 and the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended.

Calls may be recorded.

C001318_In_your_area_(B_Life_Mag)_203x276_V2.indd 1 21/04/2015 11:31


in the NEWS

FOLLOWING ON FROM two successful trusts conferences in 2015, BL Events has officially launched its Jersey Trusts Conference 2016: ‘Where Disruption Meets Opportunity’.

The event is sponsored by Equiom, Microgen Financial Systems and Moore Stephens, and supported by Alternative Solutions and Greenlight. It will take place on Wednesday 25 May at the Pomme d’Or Hotel in St Helier.

The agenda for the day includes a variety of panel discussions, presentations and Q&A sessions. The running order for the conference is currently being finalised and will be announced shortly on the BL website.

Carl Methven, CEO of BL Global, commented: “The trust industry continues to be disrupted by new case law, a shifting global demographic and further mergers and acquisitions. Yet many believe this is creating opportunities that practitioners need to capitalise on. If last year’s conference is anything to go by, we expect this to be a challenging, informative and thought-provoking day.”

For further information and to book your place, visit www.blglobal.co.uk/events or email Carl Methven at [email protected]. n

BL Events launches Jersey Trusts Conference 2016

Channel Island credit ratings downgraded

Blue Islands to become Flybe franchise

THE CREDIT RATINGS of both Jersey and Guernsey have been downgraded from AA+ to AA by Standard & Poor’s. The downgrade comes after a recalibration exercise by S&P and is the first time the islands have seen a change to their ratings.

The credit rating of AA still remains one of the highest possible ratings. Indeed, there is only a marginal difference between the two ratings, as defined by Standard & Poor’s: ‘An obligation rated AA differs from the highest rated obligations only to a small degree. The obligor’s capacity to meet its financial commitment on the obligation is very strong.’

S&P has cited rising regulatory complexity and the G10’s focus on low-tax regimes as a reason for the change. The outlook for both islands has also been labelled as ‘negative’ to reflect the uncertainty of the economy if the UK exits the EU.

Leading figures from both islands say they are disappointed with the downgrade because no material change has taken place. Senator Alan Maclean, Treasury Minister for Jersey, said: “While we understand that credit rating agencies are liable to take a particularly risk-averse view, we are disappointed with this recalibration exercise. It is good that Jersey has retained one of the highest possible ratings, but we do not accept the rationale behind the change.” n

BLUE ISLANDS HAS signed a Memorandum of Understanding with Flybe to become its third franchise partner. Subject to completion, from May 2016, Blue Islands will operate its services in Flybe-branded aircraft, using Flybe flight numbers and with all tickets booked at flybe.com.

Alongside the end of the inter-island codeshare with Aurigny, the airline has reassured passengers it will be business as usual.

Rob Veron, Blue Islands’ Managing Director, said: “Our aircraft will be repainted in Flybe livery, but we will remain an independent, locally owned air operator flying all our own aircraft

under the Blue Islands Air Operators Certificate. We will continue to employ all our own crew, undertake all our own maintenance, control our own handling arrangements and set our own prices. By becoming a franchise partner, we will... benefit from Flybe’s significant marketing bandwidth capabilities.”

Derek Coates, Chairman and owner of Blue Islands, said: “What this will do more than anything is ensure Blue Islands remains locally owned and viable without the need for Government support. It is the sensible way forward for any smaller airline, without loss of slots, ownership or security.” n

Sign up for email updates at www.blglobal.co.ukFollow us @blglobalnews

Wednesday 25 May Pomme d’Or Hotel, Jersey5 Hours CPD availableDelegate rate: from £245

A BL event

Jersey Trusts Conference 2016

Where disruption meets opportunity

Places can be booked by visiting www.blglobal.co.uk/events or emailing [email protected]

Sponsored by:

Supported by:

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Channel Islands set to join SEPATHE EUROPEAN PAYMENTS Council has confirmed that from 1 May 2016, Jersey, Guernsey and the Isle of Man will become part of the geographical scope of the direct debit and credit transfer schemes of the Single Euro Payments Area (SEPA).

This is a significant development that will enable banks in the three islands to apply to join the SEPA schemes, which facilitate fast and secure cross-border transfers in euros. The islands have worked in partnership to progress this matter and have each put in place the relevant legislation to meet SEPA requirements.

The Assistant Chief Minister at the States of Jersey, Senator Philip Ozouf, said: “This announcement by the European Payments Council is extremely positive news... As many of our largest banks have operations in more than one of the three islands, it is important that Jersey, Guernsey and the Isle of Man are joining SEPA together.” n

Offshore IPO levels reach five-year highTHERE WERE MORE than 200 offshore initial public offerings (IPOs) announced or completed in 2015, with the majority of those businesses coming from the Cayman Islands, according to data compiled by offshore law firm Appleby.

The firm examined completed and planned IPOs by companies incorporated in Bermuda, the British Virgin Islands, Cayman Islands, Hong Kong, Guernsey, Isle of Man, Jersey, Mauritius and Seychelles. The total of 202 for 2015 was an increase on the 181 in 2014.

“The number of IPOs and planned IPOs by offshore-incorporated companies increased in 2015, with more than 200 IPOs being announced or completed – the highest figure seen in the last five years,” said Cameron Adderley, Global Practice Group Head of the Corporate Department at Appleby.

“Seventy-eight offshore companies completed their debuts across a wide range of stock exchanges, with a combined worth of almost US$11bn and an average size of $140 million.”

With 151 local companies completing IPOs or announcing plans to go public on global markets, Cayman was far out in front as a source for offshore-incorporated IPOs in 2015. BVI had 11, Guernsey 10, Jersey eight, Bermuda, Hong Kong and Mauritius seven each, and Seychelles one. n

Bedell extends euro reach with Luxembourg officeBEDELL HAS EXPANDED its European presence by opening an office in Luxembourg, where it will provide corporate, private equity, real estate and private wealth administration services.

Luxembourg offers a platform of services and structuring opportunities to investors and managers with products including a wide range of special purpose vehicles. Bedell says its expansion into the region is a natural extension of its multi-jurisdictional service capability.

Two directors have been appointed to the management team in the new office. Anne-Catherine Grave, an economist and lawyer, has more than 15 years’ legal and financial services experience in Luxembourg and New York, while Catherine Koch (pictured) has more than 27 years’ experience in finance and corporate administration at global firms, banks and CSSF-regulated administration businesses in Luxembourg and London.

Existing Bedell Director Philip Bolton has also joined the Luxembourg board and will be supported by the wider Bedell network. n



News

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THE CITYWEALTH INTERNATIONAL Financial Centre (IFC) Awards in January handed out honours to Channel Island firms, with Jersey claiming the IFC of the Year title.

The awards were established to highlight the excellence of advisers and managers in the private wealth sector within the major international financial centres. This was the fourth year running that Jersey scooped the top honour.

Gold and silver awards in 24 categories were announced – the winners having been judged by an international panel of respected practitioners from all sectors who had experience of working with advisers in all of the jurisdictions covered. The full list of

Channel Island winners this year was:IFC of the Year Jersey (runner up: Guernsey)Investment Management Company of the Year, Channel Islands Canaccord Genuity Wealth ManagementFamily Office of the Year CrestbridgePrivate Bank of the Year, Channel Islands Cazenove Capital ManagementLaw Firm of the Year, Guernsey Mourant OzannesLaw Firm of the Year, Jersey ApplebyBoutique Law Firm of the Year Hatstone LawyersTrust Company of the Year, Guernsey First Names GroupTrust Company of the Year, Jersey First Names Group. n

Channel Islands claim Citywealth gongs

MERGERS AND ACQUISITIONS

C5 Alliance has acquired Altius Consulting, a Jersey-based company providing business intelligence and data solutions. As a wholly owned subsidiary of C5, Altius will continue trading under the Altius brand. A specialist with a focus on business intelligence, management intelligence and data, Altius will join C5’s Professional Services and Managed Services teams to expand on their offering.

Business aviation service provider Gama Aviation has acquired Jersey-based Aviation Beauport. Approved by the Jersey Competition Authority on 17 February, the deal expands AIM-listed Gama’s managed fleet by four aircraft, brings light jets into its charter fleet and adds to its property portfolio the island’s only fixed-base operator facility. The acquisition comprised a consideration of £2.6 million in cash and the issue of one million ordinary shares.

Sanne, the UK Main Market listed corporate, fund and private client services provider headquartered in Jersey, has entered into an agreement to buy Dublin-based Chartered Corporate Services (CCS). Established in 2005, CCS delivers company secretarial, liquidations, payroll and VAT reporting services to financial institutions, investment funds and corporates. At the time of going to press, the transaction was due to complete at the end of February.

Vistra Group, a provider of international incorporations, trust, fiduciary and fund administration services, has acquired Zürich-based family office and consulting company, globalOne ag. Founded in 1999, globalOne specialises in providing a wide range of fiduciary and family office services for clients mainly based in Asia. As part of the acquisition, the company will be rebranded as Vistra.

Vistra has also acquired UK-based business expansion services provider Nortons Group. Founded in 1993, Nortons provides a full range of accounting, tax, HR and payroll services. It has 80 staff based in its main offices in the UK and California. The team, led by Andrew Norton and Pete Doyle, is joining Vistra to boost its range of services and to benefit from Vistra’s global reach. The acquisition was expected to complete by the end of February and will take the combined headcount of the Vistra Group to more than 2,200 staff across 39 countries. n

Richard Corrigan, Deputy CEO of Jersey Finance (pictured centre), with presenter Mark Durden-Smith and Citywealth CEO Karen Jones


News

Done Deals

Appleby has advised Phoenix Spree Deutschland on its Firm Placing, Offer for Subscription and Placing Programme, so that the company can raise capital as and when it identifies properties that are suitable for acquisition in accordance with its investment objective and policy. The Firm Placing and Offer for Subscription will raise up to £38 million before expenses. Phoenix Spree, a Jersey-registered, closed-end investment company listed on the London Stock Exchange (LSE), invests in multi-apartment rental properties in Berlin, Hanover, Bremen and Nuremberg, and has a portfolio of properties valued at an estimated €245.3 million.

Offshore law firm Carey Olsen has advised specialist financial services private equity fund AnaCap Financial Partners on the close of its third Guernsey flagship fund, AnaCap Financial Partners III, LP. The Guernsey Fund will make equity and equity-related investments primarily in European financial services businesses, building on the successful programme achieved by AnaCap Financial Partners II, LP.

Collas Crill has advised the Darwin group in relation to the launch of a bereavement services fund. The Darwin Bereavement Services Fund is a new alternative investment proposition for UK local authority pension schemes, which will seek to invest in UK crematoria and related bereavement services entities.

Collas Crill has also acted for the Market Tech Group in a £900 million secured debt facility from AIG Asset

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Management (Europe), to refinance its existing facility with Nomura International and Bank of Cyprus. Market Tech Holdings, the ultimate parent company for the Market Tech Group, is a Guernsey-incorporated AIM-listed company with a market capitalisation of £975 million. Market Tech provides an online and offline retail destination, by pairing its online e-commerce business with some of the most iconic retail buildings in London, including Camden Lock Market and Camden Stables Market.

Ogier in Jersey has advised Knight Frank Investment Management (KFIM), the real estate investment management arm of Knight Frank, on the launch of its first investment fund, an open-ended Jersey Expert Fund structured as a Jersey unit trust. The fund, which raised more than £300 million in its first close, will invest in UK real estate and aims to provide investors with a low-risk income return, targeting well-let assets with strong underlying property fundamentals.

Ogier has also acted as the Jersey legal adviser for Index Ventures in relation to the launch of its latest fund, Index Ventures VIII, which recently closed at $550 million. Index Ventures VIII, a Jersey Expert Fund, will continue to invest in seed and venture capital investments primarily in private European, US and Israeli early-stage companies. EFG Fund Services has been selected as full service provider to the fund – this is the ninth Index Ventures fund to which it has been appointed. n

Barclays trust and fiduciary business relaunches as ZedraBARCLAYS’ TRUST AND fiduciary business across all of its international jurisdictions has been renamed Zedra after an acquisition by an independent investor group led by the Sarikhani and Nielsen families.

Barclays will retain a stake of 19.9 per cent in the company, reflecting its interest in the ongoing success of the business and its commitment to relationships with clients and the advisory community.

The firm has a 50-year history and more than 300 people serving clients across its core locations – Jersey, Guernsey, Isle of Man, Cayman Islands, Singapore, UK and Switzerland.

The new management team intends to double the size of the business within five years. The company says it will continue to deepen its relationships with Barclays and the wider intermediary and advisory communities, while broadening its geographic focus to include new markets where strategic growth opportunities have been identified. n

CISE sees 8% rise in new listingsMORE THAN 400 securities were listed on the Channel Islands Securities Exchange (CISE) in 2015.

Investment funds, Real Estate Investment Trusts (REITs) and convertible bonds were among the 423 securities listed – eight per cent up on the previous

year, taking the total to 2,173. During 2015, the market capitalisation of the CISE

increased by £61.6bn (21 per cent).Fiona Le Poidevin (pictured),

CEO of the CISE, said: “It’s pleasing to see this increase in new business. We’ve seen a wide range

of new listings, including open- and closed-ended funds, but notable

growth areas have been REITs, where already we have further applications for

listing… and convertible bonds, where we expect to see a further pipeline of business in 2016.”

During 2015, China Cinda Finance (2014) II became the first issuer to have an ultimate parent company domiciled in China to be listed on the CISE. n


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ogier.com

We get straight to the point, managing complexity to get to the essentials. It is a collaborative approach. We listen actively, asking the right questions, focused on what really matters. We deliver targeted, pragmatic advice with absolute clarity.

Collaborative

12 march/april 2016

Appointments

The Jersey Financial Services Commission (JFSC) has named Debbie Prosser as its Deputy Chairman. Debbie

has served on the JFSC’s Board of Commissioners for seven years. She will continue as Chair of the Remuneration

Committee and will assist the Chairman, deputising when necessary. Outside the JFSC, Debbie is Chairman of the Jersey Police Complaints Authority, a member

of the Youth Court Panel, and a Non-Executive Director of Rathbones

Investment Management International and Law Debenture (Channel Islands)

Trust Corporation.

Babbé Guernsey Advocates has appointed Todd McGuffin and Nick Robison (pictured) as Partners. Todd

joined Babbé in November 2008 and is a Partner in the dispute resolution team, specialising in fraud, constructive trusts

and tracing, and financial services regulatory issues. Nick joined in January 2010 and is a Partner in the same team.

He is experienced in cross-border disputes and trust administration proceedings, construction and commercial property

litigation. Both men previously practised commercial litigation in Sydney

and London.

Fund service provider Orangefield Legis has appointed Julian Carey as Head of

Client Services. With more than 20 years in global finance, Julian began his career in fund administration with Credit Suisse in

Guernsey, later moving to HSBC Securities Services as Company Secretary. In 2008,

he established the New York office for Augentius Fund Administration, then relocated to Hong Kong to found the

Asian fund administration business of IAG. Julian merged IAG’s Far East business with

the Tricor Group and continued to build business for Tricor IAG in the Far East

before returning to Guernsey last year.

Tim Pethick has been named Chief Executive Officer of

Guernsey-based nutritional supplements specialist Healthspan.

Tim joins from Saga, where he was Group Chief Marketing Officer, Group Director of

Strategy, CEO of Saga Publishing and a member of the executive board. More recently, he also had a focus on group

healthcare strategy as Executive Chairman of Allied Healthcare, a business that was

wholly owned by Saga. Tim will lead Healthspan’s company expansion, including exploring international

opportunities.

The Jersey Policy Forum has appointed Gailina Liew as Director. Her role is to establish the Forum as a

think-tank to support policy-making initiatives. She will set up an office and establish links to promote

education and research and further Jersey’s development as an island micro-state. Gailina is a

retired company executive with 20 years’ experience in corporate governance, personalised medicine

and bioinformatics, establishing links in North America and Asia and managing public-private partnerships. She

sits on the Jersey Appointments Commission and the Board of Digital Jersey.

march/april 2016 13

News

Marie-Claire Fudge has joined Ogier in Jersey as a Managing Associate in

its investment funds team. A funds specialist with an interest in private

equity, venture capital and hedge funds, Marie-Claire is returning to Ogier having

previously worked for the firm for several years in BVI. More recently she’s been the local Head of Funds for Mourant Ozannes in BVI. Her new practice covers a range of

funds, corporate and regulatory work, including advice on the set-up and launch

of open- and closed-ended funds, as well as advising a range of managers

and investors.

First Names Group has appointed Jean Pierre (JP) Koolmees as Head of Asian operations. JP will report to Group CEO

Cengiz Somay and will oversee First Names Group and its subsidiary fund business, Moore Management, in the

Asia-Pacific region. Based in Singapore, JP will implement the Asia business

strategy and growth plans for First Names’ offices in Singapore, Hong Kong and

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Brexit affect the

The result of the UK referendum on the EU will not only affect the mainland; Jersey and Guernsey will feel the ripples as well. But just how big will those ripples be?

AFTER DAYS OF wrangling with his EU counterparts, and some tense meetings with his own cabinet, Prime Minister David Cameron stood outside 10 Downing Street on 20 February and announced the date of the referendum on Britain’s membership of the EU as Thursday 23 June.

In doing so, he fired the starting gun on four months of campaigning that will lead to, in his words, “one of the biggest decisions this country will face in our lifetimes – whether to remain in a reformed EU or to leave”. It’s a subject that’s likely to dominate the media until the vote has taken place (and more than likely for some time after that).

But it’s not just mainland UK that will be affected by whatever result comes in. Indeed, a warning has been issued by one of the most senior figures in Jersey that the Channel Islands could face some ‘stark choices’ if the UK votes to leave the EU. Senator Sir Philip Bailhache, Jersey’s External Relations Minister who heads negotiations on the international stage, has warned that the islands might be left with a “take it or leave it” ultimatum from the UK to accept an unwelcome new relationship.

With the details of Cameron’s deal thrashed out between the UK and the 27 other member states, the PM will now lead the campaign to stay inside a reformed European Union. But if voters choose the ‘out’ option, the Channel Islands could find themselves in choppy waters.

“The risk is that the UK negotiates an agreement that doesn’t suit the Channel Islands and we may be faced with some stark choices,” says Senator Bailhache. He declined, however, to be drawn on what those stark choices might be and didn’t want to speculate on what may constitute an “unsuitable

Words: Harry McRandle

how might


Finance

Brexit affect the

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agreement”. “I don’t want to elaborate on that, but it’s possible that some of the terms of the new agreement would be detrimental to our interests if they were extended to us. At the moment, there are too many imponderables to be able to be in any way certain as to what a future scenario may be,” he says.

SPECIAL RELATIONSHIPWhen the Channel Islands negotiated their current unique position back in 1970, Senator Bailhache said it was relatively easy to achieve a special deal because there were then only six other EU member states. “There are now 27 – and not all of them are particularly sympathetic to the interests of the Channel Islands,” he explains.

Trying to make the case now for continued special status will be more difficult because of the ‘rhetoric’ from some quarters in Europe that the Channel Islands are tax havens. “We are clear that we aren’t a tax haven, but nonetheless it creates a background for negotiation of special terms that isn’t necessarily positive,” says Senator Bailhache.

Although he accepts that it will be more difficult for the islands to negotiate special terms this time around, he doesn’t think it’s impossible. Largely through work done by the Jersey London office and the Channel Islands Brussels Office, he says that there are now generally good relations with the governments of the biggest European countries.

At times those relationships have had shaky foundations, especially when the islands were incorrectly included on tax blacklists compiled by a number of EU countries, including France. “In that particular case, it started as a black mark but led to a clearer and better understanding of what we do,” says Senator Bailhache.

Channel Islands?

Meanwhile, he believes that there would be no immediate effect on the islands if the UK were to vote to leave the EU. “The UK would have to give notice under Article 50 of the treaty, which allows for a two-year period to negotiate the terms of withdrawal. There will be time to think about what we want and how we can best proceed,” he explains.

One area in which the islands would need a deal is to secure the ongoing freedom of movement of goods. “We’re talking about the continuation of the exporting of our agricultural produce and being able to ensure that our fishermen can sell their catches in France and elsewhere in Europe,” says Senator Bailhache.

The good news is that the islands already have agreements in their own right with many individual EU states covering a range of areas. These will stay in place no matter what the referendum result.

What’s more, both Jersey and Guernsey have separate individual tax information exchange agreements in place with virtually all EU member states, and the islands are recognised as responsible jurisdictions by leading regulatory bodies such as the European Securities and Markets Authority.

FINANCE IN PERSPECTIVEAs far as the finance industry is concerned, the general view seems to be that the quicker the outcome is known, the better.

Chris Merry, Chief Executive of Ipes, one of the largest private equity and fund administration firms in the Channel Islands, which also


Finance

operates in London and Luxembourg, argues that the industry generally doesn’t like uncertainty. “The sooner the uncertainty is taken away, the better. Then people can plan their business activity going forward,” he says.

But whatever the mood music may be on Brexit right now, Merry – who’s based in London but spends more time in Guernsey than in any other office – says he isn’t stopping fundraising and that it’s “very much business as usual” for managers.

Being outside the EU has been a benefit to the Channel Islands from a funds industry perspective. It gives promoters the flexibility to choose whether or not to market into Europe. If they decide to target Europe, Channel Islands-based funds meet European standards of investor protection through compliance with the EU Alternative Investment Fund Managers Directive (AIFMD).

Merry says that if the UK decides to go it alone, it would need to introduce similar types of legislation/regulation as those offered in Europe to maintain the confidence of UK investors.

“The details may be different, but in AIFMD there’s a direction of travel and it would make sense to start from the same point,” he says.

Because no country has ever left the EU before and there are “no divorce laws in place”, Merry predicts that any exit is likely to be “difficult and uncertain”.

“Nothing is going to happen suddenly, and extricating the UK out of Europe would take time. Business would still need to go on in the meantime. That could well have an adverse impact on the UK economy and the financial services and funds industries,” he says.

From a general perspective, Merry believes there are more benefits to being part of the EU than being outside. The ability to trade freely across borders and the adoption of common regulatory frameworks are clear advantages of being part of the Union.

“I hope any deal reached is able to simplify some of the more difficult

extricating the UK out of Europe would take time. Business would still need to go on

processes while retaining the advantages, and in particular free movement of investment without barriers,” he says.

BIGGER PICTUREGeoff Cook, Chief Executive at Jersey Finance, believes that as the Channel Islands are a ‘small but valuable trading partner’ that directs foreign capital into Europe, there’s a strong incentive to ensure that those capital flows continue.

Cook says it’s not in Europe’s interests to try and exclude the islands from its markets if the UK referendum result was a vote to leave. “There’s nothing in it for Europe to exclude us. It would put jobs and growth at risk in European countries,” he says.

Even if a Brexit did happen, Cook is confident that the finance industries of the Channel Islands would be fine in the long term. “An ‘out’ vote we can deal with, but we would need to do a huge amount of work to put everything that’s required in place,” he says. “It would be very disruptive for some time and would be a big bump

in the road, but we would cope.” Cook adds that the islands “are big

enough to matter but small enough to be agile” and are able to adapt to virtually any change in circumstance. “We can engineer change a lot faster than other countries when required to do so and have shown that in the past,” he explains.

A significant reason for Cook’s confidence is that key finance industry sectors such as funds and private equity, access European markets through Luxembourg rather than London.

“Jersey and Luxembourg have worked together for a long time and have double taxation arrangements in place. A large part of the private equity business is placed through Luxembourg and those arrangements will remain in place whether the UK is in the EU or not,” he explains.

The general consensus among British business leaders appears to be for the UK to remain in a reformed EU. Cook has the inside track on efforts being made by key UK business bodies to keep the country within a reformed union. He is a member of the advisory council of TheCityUK, a body similar to Jersey Finance that is the voice of the finance industry and wider professional services firms.

“TheCityUK, like other trade associations such as the British Bankers Association, would like the UK to remain connected to Europe from a business point of view,” he says. “There’s a belief that if Brexit were to go ahead, then centres such as Frankfurt and Luxembourg would benefit at the City’s expense.”

With a matter of months to go, the noise surrounding the in/out vote is only likely to get louder. And the reality is that the Channel Islands will have to roll with the punches once the result is decided. n

HARRY MCRANDLE is a freelance business writer

This article was edited on 22 February – interviews took place prior to the Prime Minister’s announcement of the referendum.

FAIR TRADEThe Channel Islands may not be part of the EU but they enjoy free trade access to the single market as a result of a deal reached between the UK and the six countries that then made up the European Community in the early 1970s.

The formal relationship between the islands and the EU is enshrined in Protocol 3 of the UK’s 1972 European Accession Treaty.

Under Protocol 3, the islands are part of the Customs Union and are essentially within the single market for free trade in goods, but are third countries – that is, outside the EU – in all other respects.

If the UK votes to leave, then Protocol 3 would fall away, leaving the islands having to find a new way forward.


Finance

Corporate Commercial & TrustFrom finance houses and utility companies to entrepreneurial start-ups and internet businesses, we understand that you need high quality accurate and pragmatic advice.

At Parslows we work closely with our clients to ensure a prompt and practical service that you can rely on.

For expert advice, please call Mason Birbeck on 01534 630530.

17 Broad Street, St Helier, Jersey, JE2 3RR T: 01534 630530 E: [email protected] W: parslowsjersey.com

Corporate Commercial Trust

Personal Law

Dispute Resolution & Court Work

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Parslows’ Corporate, Commercial and Trust team head Mason Birbeck considers a recent challenge to Jersey’s TIEA regulations and whether Jersey and other states subscribed to the Common Reporting Standard are on the same page

is CRS a true meeting of minds?

ON 1 JANUARY 2016, Jersey’s financial institutions began implementing due diligence processes required under the Common Reporting Standard (CRS) regime. The transition from conception to implementation has been swift – the G20 only endorsed CRS in April 2013, with 40 nations signing up as ‘early adopters’ in March 2014.

Some claim the pace of implementation has come at the expense of the OECD’s stated raison d’être for the CRS – to ensure access to relevant information to enforce a contracting state’s domestic tax laws – being overreached. In the area of trusts, for example, the CRS definition of ‘Reportable Persons’ potentially includes individuals who don’t have (and may never have) any legal control over or a definite interest in trust assets – seemingly requiring disclosure of information on individuals who aren’t even aware of the trust’s existence.

Jersey’s Court of Appeal recognised the potential ‘tension between the private interest in commercial confidentiality and the public interest in international co-operation in the investigation of potential tax evasion’ in the 2013 case of Volaw & Larsen v Comptroller of Taxes. This case related to notices issued by Jersey’s Comptroller following information requests by the Norwegian tax authorities.

The case was revisited by Jersey’s Royal Court in December 2015. It threw into focus changes made in 2013 to Jersey’s Tax Information Exchange Agreement (TIEA) regulations governing the procedure for obtaining tax information requested by another state, which

happened at the very time the OECD’s plans for the CRS were evolving.

These changes to Jersey’s TIEA regulations in 2013 had been a swift response to France’s blacklisting of the island as an ‘uncooperative jurisdiction’, allegedly for dragging its heels on French tax information requests.

The amendments included a reduced time limit by which to respond to an information request; removed the requirement for the Comptroller to identify reasons for serving a notice; and introduced a requirement to comply notwithstanding the commencement of an appeal against a notice.

In addition, the right of a full appeal was replaced with judicial review, meaning that a notice from the Comptroller could only be challenged on the basis of illegality or procedural deficiency.

It was the validity of those amended TIEA regulations themselves, not just

the notices served under them, that were challenged in the 2015 proceedings. However, the Royal Court rejected the assertion that those regulations exceeded the scope of either the principal legislation under which they were created or human rights legislation. It did not consider that the notices had imposed unjustified or disproportionate requirements, and so rejected the argument that the notices went beyond the scope of what was permitted by the TIEA regulations themselves.

Neither did the Royal Court accept that failing to give reasons for the notices having been served, or to afford the opportunity to make representations to the Comptroller before service, constituted a breach of natural justice.

The Court observed that the 2013 amendments had been introduced in order to remove impediments to effective access to relevant information that could be exploited, and to bring Jersey legislation into broader alignment with that of other jurisdictions. However, the Court did acknowledge that France’s blacklisting had been the catalyst for those urgent amendments, and that in other jurisdictions, such as the United Kingdom, greater rights are accorded where requests are made under a TIEA.

France’s 2013 proscription was not unique. Both before and since, the Channel Islands have found themselves

unexpectedly included on – and often as swiftly removed from – seemingly arbitrary blacklists by various European countries. According to some commentators, this

shows that the tax frameworks of certain jurisdictions are predicated

on a suspicion and misunderstanding of common law juridical entities such as trusts, and of the role of international finance centres (often common law based) more generally.

March 2014 may have brought a joint statement of commitment to the CRS by those early adopters, and the 2013 amendments to Jersey’s TIEA regulations a broader legislative alignment. However, it’s less certain that the CRS/TIEA regime as implemented will ultimately reflect a true meeting of minds between Jersey and certain other contracting states.

It remains to be seen whether there is a common understanding as to where the correct balance lies between the right to commercial confidentiality and global co-operation – or how effectively Jersey’s TIEA framework will operate to constrain potentially irrelevant or indiscriminate requests for information. n

Contact Mason Birbeck on +44 1534 630530 or at [email protected] www.parslowsjersey.com

Corporate Commercial & TrustFrom finance houses and utility companies to entrepreneurial start-ups and internet businesses, we understand that you need high quality accurate and pragmatic advice.

At Parslows we work closely with our clients to ensure a prompt and practical service that you can rely on.

For expert advice, please call Mason Birbeck on 01534 630530.

17 Broad Street, St Helier, Jersey, JE2 3RR T: 01534 630530 E: [email protected] W: parslowsjersey.com

Corporate Commercial Trust

Personal Law

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GETTING HEARD ABOVE THE NOISE

Finance

Jersey and Guernsey’s funds industries are reaping rewards as global real estate investment booms – but what is making the islands such hotbeds of activity?

EVERYONE LOVES REAL estate – or that’s what the latest figures seem to show. In the first three quarters of 2015, private funds raised US$86bn to invest in property around the world. Researcher Prequin, which monitors global investment trends, says that this is well ahead of the $75bn raised in the same period the previous year.

As offshore financial centres popular with real estate investors, the Channel Islands have benefited from this increase in global property investment. A quick look at the figures for the end of September 2015 show that the net value of real estate funds administered in Jersey alone had risen 16 per cent over the previous 12 months.

According to Steve Robinson, a Director at international corporate, private client and funds business Hawksford, a number of factors are contributing to the current popularity of property investment. “With interest rates being so low, investors are interested in finding better yields on their investments. The stock market seems fragile and where they can borrow to invest in property and gain attractive, long-term, recurring income, real estate makes a lot of sense,” he explains.

Robinson says a proportion of Hawksford’s clients are from the UK itself, where they are typically UK resident but non-domiciled for tax purposes. But he notes that the tax benefits to them of investing through the Channel Islands are slowly diminishing. “Where we are seeing growth is among Middle Eastern, Far Eastern and Eastern European investors,” he adds.

Words: Richard Willsher

At offshore law firm Carey Olsen, James Mulholland, a Partner in the Jersey office, says US clients have used Jersey-registered funds and managers to launch real estate funds. This structure has become a tried and tested route. An outstanding example of this is Kennedy Wilson Europe Real Estate, a closed-ended collective investment fund, which raised £1bn through an initial public offering (IPO).

“It was the largest ever real estate fund IPO on the London Stock Exchange (LSE),” says Mulholland, and a transaction that Carey Olsen advised on.

CLOSER TO HOMETraditionally, the UK, and specifically London, have attracted interest from international property investors using Jersey or Guernsey-based investment structures. Often this has been into prime office and commercial property, and this is still the case. As Wayne Atkinson, Group Partner at law firm Collas Crill in Guernsey, explains: “Jersey or Guernsey companies or trusts are often used to hold property in the UK and elsewhere in the world, and Guernsey funds are also making real estate investments. We’re seeing a lot more of this kind of work than we have for a while.

“London prime will always be attractive to global investors,” he continues. “Increasingly, there’s investment activity in other parts of the UK. We’ve acted recently on a hotel investment in Liverpool, for example. We’ve also seen commercial property investments in Edinburgh and Bristol. There’s clearly an urban focus on growing cities that are projecting themselves as an alternative to London in terms of locating businesses and being attractive property acquisitions.”

This view is echoed by other firms working in, or advising on, property transactions. Andrew Weaver, a Corporate Partner at law firm Appleby in Jersey, points out that the picture has diversified from where it was two or three years ago. “There’s been a very significant ramping up of real estate activity,” he says. “Up to 12 or 18 months ago there was a distinct focus on prime office space and not that much else. But then a few more waves started to build.

“We’ve seen student accommodation, logistics centres, warehouses, particularly for the digital economy. Shopping centres have started to pick up.

march/april 2016 25

Finance

Real estate finance on the

rise

We’ve also seen residential property in the UK and in continental Europe, particularly in Germany.”

Weaver adds that the nature of the financing can be acquisition of property, refinancing of a package of real estate, and also reorganisation of portfolios of property, always within structures operated out of the Channel Islands. One such transaction on which Appleby advised as Jersey counsel was the consolidation and restructuring of an existing real estate investment trust loan called Tritax into a new £500 million facility. Tritax is the UK’s first listed investment trust that specialises in distribution and logistics property.

WHY JERSEY AND GUERNSEY?The Channel Islands offer property investors a number of advantages as compared with, say, onshore UK investment structures. In essence they’re more efficient in reducing capital gains tax on property sales. They also offer an efficient and secure jurisdiction in terms of administration and legal stability. Both Guernsey and Jersey are internationally recognised finance centres, with strong regulation and AA credit ratings awarded by Standard & Poor’s. Both have specific products that are popular for real estate investment, as Chris Le Page, Associate Client Director at Carey Group in Guernsey, explains.

“Jersey is perhaps best known for Jersey Property Unit Trusts (JPUTs), but Guernsey Property Unit Trusts (GPUTs) also exist and achieve the same outcome,” he explains. “Guernsey as a domicile clearly dominates the listed investment company sector, whether on the LSE or the Channel Islands Securities Exchange. Listed real estate funds and companies find the experience

▼


Finance

of Guernsey lawyers, tax advisers and company secretaries invaluable with the complexity of listed structures.”

He notes that both islands have protected cell company and incorporated cell company structures, which allow ring-fenced asset holding entities to be created quickly and cost effectively.

“Limited partnerships are also very popular with respect to real estate ownership in a private fund context,” he says. “Both islands offer regulated fund structures as well as unregulated structures. Guernsey has perhaps the simpler regime to understand, while Jersey has a range of different options depending upon the number of investors, minimum value of investment and whether listed or not.”

While these are technical matters, which are of importance in putting transactions together, there is a definite service aspect to the Jersey and Guernsey offerings that existing clients like to replicate and new ones find attractive.

“There’s the stability of the jurisdictions,” says Weaver. “Where Jersey and Guernsey vehicles do invest, they are well recognised and widely accepted. There’s the depth of talent and strength of experience in the jurisdictions that’s quite persuasive. Someone who is looking for service can be comfortable that they can receive all the support and help they need with their transactions.”

LOOKING FORWARDWhile a healthy rivalry exists between the two islands, there’s little to choose between them. In general, the JPUT structure perhaps gives Jersey the edge in unit trust transactions, while Guernsey has a lead in cell company structures. But the question is, now that real estate financing is going through something of a golden period, can it last?

Le Page expects the next 12 to 18 months to see more investors looking to find value in new opportunities outside the existing real estate hot spots such as London. Robinson agrees, predicting that there will be more investment in property in Central and Eastern Europe in countries such as Germany and Poland.

The safe haven status of Jersey and Guernsey will continue to be attractive to real estate investors, according to Weaver, especially as various geopolitical factors and economic uncertainties beset other jurisdictions around the world.

Atkinson notes that his firm is continuing to take on new people, and its pipeline of transactions looks healthy, even if there are unpredictable global factors always at play.

Meanwhile, Mulholland is cautiously optimistic. He says that while there has been a bull market in real estate investment for some time, he sees no excessive exuberance. He anticipates strong new lending by banks supporting the market both for UK property investment and in continental Europe, although managers have remained disciplined in terms of pricing.

The prognosis, then, is for continuing, healthy real estate market activity in the islands for the foreseeable future. And this is perhaps about as good as we can hope for in these unpredictable times. n

RICHARD WILLSHER is a freelance financial writer

THE PROFESSIONAL VIEW

“London prime will always be attractive to global investors. Increasingly there’s investment activity in other parts of the UK. We’ve acted recently on a hotel investment in Liverpool, for example. We’ve also seen commercial property investments in Edinburgh and Bristol. There’s clearly an urban focus on growing cities that are projecting themselves as an alternative to London in terms of locating businesses and being attractive property acquisitions.”Wayne Atkinson, Group Partner, Collas Crill

“There’s been a very significant ramping up of real estate activity. Up to 12 or 18 months ago there was a distinct focus on prime office space and not that much else. But then a few more waves started to build. We’ve seen student accommodation, logistics centres, warehouses, particularly for the digital economy. Shopping centres have started to pick up. We’ve also seen residential property in the UK and in continental Europe, particularly in Germany.”Andrew Weaver, Partner, Appleby

“Limited partnerships are very popular with respect to real estate ownership in a private fund context. Both islands offer regulated fund structures as well as unregulated structures. Guernsey has perhaps the simpler regime to understand, while Jersey has a range of different options depending upon the number of investors, minimum value of investment and whether listed or not.”Chris Le Page, Associate Client Director, Carey Group


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a sporting chance

From darts and watersports to football and rugby, could sport be the saviour of tourism in the Channel Islands?

OVERWEIGHT DARTS PLAYERS knocking back pint after pint as they rock unsteadily to the oche is as much a relic of the 1980s as Crackerjack and Arthur Scargill’s sideburns. Today’s professional arrow throwers are blessed with more svelte figures and a liking for nothing stronger than mineral water and lemon. Right?

Not quite, according to Howard Miller, Promoter of the annual Jersey Darts Festival. “Some still drink about 15 pints a day,” he laughs. “As soon as the TV cameras go, they’re knocking back the Jack Daniels and Coke.”

It’s a tongue-in-cheek anecdote, but one with potentially cheery implications for Jersey’s struggling tourist economy. According to the States of Jersey, the number of visitors to the island dropped from 985,000 in 1997 to 701,000 in 2014.

Words: David Craik

Giving tourism

Solutions to the problem have focused on new air routes and better marketing. But could sports tourism hit the bullseye?

Miller estimates that the English pool and darts events he has run on Jersey over the past 26 years have attracted more than 7,000 people to the island spending “millions”. “The players bring their friends and families over and, along with the fans, they spend money in local hotels, restaurants and bars,” he explains. “These are winter events and are helping an industry crying out for tourists.”

Jersey Rugby Club, currently playing in the Rugby Football Union Championship, is also trying to use its recent success to boost the number of sport tourists spending their cash. According to Chairman Bill Dempsey, fans and players who come over to watch and play account for about 6,000 extra bed nights on the island each year.

“At well over £100 a night, that’s a lot of income,” he says. “One family came over from Argentina to watch a game and stayed for two weeks. Another fan came to Jersey for the first time ever, stayed the weekend with his friends to watch the game and said he loved Jersey so much

he would bring his wife next year. In fact, I’ve been surprised that about 90 per cent of visiting supporters from clubs such as Bristol and Cornish Pirates have never been here before.”

The club has a sponsorship agreement with the States of Jersey and has also partnered with Seymour Hotels to offer special rate nights for visiting fans and players’ families.

VISITOR ATTRACTIONGuernsey FC, established in 2011 and currently playing in the Isthmian League Division 1 South (the eighth tier of English football), has a similar arrangement with its travel agent partner, Travel Solutions –offering special travel and accommodation packages to away supporters. Hotels such as the Duke of Normandie in St Peter Port also advertise on its website, offering special room rates for fans.

Guernsey FC boss Tony Vance says: “I would say over 3,500 people have come in the past five years – and that’s just the players and club officials. That’s a lot of fairly significant airport tax income and a boost to the number of hotel stays.”Im

age:

Gue

rnse

y FC


Business

Supporter numbers are, however, less impressive, with numbers of away supporters varying between none and 20 per team. And many of these are day trippers who choose not to stay overnight.

Guernsey has its own issues with faltering visitor numbers. According to Visit Guernsey, the island attracted 324,000 visitors in 2007, dropping to 286,000 in 2008 and steadily recovering to 309,950 by the end of 2014. It has just set out plans to increase that number to 400,000 by 2025 by adding new carriers and air routes, attracting more wedding visitors and improving marketing.

It mentions hosting “many popular sporting events and leagues, attracting a good number of visiting competing sportsmen”, but doesn’t mention the benefits or potential of sports tourism.

“They’ve missed a trick,” says David Harry, Chief Executive of the Guernsey Sports Commission. “Sports tourism has considerable potential on the island but isn’t being exploited. It’s fine supporting food, heritage and the arts, but you can’t forget the other quarter of the equation. I can’t understand why they don’t give more money to sporting events. If you can’t underwrite it, then you can’t get sponsorship.”

Harry says the Commission had a £53,000 budget in 2014 from the

Commerce and Employment Department, which was cut to £25,000 last year.

It helped support 12 sports in 2014, including Guernsey FC and aquatic and hockey events. “If a sports tourist or player spent an average of £80 a day on their trip, that means we helped over £600,000 go into the visitor economy,” he states, adding: “It’s just the tip of the iceberg. It’s massively frustrating.”

SETTING TARGETSOver in Jersey, there’s also disillusionment. Miller says £5,000 funding for the Jersey Darts Festival from the Tourist Development Fund won’t be renewed this year, which puts a question mark over the event’s future.

“We need funding to help cover the cost of equipment coming over on the ferry, and staff accommodation. Without it I don’t know if we can continue,” he says. “We get three million viewers on Eurosport, with the coverage showing Visit Jersey adverts, but they obviously prefer focusing on the elderly, and tranquil events such as book fairs. You don’t get this in the Isle of Man or the mainland. They see the economic benefits we bring.”

So how do the authorities respond? Nobody from the States of Guernsey wished to comment, but James Walker, Culture, Active and Sports Executive at Visit Jersey, says the benefits of sport tourism are clear. “Jersey Rugby and

the Standard Chartered Jersey Marathon really showcase Jersey as a top venue for sports and bring in important hotel nights,” he says.

He highlights the hosting of last summer’s week-long NatWest Island Games. Staying leisure visitor numbers rose 3.5 per cent in June and five per cent in July as the event attracted 4,000 visitors. They spent more than £4 million, with retail sales in St Helier up 23 per cent.

“Events that make competitors and spectators spend the night here clearly benefit local hotels, restaurants, bars and retailers,” Walker adds. “These opportunities will only grow as visitor numbers increase.”

Those numbers will be boosted this year by the return of powerboat racing as part of the Jersey Offshore Powerboat Festival. “We are blessed with some of the most beautiful locations on the planet, but it’s sometimes taken for granted. With our natural resources, we can host spectacular events,” says Walker.

Indeed, Visit Jersey hopes to work with a new body called Events Jersey to market and promote major new and existing events on the island. Senator Lyndon Farnham says the Economic Development Department is inviting expressions of interest from individuals or businesses to establish the body. It will look to develop higher quality and more diverse sport and cultural events.

“We have needed to grow the visitor economy for some time. We have a lot of hotel and restaurant capacity and new

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sporting infrastructure and it’s a good time to start exploiting it,” Farnham says. “The Island Games gave us a huge shot of confidence. It showed we can hold international events exceptionally well and that there was political will and public support behind it. A comprehensive year-round events calendar will have a significant economic impact.”

He admits the new body’s budget will be small, so finding sponsorship similar to that secured by the Island Games and Jersey Marathon is crucial. “It won’t happen overnight, but we want to be the events island of the British Isles,” he says.

LOOKING AHEADSeparate from Events Jersey, but potentially more influential in developing sports tourism, is Jersey Sport. When it is fully up and running later this summer it will be responsible for the development of sport on the island. Chairman of the Shadow Board for Sport Phil Austin says it’s “top of his list

Jersey Rugby and the Standard Chartered Jersey Marathon really showcase the island as a top venue for sports and bring in important hotel nights

in bringing sport and tourism together”.He adds: “We’ve never classified sports

tourism before. The events, be they rugby or swimming, have been very disparate. We need to co-ordinate and organise them in a better way. We will also look to improve marketing and bring more sponsors in.”

Austin knows the score. He was the Chairman of the organising committee of the Island Games. “It was a great model for sports tourism. We worked with hoteliers three years before the event to look at the different accommodation budgets of each island and understand the eating and sleeping patterns of elite athletes,” he says.

“It was a sporting and economic success. Taxi drivers told me it was their best week for 25 years. The community saw the power of sport.”

Will that power really make a difference to tourism numbers? It can make a huge difference – you only have to look at the impact of the Olympics in London or any British Lions rugby tour in Australia, South Africa or New Zealand.

Jersey can’t hold a Commonwealth Games or a European Cup Final (at least not yet), but it has identified that sport and the passionate love of sport from players and fans can bring in extra excitement and revenue.

While Guernsey doesn’t appear to have its eye on the ball quite yet, Jersey is at least giving itself a fighting chance of success. And one person who’s impressed by some of the new ideas there is Howard Miller. “The Darts Festival will be back. I feel positive about the proactive changes being made,” he enthuses. “I could bring in five new events and bring thousands more visitors over with them.”

It’ll just be down to the bar staff to keep those pint glasses filled. The fans – and no doubt some of the competitors – will be needing them. n

DAVID CRAIK is a freelance business writer


Business

conundrumcredibility

“i have a great idea that

addresses a genuine need people have”

the


Business

WHEN CONSIDERING CREDIBILITY in business, it’s hard not to return to the tale of Gerald Ratner who, in a speech at the Institute of Directors in 1991, famously pointed out that much of the jewellery sold by his eponymous chain was “total crap”, and that some of its earrings were cheaper than a prawn sandwich. Ratner may have been joking, but in doing so he killed his credibility in one stroke. His high-street chain bit the dust soon after.

Credibility is a magic ingredient, its components hard to pin down, but it has a lot to do with ensuring there’s a clear correlation between what you say and what you do. Gain credibility and potential employees, customers and investors will all be drawn to your offering. Without it, your name won’t be worth much more than the proverbial prawn sandwich.

But if having credibility and losing it is one thing, then attaining that elusive quality in the first place presents another challenge entirely.

This can be a major problem, especially for an entrepreneur setting out on a new venture. Yes, there are basic steps to take – a clean website, social media presence and registering as a limited company will all add a veneer of professionalism. But what if you’d taken a huge leap, such as leaving a distinguished career as an equities analyst in order to start a fashion brand? You’d quickly get a harsh lesson in how credibility really works.

“When I was an analyst in the City, covering companies like BP, I had access to all the top management,” says Heidy Rehman, who recently left a respected job at Citi to found Rose & Willard, a clothing brand for women. “But when I moved into fashion, everyone just wanted to know my fashion credentials. They weren’t up to much, and so I was right at the bottom of the pile. I didn’t know anybody. They just wouldn’t take my calls.”

Fast-forward a year and Rehman’s clothes have been worn by Kate Middleton, Esther McVey and Sue Perkins, and the brand has been featured everywhere from The Times and BBC Breakfast to Vogue and Grazia. So how did she do it? By ignoring ▼

those blocking her and heading straight for the people who really mattered: the customers. “I decided to focus on the customer and not the industry, dealing with them directly through social media campaigns.”

Social media can have a huge impact on credibility, offering an easy route to get the message out to the wider world. But it has to be handled carefully. Users will quickly see through missives from a flimsy chancer with no real substance. By contrast, Rehman’s cause was helped by having a quality product.

“You have to ask whether it’s a good idea that addresses a genuine need people have, and whether it’s easy for people to wrap their head around,” says Graeme Smith, CEO at Jersey Business. “If so, your credibility immediately goes up.”

Smith offers one simple suggestion for rooting your reputation in something solid. “Before you even think of the bigger market, identify the to-die-for clients in the local area and deliver to them.”

He cites Total Solutions Group, a Jersey tech company offering information management software for large organisations. The company identified an issue facing Jersey health surgeries, developed a solution and, having used the island as a test-bed, is now exporting its technology to the NHS. “It’s a lot easier to sell to the NHS having shown you’ve done it across a number of surgeries in Jersey,” says Smith.

Indeed, a visit to Total Solutions’ website now shows testimonials from Royal Bank of Canada and Lloyds TSB, as well as citing other credible companies as customers, from Jersey Telecom to Dyson. And this credibility by association extends beyond clients to include professional bodies and well-regarded patrons.

FINDING A MENTORProfessional accreditation is likely to be non-negotiable in a professional field such as those that dominate the Channel Islands, so it’s useful to get a well-respected mentor on side to bolster your business’s credibility.

The good news is that securing their help needn’t be as daunting as it may seem. “I found that I had people believing in me way before I believed in myself,” says Rob Grundel, Founder of Somekind, a London-based consultancy that helps companies develop their brand. “People saw my passion for the work, and my desire to connect with people and do a really good job. When I started out I let some offers of help lie stagnant for a year because I believed I wasn’t ready yet. I should have let them be the judge of that.”

Jersey Business offers a service to match up potential

Starting out in business is difficult enough, but one of the biggest challenges is being seen as credible. So just how do you go about making your business a serious prospect?

credibilityWords: Dave Waller


Business

Being a small wheel in a big machine is a whole different kettle of fish to running your own firm, managing staff and balancing the books

mentors with new businesses. “A lot of successful business people do want to give back and can get excited by the prospect,” says Smith. “That door is often open.”

Indeed, getting to know people is perhaps the most fundamental factor in gaining credibility. New businesses are far more likely to build their initial client base through shared coffees and personal connections than web traffic or LinkedIn profiles. And so we come to networking, a process Grundel prefers to call “speaking to people really honestly about what you’re trying to achieve”.

Grundel thinks this is the most important thing an entrepreneur can do to build credibility. “This way you’re connecting as a human being, saying: ‘I’m trying to do this in the world’. You happen to be doing it through your company, but the company is almost by-the-by – because people are buying into you.”

HANDLING YOUR CONTACTSNowhere is this more important than when an individual leaves a large organisation to set up their own business in the same field. Someone who’s worked at one of the leading players in law or funds, for example, may have the expertise and the track record, but being a small wheel in a big machine is a whole different kettle of fish to running your own firm, managing staff and balancing the books.

Yet while it’s a bold step, there’s no reason why it shouldn’t work – if handled in the right way. The good news is that can be easier in a small area like the Channel Islands, as it’s physically easier to get in touch with others to let them know what you’re doing.

“Going solo is something you can get wrong,” says Tony Brassell, General Manager of Startup Guernsey. “Headhunting the clients from your old company doesn’t go down well, for example, and isn’t recommended. But many people end up working for their old business as a private company. If you work with them and maintain good relations, they’ll recommend you or pass work your way, especially if you have a skill that they haven’t replaced.”

Rehman and Grundel show that it’s perfectly possible to go it alone and build credibility from scratch. Yet there’s no getting away from the fact that it’s a long game. It took more than 5,000 prototypes and about 15 years of debt and lawsuits before Sir James Dyson – these days perhaps the most respected inventor in the UK – released his bagless vacuum cleaner to the market. It may seem remarkable that he managed to endure such a vast period of professional disappointment without damaging his credibility.

Yet Dyson’s simple explanation throws Ratner’s gaffe into stark relief: “People buy products if they’re better.” n

DAVE WALLER is a freelance business writer

Five ways to wreck your credibilityIf you want to be credible, you’d probably best avoid the following:

Talking rubbish Make spurious claims about your product or your client base and you’ll get found out.

Failing to deliverWhen you’ve made a commitment, make sure you follow it through.

Brandishing a sense of entitlement If you think you deserve the jobs someone else is getting, spend more time establishing why you missed out rather than taking it personally.

Burning your bridges Success doesn’t live in a vacuum. Gaining credibility involves keeping people on side.

Failing to ‘fess up’ to your mistakes If something is your fault and you don’t take responsibility, it will come back to bite you.

1

2

3

4

5


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Business

Here’s what we learned recently…We all get bombarded with emails and information on a daily basis but, amid all the guff, you sometimes find nuggets of wisdom and pearls of downright weirdness. Here’s what caught BL’s attention since our last issue

FULL STOPS ARE PASSIVE-AGGRESSIVEAccording to The Memo (www.thememo.com), you need to take extra care when you write your next text message. Pack it with too many abbreviations and you could come off as juvenile and rude. But if you use punctuation properly, you may also come across as insincere, says a new study by Binghamton University in New York.

Apparently, finishing off a message with a full stop can now be read as passive-aggressive.

Celia Klin, the author of the study, recruited more than 100 students and analysed their reactions to text messages with and without a full stop. The results revealed that without the social cues found in face-to-face conversations, the majority of participants interpreted the use of full stops as an expression of insincerity.

Take this example. A text had the following wording: ‘Dave gave me his extra tickets. Wanna come?’ The response ‘Sure’ was seen as neutral. However, the response ‘Sure.’ was seen as rude.

Exclamation marks could also land you in trouble. According to the report they can equally be read as passive-aggressive and insincere – so watch out!

THERE’S AN AWARD FOR ‘CHIEF OBFUSCATION CHAMPION COCK’Many of us have come across press releases and marketing material that’s full of jargon. But it’s not just the written word that’s guilty of crimes against language. Some people speak utter crap as well.

Thank goodness, then, for the Golden Flannel Awards. Put together each year by FT columnist Lucy Kellaway, the ‘accolades’ call out the worst perpetrators of obfuscation, euphemisms and all-round ugly lingo.

BL’s favourite category – indeed, arguably the most wondrously titled ‘award’ in any competition – is for ‘Chief Obfuscation Champion Cock’.

In her awards podcast, Kellaway singled out the performance of former Twitter CEO Dick Costolo and his replacement, Twitter co-founder and current

Chief, Jack Dorsey. “Last year two successive CEOs of Twitter perverted the clarity and brevity that their site is meant to promote,” she says. “Dick Costolo crammed into a single interminable sentence the

words ‘iterate’, ‘logged out’, ‘experience’, ‘curate’, ‘moment’, ‘platform’ and ‘deliver’.

“He subsequently resigned and was replaced by Jack Dorsey, who promised straight talking in an email, only to sprinkle it with ‘moving forward’, ‘roadmaps’ and ‘reinvest in our most impactful priorities’.”

Despite their befuddling language, the Twitter bosses narrowly missed out on becoming

‘Champion Cock’ to an unnamed HR head. The individual in question was caught advising managers attending off-site meetings to “be cognisant of the optics of your personal brand”.

As Kellaway observes, this is just a ridiculously jumped-up way of saying ‘tuck your shirts in’.

For more appalling language misuse, including a ‘Sick Bucket Gong’ for terms like ‘sweat the footprint’, ‘wet bench testing’, ‘merchant stickiness’ and ‘executive brownout’, why not Google Kellaway’s 2015 Golden Flannel Awards podcast.

TEN IMAGES YOU SHOULDN’T USE IN YOUR POWERPOINT PRESENTATIONSAnyone who has attended a business meeting or conference will, at some point in their lives, have suffered ‘death by PowerPoint’ – endless slides, tightly

packed with text and full of pointless stock images. But help is at hand.

Swedish crowd-sourcing photo database, Pickit, recently teamed up with professional PowerPoint designers Eyeful Presentations to name the top 10 images to avoid in presentations. Their findings are summarised best with the use

of bullet points – a PowerPoint stalwart.Here’s what you should avoid:

● Cogs● Images of people holding hands around a globe● Thumbs up


Business

● Archery targets (with optional arrow)● Jigsaw piece being fitted into a puzzle● Businessperson poised to run a race● Stacked pebbles● Handshakes● Rosettes● Groups of businesspeople staring intently at a monitor.

For those ‘traditionalists’ who rely on slides to help them get through a presentation, there’s no excuse for not finding a great picture these days. In March 2014, Getty Images, the world’s largest photo agency, made vast swathes of its library free to use, in what some regarded as an acknowledgement that pictures were going to be used without any attempt to pay for them.

YOUR COMPANY COULD BE SPYING ON YOUThis year kicked off with a pretty unpleasant story of how the Telegraph Media Group was keeping tabs on its staff. Thousands of employees turned up on a Monday in January only to find their desks kitted out with a new gadget called OccupEye, a sensor designed to track their every move.

This device offers ‘automated workspace utilisation analysis’ by using motion and heat sensors to monitor bum-on-seat time at the office. The makers claim it’s ‘ultra-sensitive, yet ultra-reliable when it comes to tracking real-time 1:1 space utilisation’.

Employees were far from best chuffed at being spied upon in this fashion and took to the internet to express their displeasure. Speaking to Buzzfeed about the prospect of managers being able to tell when staff take toilet breaks, one said: “Never before has taking a shit on company time felt so rebellious.”

The company behind OccupEye quickly moved to point out that their devices are intended to increase efficiency by cutting down on unnecessary light, heating and underused desks. The company claims it has already helped private and public sector organisations alike save costs by understanding more about our desk dwell times.

Hmmm… if you say so.Managers at The Telegraph reacted to the backlash

and removed the trackers after Buzzfeed broke the story. But, as Alex Wood at The Memo quite rightly pointed out: “This example should never be repeated again and ought to provoke a greater conversation about the value of work in today’s world.”

THERE IS SUCH A THING AS AN ‘AMBIVERT’We’ve all heard of extroverts and introverts, but just how many of you have heard of ‘ambiverts’? Hands up? Hmmm… thought not. But according to a recent study, they’re far more common than you realise.

Apparently, more than half the population is ambiverted, according to Wharton School Professor Adam Grant. And it seems ambiverts have advantages over those who live more on the ends of the introversion-extroversion scale. A study published in 2013 showed that the social and emotional flexibility of the ambiverts in the group made them superior salespeople.

So how can you know if you fall in the

advantageous middle? A helpful recent post on medium.com from founder Larry Kim offers a

long list of tells that show you’re a happy mix of introvert and extrovert, including these:1. You’re comfortable in a range of social situationsDoes a nice intimate dinner sound pleasant to you? Do you also like the idea of a raucous party now and again? Then the chances are good that

you’re an ambivert. 2. You have a cool temper

“You’re not at all comfortable loudly expressing yourself like an extrovert, but you’re not apt to sit quietly and seethe with inner rage, either,” says Kim.3. Different people view you differently“Co-workers see the side of you that is quiet and reserved, as that’s how you are in those situations. But friends see the real you – perfectly comfortable putting yourself out there if the situation calls

for it,” says Kim.4. You sometimes struggle with balanceAmbiverts can struggle to know which side of their personality to lead with in a given situation. The key to ambivert happiness, apparently, is finding the right mix of social and solitary.5. You’re adaptable

Introverts and extroverts have only one card to play, but ambiverts can select from several options,

which allows them to adapt better to a variety of situations.

SLEEPING NAKED MAKES YOU HEALTHIER AND WEALTHIERIn a recent article on LinkedIn, Dr Travis Bradberry, Co-author of Emotional Intelligence 2.0 and President at TalentSmart, made the following statement: “What

if I told you that in just 10 seconds a day, you can sleep better, make more money, reduce stress, and lose weight? Sleeping naked can do all these things and more. All you have to do is take off your clothes.”

According to Bradberry, here’s the thinking. You sleep better naked. Researchers at the

University of Amsterdam found that lowering your skin temperature increases the depth of your sleep

and reduces the number of times you wake up in the night. Stripping down to your birthday suit is a great way to lower your skin temperature.

Sleeping naked reduces stress. Stress throws your cortisol levels out of whack. Proper rest helps to restore normal cortisol levels, which improves your stress level. So if sleeping naked helps you sleep better, it follows that your stress will be less.

Sleeping naked can help you lose weight. A study conducted by the US National Institutes of Health

found that keeping yourself cool while you sleep speeds the body’s metabolism because your body creates more brown fat to keep you warm. Brown fat produces heat by burning calories and this boosts your metabolism all day long to help you lose weight.

Sleeping naked builds confidence. Confidence doesn’t just feel good, it’s the pillar of success. It

pushes you to try new things, take on challenges, and persevere in the face of adversity. Sleeping naked makes you more comfortable in your own skin. As your comfort with your body increases, so does your self-esteem and confidence. n


give us some feedback

There’s a thin line between gaining good-quality feedback and annoying your customers with endless emails, texts and pop-ups. So how do you stay on the right side?

IF YOU’VE JUST been on a first date with someone, it’s probably not a good idea to leave them a string of messages the next day checking whether your restaurant choice was a good one, whether your outfit had struck the perfect balance between refined and relaxed, and if you were right to decline the offer of coming in for coffee. It would perhaps betray more than a hint of neediness.

Yet it seems that these days you can’t have the briefest encounter with any business without them doing something similar – bombarding you with texts, emails or, worse, the dreaded pop-up

Words: Dave Waller

(pretty please…)

window, wanting to know just how well they’ve performed. Phone a mobile provider, for example, and two minutes later it’ll drop you a casual text saying it wants to ask you a string of questions about the call you just made.

Data is, of course, king, and the online review has become standard, be it on Amazon, Booking.com, Google or Tripadvisor. People naturally want to evaluate the quality of service or experience they had so that others can make informed decisions. But companies are clearly keen to claim some agency in the feedback process. The question is whether they can do it without appearing intrusive or, worse, dripping in desperation.

The first point that distinguishes pestering from something valuable is whether the information is actually used for anything. Iain Beresford, Head of Marketing and Business Development at law firm Collas Crill, says that whether a company gets positive or negative feedback, they then have to do something with it. “It comes down to whether

Please Please

Please


Business

▼

you get off your backside and respond to what they say,” Beresford explains. “People are more than happy to give feedback in a constructive way, because they want you to improve. But there are different levels of relationships, so it’s about getting the appropriate level of feedback from each kind of client and acting on it in a way they see it has been acted on.”

A company such as Collas Crill is, however, not just unleashing a load of random pop-ups and hoping for the best. Instead, it seeks a combination of informal and structured feedback.

The same goes for mobile provider Sure International, whose customer feedback “plays a big part in forming our strategy”, according to Customer Experience Director Charlotte Dunsterville. “It helps us see how we’re performing, how to do that better and how to turn that into an action plan,” she says. “Based on the feedback, we know what we need to improve.”

Sure asks for feedback after customers visit stores, call its contact centre or make orders online – sending an email or an SMS message with a link inviting customers to complete a survey on their phone or tablet.

“They get seven questions, from how likely they are to recommend us, to how quickly we processed the order and how

friendly we were,” says Dunsterville.One could be cynical and think that

when companies ask questions such as ‘Would you recommend us to a friend?’ it’s purely so that they can trumpet it in their marketing or advertising materials. But Dunsterville explains that it goes deeper than that.

“Customers are free to leave comments too,” she says. “We can see trends and averages from the scores, but it’s the comments that give us the real insight. If something has gone wrong, we can fix it. Or if it’s positive feedback about a specific staff member, we can pass that back to the staff as recognition for good service.”

All this begs the question: can the average customer be bothered to respond in the first place? BL Editor-in-Chief Nick

Business

One person was sent a text asking for feedback on how their flight had been, when it hadn’t taken off yet because of a delay. An automated system had sent out the text without knowing

Kirby was recently sent an email asking for feedback after only one night of a three-night stay in a hotel. “It smacked of desperation,” he says. “If there’s something that needs addressing, then I’ll noodle down to reception and speak to a human being. What was more peculiar, I didn’t get an email after I’d completed my stay, which would have made more sense.”

EFFECTIVE FOLLOW-UP This is one mistake that Sure made in the past and quickly rectified. “When people reported a broadband problem that needed fixing, we used to send our feedback surveys out immediately,” says Dunsterville. “But in some cases people became annoyed that the problem hadn’t been fixed yet.

“Now the issue needs to be resolved before you close the ticket, and we send a survey only 48 hours after the ticket has been closed. That’s the only negative feedback we’ve ever had about our surveys, and we quickly adjusted it.”

As well as being mindful of when they send out requests for feedback, companies would do well to keep website pop-ups to a minimum. This technique, where a feedback form will magically appear as soon as you visit a company’s website, has become so universally derided that even its inventor has apologised for creating it.

Beresford points out that the biggest issue with pop-ups is that they don’t even work. “It’s not timely, the responsiveness is all wrong, and it annoys the crap out of people,” he says. “This scattergun approach is horrendous and undermines what you’re trying to do – especially in a law firm, where the sales process is a longer-term thing.

“Our regular, informal feedback is done off the back of meetings, so it always has some relevance. And we run a major client survey every 18 months. More frequent than that and the clients would ignore it – it has to be meaningful to people.”

Indeed, at the time of writing, this author had been asked for feedback on a service three times in the previous 24 hours. Twice I was happy to do so, not only because the service was good, but because the transaction had gone beyond the perfunctory and had instead become genuinely human – we’d chatted as people. It was then easier to express my feelings, because I knew who I was helping out.

While client opinions are important in all types of businesses, PR is one world where opinion is everything. The partners at London-based communications consultancy Pagefield, which looks after a range of clients including the UK’s Business Growth Fund, have a policy of sitting down with clients once a quarter for a coffee, just to get a picture of how they see the work going.

The company has another instructive practice – it asks people’s opinions when it knows something’s wrong. “We always ask for feedback whenever we fail to win a pitch,” says Louise Fernley, a consultant at the company. “One company told me we’d lost out because our competitor had told them exactly how much media coverage they would get them – but how could they know? So it can be annoying, but it was still useful – after that, I was able to tweak how I pitched.”

So how does a company go about acting on all this feedback? To the outside eye it seems a tall order – first you have to collate disparate opinions from all corners,

then find some coherence in it all, decide how to act on it and finally communicate to your

customers that you’ve done so. A good-quality CRM system not

only allows companies to do all this more quickly, but to categorise and

address only the issues that are key drivers to client satisfaction. And, says

Beresford, it’s not actually that hard. “When trying to embed the process

of feedback, you’re trying to change behaviours, which is difficult,” he says. “But once it becomes established, it becomes the norm.

“Our bigger client survey rolls out every 18 months and it takes a bit of work beforehand, during the actual roll out and afterwards to analyse and address the responses. But we’ve been processing feedback for so many years it’s become part of everyone’s day-to-day. This morning I had a chat about the company on the way to work, and even that gets collated and fed into the general input from emails and the analytics on our website.”

BETTER QUALITY FEEDBACKThe other advantage of putting the effort into setting up a respectful and considered process is that the information you get back is likely to be more trustworthy. After all, people could be churlish and give you a negative response to a pop-up survey, just because they were in a bad mood at that moment in time.

Establish your benchmarks early and maintain a consistent, steady approach. The more you do it, the better your client data gets, which only helps you ask better questions. Beresford describes feedback as an “iterative process”, and maintains it’s one that can have immense value, if you’re willing to do the work.

“Don’t stick your head in the sand when it’s negative – and make sure you respond,” says Beresford. “That’s what will change an organisation.” So too, it seems, will customers responding to all these questions. On a scale of one to 10, how happy are you to do so? n

DAVE WALLER is a freelance business writer



Business

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Take control of your

Planning for a number of possible business futures isone thing, but strategic foresight puts you in a position to actually create the future rather than react to it

business destiny

Business


HISTORY IS LITTERED with big organisations that didn’t see it coming. The future, that is.

Global computing powerhouse IBM was blindsided by the popularity of desktop PCs developed by innovative, nimble Apple. Philips was so late entering the home videotape market that its Video 2000 never caught up with JVC’s VHS or the Sony loser, Betamax. And investors who believed that HD-DVD would win out over Blu-Ray discovered that this was one rare battle Sony (supported by Disney) would actually win.

If ‘big guns’ like these, with their deep pockets funding armies of futurists, strategists and ‘blue sky’ thinkers, can’t foresee what’s around the corner, what are the chances for the rest of us? More to the point, with the speed and complexity at which change happens and affects all businesses these days, how can anyone anticipate what’s coming down the pipe next year, let alone in the next decade or two? Or even understand what future implications there might be for what’s happening now?

As has been widely reported, disrupter Airbnb is now the world’s largest accommodation provider while owning no properties. Yet CNN Money reported last October that ‘after a lot of thinking and work’, Hilton’s CEO Christopher Nassetta doesn’t believe ‘strongly’ that Airbnb is ‘a major threat to the core value proposition we have’.

Which makes you wonder if they’ve heard of an approach known as ‘strategic foresight’, or considered that one day the current provider of ‘staycations’ might decide to move into the corporate travel business.

Having a say in how the future unfolds has nothing to do with peering into crystal balls or making predictions. Nor is it synonymous with forecasting. According to Patricia Lustig, Founder of international business consultancy LASA Development and author of Strategic Foresight: Learning from the Future, this approach “represents a range of tools and processes for gathering systematic, participatory intelligence. It’s the practice you use to engage with the future”.

In that sense, it’s different from scenario planning. Two Oxford University futurists summed it up in a 2013 Harvard Business Review article entitled Living in the Futures: “At Shell and elsewhere, scenarios have helped leaders prepare for futures that might happen, rather than the future they would like to create.”

Strategic foresight, however, allows you to do exactly that.

FUTURE PERFECT“Strategic foresight tools enable you to discover which potential futures are possible by looking at emerging trends that could have an impact, even disrupt, your business,” explains Lustig. “These pockets of the future are already happening. When you’ve decided which of a range of possible futures you would prefer, you develop a plan for how you would handle each of those scenarios.”

Then it’s a case of keeping your eyes peeled for early warning signs of which trends are bringing any of the various futures closer. Do this right and you’ll have strategically positioned yourself to influence, even co-create, the future you want – unlike ‘ostrich’ Blackberry, which Lustig cites in her book as having completely overlooked the impact of the iPhone so that “by the time the company realised what had happened, events had overtaken it”.

However, as Harvard psychologist Daniel Gilbert asserts in his book Stumbling on Happiness, human beings are poor at ▼

Words: Dr Liz Alexander


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Animal type Characteristics Advantage for strategic foresight

Value to SF process:5 = high 1 = low

EAGLES Systems thinkers whose vantage point enables them to engage in blue sky thinking. Have the ability to uncover the causes of patterns and events.

When exploring different potential futures, eagles are able to look at the past, present and future as a continuum.

5

FOXESLove complicated or ‘wicked’ problems with many variables and no ‘right’ answer. Comfortable with paradox and ambiguity. Continually ask ‘Why?’

Ability to ‘connect the dots’. Good at generating new possibilities across different time frames.

4

HEDGEHOGSPreference for structure and working with details, processes, spreadsheets etc. Prefer problems that once solved (because there’s a ‘right’ answer) remain so. Dislike ambiguity and change.

Good at running day-to-day operations, so can help teams choose realistic options that enable organisations to respond effectively to trends as they emerge.

2

envisioning future events. Or, rather, at imagining futures far different from what we’ve experienced in the past or present.

“Most leaders engage in variations of strategic planning, which is rooted in history, the present and just a pinch of the future,” suggests leadership coach and consultant Scott Yorkovich, whose paper Why Strategic Foresight? was published by the School of Global Leadership and Entrepreneurship at Regent University in Virginia. “This looks only a few months out and is often tied to semi-hard data such as booked sales orders, verbal commitments, and interpolation of demographic and historical trends,” he says.

“True strategic foresight activity, which breaks from known realities and envisions a created future, is rare. Strategic planning is reactionary. Strategic foresight is anticipatory, active and creative. In defence of leaders who use traditional methods, current economic realities make it very difficult to justify large investments and massive strategic shifts in what is often perceived to be a dreamed-up future.”

But, according to Lustig, it’s easier to make frequent small tweaks to your plans as new conditions unfold, than try and bring about the kind of large-scale change necessary when a totally unexpected scenario hits you in the face.

OPPORTUNITY KNOCKSHowever, strategic foresight isn’t just about anticipating potential unpleasant circumstances, according to Jay Ogilvy from strategic intelligence company Stratfor. Writing in Forbes, he says: “On the upside, scenarios can identify white space opportunities that remain unfulfilled until a first mover occupies the space that less imaginative competitors never knew existed.”

This was the case with Austrian insurance company Erste Allgemeine Versicherung, which anticipated the fall of the Berlin Wall and ended up leading the market because of its first exposure in former Soviet Bloc countries.

The key is to not restrict your thinking to just one desired future but to generate at least three or four different scenarios so you can position yourself across a range of uncertainties, says William Miller, co-Founder of Values Centered Innovation and former Head of the Innovation Management programme at Stanford Research Institute. Miller’s organisation offers a similar approach to Lustig’s, but it’s known as scenario-based strategic planning and is used to guide corporate innovation.

He believes this approach can end arguments among team members who disagree about which uncontrollable situation is most likely to affect the business. Since any one of them could be right, that’s all the more reason to create a range of scenarios.

Miller agrees with Yorkovich that “scenario-based strategic planning moves you away from focusing only on numbers and into the innovation sphere”. However, Miller recollects talking to the CEO of Sun Microsystems who, at that point, told him the company didn’t plan further than 18 months to two years out because its strategy was based on being very agile, with the ability to “turn on a dime as conditions change”.

This points to the fact that for some businesses, ensuring they’ve developed a sufficiently nimble, reactive culture to meet trends head on is a more sensible approach.

Jason Romer, Managing Partner of offshore law firm Collas Crill, points to a recent situation in which HM Revenue & Customs delisted more than 300 Qualified Recognised Overseas Pension Schemes (QROPs) from Guernsey. By staying close to various political and industry associations, the firm was able to anticipate this legislative change – although it was surprised by the ‘ferociousness’ of HMRC’s targeting of Guernsey.

While the concept of strategic foresight has challenged his thinking, Romer says he’s happy with the way his firm handles

the kind of “legislative pressures forced upon us by the UK”. “I would be extremely daft to ignore [strategic foresight], but there’s the potential to get carried away and forget the here and now,” he says. “The ability to be innovative in a law firm is directly related to the quality of the services you provide to clients. I believe it was Jack Welch who said that you can’t grow long term if you can’t eat short term.”

On the other hand, risk expert Nassim Nicholas Taleb, author of The Black Swan, thinks it’s beneficial to make big mistakes now and then and face the consequences. As he told the Airtel-Economic Times Global Business Summit in New Delhi, India in January: “Banks fail repeatedly because every time they crash, governments come to their rescue, not allowing them to learn and adapt from their mistakes. This is also what happens to companies that have strategic plans. They become ‘prisoners’ to them. They don’t give themselves flexibility to tear up the plan and benefit from changes in the environment.”

Proponents of strategic foresight say that’s exactly what you can do by embracing this discipline. It all depends on how quickly and easily you believe you can bounce back from disaster. Or are willing to watch the future pass you by. n

DR LIZ ALEXANDER is an author, educator, business strategist and Founder of business consultancy Leading Thought

THE HUMAN ZOOIn order to be successful at strategic foresight, you need to involve a diverse range of people – ideally from a variety of industries, divisions, roles and levels – so you don’t suffer from ‘group think’. This means including those with different ways of thinking, says futurist Patricia Lustig. In her book, Strategic Foresight: Learning from the Future, she outlines three ‘types’ that can contribute to future planning.

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one day we may all be freelanceFreelancing used to be just a fancy word for temping. These days, going solo has fast become an attractive choice for those who want flexibility and opportunity when they get up in the morning

DO YOU WANT to be your own boss? If the answer’s yes, you’re not alone – the number of people choosing the freelancing life is soaring. Twenty per cent of us will be freelancers by 2020, according to the Office for National Statistics, with the current 16 per cent being the highest since records began. And this prediction could end up being modest, as the outlook for freelancing is much higher in the US. Intuit predicts a whopping 40 per cent of US workers will be independent by 2020.

Never before have we been so willing to go it alone in the world of work. In a 2015 survey by PeoplePerHour, 87 per cent of respondents said they would choose self-employment, spurred on by the promise of flexible hours, independence and potential for increased creativity and work satisfaction.

“The upside of freelancing is that people get different opportunities, experience on varied projects, and to meet new people. They also avoid the dreaded appraisal, and get to stay away from office politics,” says Shelley Kendrick, Director of Jersey-based recruitment firm Kendrick Rose.

Naturally, with the upsides come the downsides. “Contractors are usually hired for projects where things can change, and they have to roll with that. They have to hit the ground running, as they’re on a daily rate. And when the work is gone, they have to get another contract,” says Kendrick.

Freelancers are also responsible for their own benefits, such as sick pay, holiday pay and pensions. Overwhelmingly, PeoplePerHour found the main drawback to freelancing to be lack of stability and fluctuating income.

Words: Jessica Furseth


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one day we may all be freelance

▼

More freedom in exchange for less security has always been a key tenet of self-employment – and it’s clearly not putting people off if PeoplePerHour’s figures are anything to go by. So what’s driving the recent rise in freelancing?

There are a number of long-term societal trends at play – the rise of technology, the decline of jobs for life, weaker unions, higher qualifications among young people at a time when it’s harder for graduates to get work. All of these factors are creating disillusionment with the traditional model. The recession has a lot to answer for – cutbacks and zero-hour contracts meant freelancing became a last resort for some, while others decided to go it alone after being made redundant.

EVERYONE’S A WINNERThe sum total of all these factors means businesses now rely more than ever on non-permanent staff. But does that mean freelancing has become more respected? After all, it’s not that long ago that it used to be something you did if you couldn’t get a ‘real job’.

Philip Dodson, Founder of London co-working space @Work Hubs, laughs as he admits that his mum, who wouldn’t dream of disturbing his brother at the office, frequently calls him in the middle of the day. “But I do think freelancing is starting to be seen as more respectable, and something more people would actually like to be doing,” he says.

@Work Hubs, which caters to independent workers and small businesses, has several tenants who work in tech, but there are plenty of other professions too – there’s even an independent finance director. Older, so-called ‘silver’ freelancers are on the rise, Dodson has observed, but recent graduates make up


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a significant slice, as they increasingly opt for a career outside the corporate structure.

While the pros and cons may be evident for the freelancer, businesses also benefit from this changing employment landscape. The ability to hire specialists with fresh ideas to work on projects as and when they’re needed is a key reason, says Jonathan Atkinson, CEO of business consultancy Greenlight.

“As organisations compete and innovate, their use of external contractors will increase,” he says. But the attitude from businesses who hire them is mixed. “It ranges from resentment, at what people believe to be inflated day rates, to the other end of the spectrum where contractors are recognised for providing impartial advice. Contractors bear the scars of having already achieved what the employer needs elsewhere, and bring with them valuable lessons learned.”

While the inherent lack of stability is a drawback for some, other freelancers revel in it. Atkinson believes contract work is popular among people who thrive on change.

Running your own operation can mean making more money than working for someone else, although the average freelancer isn’t actually earning that much. In 2014, when the average UK salary was £27,200, PeoplePerHour found that UK freelancers made just shy of £20,000.

It should be noted that the majority of respondents to this study were under 35, but it’s true that freedom can come at a cost. “People in the corporate world, tired of working on someone else’s dream, may like the romantic idea of breaking off,” says Dodson. But freelancers often end up making less money because they compete on price for the same old work they did as employees. “The best freelancers are those who do something different. That way, they’re not compromising on value,” he adds.

SENSE OF COMMUNITYThe fact is that not everyone who works for themselves is an entrepreneur. Some people are self-employed because they have no choice – maybe their profession runs on contract work or it’s harder to get a salaried position. People working on laptops in cafés may be a popular image of freelancing, but the most common self-employment professions are construction, taxi-driving, and carpentry. And if the barista at that café is on a zero-hours contract, they’re something of a freelancer too – arguably not a happy one.

The emergence of communities such as @Work Hubs is a response to the fact that going it alone can be difficult even for the most motivated freelancer. WeWork is a New York-based workspace company that’s now opening its eighth space in London, having arrived in the UK less than two years ago.

“I think this is less about ‘going to an office’, and more about going to an inspiring environment that breathes energy and vitality into the workday,” says Hillary Deppeler, Brand Manager at WeWork. Freelancers and small businesses can rent space at WeWork on a month-to-month basis – useful for growing startups or people with irregular incomes. WeWork now has more than 5,300 members in London. “Our spaces, besides being visually compelling and comfortable, are primarily designed to encourage connectivity among our members,” says Deppeler.

For some people, however, the ability to work from anywhere is the big draw of self-employment. That’s the case for Alex Flewitt, a digital marketing freelancer

on Alderney. “The best thing about moving into freelance work on Alderney is that I can make my own rules. I can be flexible – if

I want to work extra and take the following day off, I can. I feel very lucky,” she says.

Flewitt started freelancing about six months ago, keen to be her own boss. She’d also been contacted by potential clients looking for help with marketing or social media, from both the Channel Islands and the UK. “The internet on Alderney is pretty good, so I can work very easily without worrying about my location. I have to take occasional trips off island for business, but mostly I work via Skype with my clients,” she says.

The Channel Islands pull in talent from far and wide and it’s the same with freelancers, says Kendrick. She points to the strict residency rules affecting contract workers, which means hiring someone on just a three-month contract isn’t that cut and dried. “You can get freelancers from the UK, and lots of businesses do, but it’s costly – you have the flights and accommodation, plus the higher rates of a contractor,” she says. But Kendrick acknowledges that having access to more remote freelancers could be a positive for the skills gap on the Channel Islands.

Atkinson of Greenlight concurs: “For some complex undertakings, the Channel Islands will inevitably have to look to the UK for experience.” The key, he concludes, is to make sure this imported experience is passed on to the company’s full-time employees. n

JESSICA FURSETH is a freelance business writer

‘PERMALANCING’ – IS IT LEGAL?The dark side of freelancing is when companies take advantage of people’s desire for flexibility to avoid paying them benefits – because is it really freelancing if you work for just one company?

In some instances, people end up ‘freelancing’ at a company for years, which means being paid a contractor’s rate but without the holiday, sick pay or other benefits that full-time employees receive.

British drivers are taking car service Uber to court over this issue, arguing that they are in fact employees and deserve to be treated as such. Their lawyer, Nigel Mackay, told BBC News that Uber is in breach of employment law because of the way they’re controlling their so-called freelancers – Uber provides initial training, as well as guides to routes and requirements for minimum hours.

Uber could also find itself in hot water for not ensuring drivers take rest breaks – not to mention providing sick pay and other benefits. Uber’s defence? Drivers love the freedom to work when they want.

of workers in the us could be independent by 2020

40%


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How to freelance while working full timeWant to branch out on your own but are afraid of losing the income and safety of a full-time job? Well why not have the best of both worlds

ONE OF THE issues that can stop many people becoming a freelancer is the fear of getting no work – of going it alone and finding that no one’s interested in what you have to offer. But there’s a mid-ground to be found – working for yourself while still in your full-time job.

Admittedly, it’ll be a challenge to keep up the demands of your day job and still find enough time to work on your freelance projects. But when you’re running your own business full time further down the line, it’ll be well worth the extra hours right now.

For anyone considering starting a freelance business or transitioning into being a consultant, here are some good reasons why you should begin by freelancing on the side while still holding down the day job.

TRYING OUT FREELANCING STRESS-FREEYou need to build a runway of clients and have some income already flowing in before you quit your job – unless you’re willing to blow through a lot of savings or live on credit. By spending 10 to 20 hours a week landing freelance clients and working on their projects, you’re going to get a very clear gauge on how much work it takes to run your own business.

INCREASING YOUR INCOMEOne of the nicest benefits of testing your way into freelancing while you’re still working is the additional income. Whether it’s a few hundred quid or several thousand, set up a separate bank account for your freelance money, and don’t draw from it – so you’re actively building up a safety net for potential lean times ahead.

Words: Jeff Haden

BUILDING YOUR SKILLSFreelancing while you’re still working will help you gain experience very quickly, and hone your abilities under circumstances that are within your control. You’re not under the gun to take on an overwhelming number of clients. Instead, you can focus on delivering high-quality work on a small number of projects that’ll help you continue to get better at your profession.

NAILING DOWN YOUR FEESWhen starting out, most freelancers tend to greatly undervalue their services. When you’re bidding on a freelance project, always start higher than you think you should. Focus on communicating how much value you’re going to deliver for the client, and lean heavily on accomplishments and results you’ve already generated

for other clients. In addition, don’t underestimate the costs that go into running your own business. Familiarise yourself with all of the new taxes, fees, expenses and costs of living that freelancing full time will place on your shoulders.

CREATING YOUR PERSONAL BRANDHow do you want the world to see

you? In starting your freelance career, you’ll need to develop an online portfolio to display your work and show off what you can do for potential clients. What better time to do this than while you still have a steady income coming in from your day job?

DISCOVERING YOUR PASSIONSIf you’re spending your limited

hours of free time each day getting clients and working on multiple

projects, you’ll learn very quickly if you’re passionate about writing, designing, or whatever task you may be doing. You’ll also learn the types of industries you enjoy working in and the demographics of the customers you’ll likely work best with. Knowing what you’ll enjoy working on and whom you want to work with is crucial to setting yourself up for success.

LEARNING DISCIPLINEWhen you’re a freelancer, you need to have a fierce dedication to delivering great results for your clients regardless of the circumstances going on in your personal life. Procrastination can be the ruin of you. If you can find a way to dedicate a few hours each day to your freelance business while you’re still working full time, you’ll have no trouble running your own business and keeping up with deadlines in the future. n

JEFF HADEN is a best-selling business author. This article originally appeared on www.inc.com


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www.blglobal.co.uk March/april 2016 53

IT SEEMS THAT digital fingers are creeping ever-further into our lives, demanding more information, filling constantly expanding databases with user groups whose every page view, music download and restaurant preference is stored alongside bank account details and card transactions.

In the UK, there are fears that HMRC is using the move away from paper-based returns towards real-time transaction reporting to capture income and expenditure information in its minutest detail. And this raises questions not just about privacy, but also the far more tangible issue of security.

Organisations today can’t operate without holding our corporate and personal data, much of which (just look at the health tech sector) is information of the most sensitive kind.

Trust is the oil that enables economic

cogs to turn, and without it very little business would be done – but the demands of the digital era mean that whereas trust may once have been a matter of mutual responsibility for mutual benefit, today it has become much more one-sided. One party holds valuable information on another, who in turn only has as its leverage in the relationship an ability to consume a product or service.

Sony, Target and the US National Archives and Records Administration are examples of organisations that have lost tens of millions of their users’ records. In the UK, TalkTalk lost nearly 200,000. And in the Channel Islands, there have been instances of government employees accessing data inappropriately.

All of this reminds us that data security isn’t just about using firewalls to stop angry nerds with access to too much time and

Every day we share personal information online willy-nilly with companies and organisations – but how sure can we be that they are actually looking after that information?

Words:Kirsten Morel

Data securitywho can we trust?

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Organisations today can’t operate without holding our corporate and personal data, much of which is information of the most sensitive kind

technology. Sending emails, providing financial information, uploading photos to social media, we are constantly handing over our commercial and personal data to other organisations and, in the main, we have very little idea about the levels of security protecting our information. Yet, if something does go wrong, the consequences can be alarming.

The 2011 attack on Sony’s Playstation Network resulted in the personal information from almost 100 million user accounts being compromised, the details of more than 23,000 credit cards being stolen (although no claims for credit card fraud were made) and costs to the company of over £171 million.

At a very personal level, 500 private images of mainly female celebrities were stolen from Apple’s iCloud storage system in 2014. The hackers used phishing methods to gain usernames and passwords to the accounts and went on to post the images of hundreds of people across the internet.

UNDER ATTACKOf course, these are the attacks that we know about. The reality is that attacks happen constantly about which we’re not aware. “A key is that they aren’t reported,” says Matt Ferbrache, Head of Technical Solutions at C5 Alliance in Guernsey. He goes on to suggest that an EU reporting initiative could help focus attention. “Mandatory reporting would create an incentive to invest in security.”

Without any pressure to report, it’s difficult to know the full extent of security breaches or which sectors they most affect. But those we are aware of tend to have one thing in common – they’re big fish and they’re in the public eye.

“Governments and banks will invariably be attacked,” says Dave Newbold, Chief Operations and Technology Officer at JT Group. “Generally, it’s the visible entities that get attacked. Not being visible is a good way to protect yourself.”

The momentum to move online has become unstoppable and seeing the opportunity to cut costs, governments and health systems have become eager to digitise and centralise our most personal information. The question is, do efficiency gains come at the cost of increased risk to users?

The fact that episodes of medical record theft have

doubled in the US since 2010 and that 1.7 million medical records were breached by hackers in the first four months of last year suggests that it does. The reason medical data is in such demand isn’t because of a sudden criminal interest in health matters, but as part of the growing trend for identity theft.

The more detailed the information criminals have, the more likely it is that they will succeed in using your name to apply for bank accounts, credit cards and loans. This is also why stolen medical records cost over 10 times more than credit card information.

SECURITY MATTERSWith so much at stake, it’s surprising that security is rarely prioritised by individuals or organisations.

“Security means different things to different people,” says Mehul Kotedia, Director and Founder of secure vault startup, KYCme. “At one extent, there are people who don’t care enough to question email attachments. At the other end of the spectrum, how can you completely reassure people anything is 100% secure.”

Kotedia points out that there’s a lack of awareness among the general public, partly due to the subject’s complexity. “I think security is a difficult topic. Whilst many people think they understand it, very few want to scratch below the surface. The security industry does what it can to inform people and there are standards and trustmarks that make it easier.”

An ignorance of data security issues at an individual level suggests we are leaving it to companies and governments to ensure our information is stored securely. But even here, where data breaches can damage brands as well as bank accounts, there’s a diminished sense of responsibility.

“We ought to be concerned about data security because it isn’t high enough up the agenda,” says Ferbrache. “In the boardroom it’s not well understood.”


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Within the IT community, there’s been something of a struggle to get responsibility for information security acknowledged at board level. One way to speed things up may be to demand that security is represented around the boardroom table.

“I think it should be mandatory to have someone with IT expertise sitting on the board,” says Gavin Price, Head of Operations and Business Development at Sure. “That said, more and more companies are putting experts on the board who understand the issues and take responsibility.”

IT directors need to adopt a multi-layered approach to security, according to Price. “It’s about people, process, technology, regulation and governance,” he says. “Continually reviewing what’s going on, ensuring you are up to date and adopting best practice.”

The focus needs to be continuous because the hackers are always innovating, finding new ways to access information. “We’ll always be one step behind,” says Ferbrache. “You can never be 100 per cent safe, so it’s important to have systems in place to maximise awareness. For instance, if you can detect a breach, you can react accordingly. But I see many organisations that don’t have the relevant systems to know if they’ve experienced data loss.”

BEST PRACTICEIn the absence of certainty, businesses need to turn to probability, and that means adopting a risk-based approach. “Protection is a function of risk appetite versus ability to spend,” says Newbold. “There are a number of models you can use – such as ISO and PCI – but none are going to guarantee that you are protected. And on top of that, you’re always reliant on fallible human beings.”

The fallibility of humans is often vital to an attacker’s success as phishing attacks rely on people

being fooled into disclosing their personal information with fake emails or dummy websites that closely mimic those of banks or other institutions. The TalkTalk attack, for example, began with a Distributed Denial of Service (DDoS) attack that swamped the firm’s website with requests and served to distract security personnel while the hackers stole customers’ data without being noticed.

Today, we live in a world in which we give away our personal information without much understanding of who is receiving it and how they are looking after it. Criminals want that information because it’s valuable, but most of us do very little to ensure it’s treated with care in spite of the fact that, as Newbold puts it, “all of us should treat personal information as cash”.

So what can we do? For Price, security is a two-way street in which trust is best built by both parties. “Firms can present their approach more clearly but quality assurance standards and kitemarks do help to provide an easy way for customers to understand a company’s approach to security,” he says. “We, as customers, must also take the time to read and understand what the business is offering.”

As governments hurtle towards eGov and companies insist on dealing with us online, there’s no doubt that consumers should be more engaged when it comes to understanding security issues.

Clearly there’s no 100 per cent security guarantee, but time and again, some of the biggest names in the public and private sectors are shown to have failed at even the most basic security concepts. If the Channel Islands and other jurisdictions are to continue down the road to greater online services, they need to do a great deal more to gain the trust of users. After all, they have their own identities at stake. n

KIRSTEN MOREL is a freelance technology writer


From reading anywhere you please to eradicating mistakes made with ‘sausage fingers’, here are the apps that are making our writer’s life easier this month

Five apps we’re loving right now

TAPE A CALL PROEver wish you’d recorded a phone call? This app cleverly uses conference call technology to do just that. There’s a local number for each country, which you set in the app. You then call it and the person you want to speak to and merge the calls. It works with incoming calls too – ask the caller to hang on, minimise the call and start the app, merge the calls and start talking. You can listen to the recording on your phone, download it, email it or share it. You’ll need restrictions for conference calls lifted by your mobile carrier, so try the free version first to make sure it works on your phone.£7.99

KINDLEIf you’d told me two years ago I’d be reading everything on my phone, I’d have laughed. But the last laugh would’ve been on me. Amazon’s Kindle app is free for phones, tablets and computers, and automatically syncs between them. Start reading on one device, then open it on another and you’ll be at the right page. I now read everything on my phone – I can read in bed without the light on because the screen is lit. The app also lets you look up words in the dictionary, annotate, highlight and share quotes by email or social media. And all the classics that are out of copyright are free to download. Free

SWITFKEYThis app made the news earlier this year when it was bought by Microsoft for a whopping $250 million – which wasn’t great news for one co-founder, who’d sold his shares way-back-when to buy a bike. Swiftkey replaces the keypad in other apps and from the off is a better predictor, spotting when you’ve typed words together without spaces and suggesting phrases as well as words. It also learns quickly as you type, remembering the words and phrases you use – so it’ll suggest your email address as soon as you type the first letters. I’ve become a faster, more accurate typist – despite my fat fingers.Free

CONVERTER PLUSThis app converts anything and everything. Confused by Fahrenheit and Celsius, Kelvins and Rankines, this app will work it out for you. Feet or inches into metres, speeds in kph or mph, volumes, weights, cooking measurements (how many floz to a jigger?), wind speeds, fuel consumption, shoe sizes … You name it, this app converts it. Just select your two categories and type in the number of units you want converted and you get it both ways. It can also tell you your body mass index or calculate your golf handicap, taxes or loan costs. A number cruncher par excellence in the palm of your hand.Free

DROPBOXYou may have thought that Dropbox on your PC was just for sharing files and folders with work colleagues, clients, friends and family, but the app can also save you having to carry documents around with you and will also automatically back up your photos. MOT and insurance documents are a popular choice for Dropbox, and cooks might like their recipes to be available at the press of a button too. And whatever you store on Dropbox will be available on your app. It’s the best of all worlds.Free

Technology

Words: Chris Wheal

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No matter who you’re writing for, this one-day masterclass in copywriting will help you make your message clear, concise, memorable and even entertaining.

COURSES ARE LIMITED TO A MAXIMUM OF EIGHT DELEGATES TO MAKE SURE THAT EVERYONE GETS THE MOST OUT OF THE DAY

www.blglobal.co.uk/TRAININGONE MONTH OF EDITORIAL SERVICES FREE! All delegates will receive one month of editorial support following the course (limited to two pieces of copy).

The course will cover:n Understanding your audience and tailoring

your content to themn How to plan and structure your copyn Headlines, standfirsts and introductionsn Common mistakes – and how to avoid themn Using quotes to bring your copy to lifen How to edit your own copyn Making engaging stories out of the driest factsn Improving your readabilityn Voice and tonen When (and when not) to use humourn How to convey technical information in an

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Property

BLpropertyThe commercial property markets in Guernsey and Jersey appear to be moving in different cycles right now, posing distinct challenges and opportunities for both islands

▼

Words: Kirsten Morel

JERSEY AND GUERNSEY’S commercial property sectors headed in two different directions last year. While cautious optimism was being expressed in the former, the general feeling in Guernsey was that the market was in danger of stalling after an intensive period of development. Now, as we look ahead to the rest of 2016, it’ll be interesting to see how the islands fare.

The big fear for 2015 was of a potential slowdown in Guernsey, and while the market softened it didn’t grind to a halt.

“Property in Guernsey hasn’t torn away in 2015, but there have been some sizeable deals, which is promising,” says Martyn Baudains, Guernsey Property Partner at law firm Ogier. “One of the island’s most valuable properties – Trafalgar Court – sold, as did Dorey and Martello Courts.”

These sales were by share transfer, so we don’t know the prices paid because they didn’t go through open court. But the fact that they changed ownership displays a confidence in the island that, last year, some feared would disappear.

As well as these prominent sales, the Co-Op’s GT Cars site finished its transformation from a breaker’s yard into a modern petrol station and warehouse. The Les Caches site in St Martin also completed its redevelopment into nine modern, light industrial business units, creating more room for economic growth in the island.

If the tale of 2015 in Guernsey was about avoiding a stall, Jersey was more about picking up the pace. “Towards the end of 2015, the

two islandsA tale of


occupational market picked up a lot,” says Phil Dawes, Managing Director of BNP Paribas Real Estate in the Channel Islands. “If you have the right product then tenant demand is strong. Over the past three years, we’ve seen improved take-up year-on-year and looking ahead we can expect to see increased consolidation amongst the corporates.”

ALL TOGETHER NOWThis move for companies to consolidate into a single building is driving the development of office space in Jersey. “A lot of large corporates are having to occupy multiple sites within St Helier as there is currently insufficient grade-A office space available, which naturally results in inefficiencies and increased cost for the occupier,” explains Dawes.

This issue is now being addressed and several large, high-profile office developments are already happening. The first building of the Jersey Development Company International Finance Centre is well under way. In addition, Dandara hope to complete Gaspe House this year – a-six storey development on the Esplanade, much of which has already been pre-let to Royal Bank of Canada – and they have already started work on 27 Esplanade.

Demand is strong enough to sustain

rental values in the face of increasing supply, with grade-A space in St Helier attracting headline rents in the mid-£30 per sqft range for 15-year leases.

In Guernsey, where confidence may be lower, the lack of supply is helping to maintain rents. “There’s not much grade-A available for rent and the price is probably holding up well at about £35-36 per sqft,” says Baudains.

As the larger companies move towards Jersey’s Esplanade area, they create space elsewhere in St Helier, something Chris Philpott, Partner and Head of the Property Group at Carey Olsen, sees as positive. “A lot of businesses in mid-sized 20- to 30-year-old premises are looking for new options,” he says. “I’m quite encouraged by that. If people leave secondary office space, it will release further development opportunities in St Helier.”

“Going forward, landlords owning properties in secondary locations will have to be creative, and be able to offer occupiers flexibility as well as a quality product,’ says Dawes. “Flexibility is likely to become increasingly relevant, particularly as we’re seeing a number of companies expanding rapidly, and therefore don’t want to commit long term.”

Baudains agrees with the need for improvements and believes that they are

actively attracting companies. “Secondary space is about £28 to £32 per sqft and landlords are improving secondary stock in order to attract tenants,” he says.

BALANCING ACTAcross the water, whilst activity may be less than in Jersey, the key point is that Guernsey’s commercial property market isn’t in decline and, according to Baudains, this is the case across sectors.

“Guernsey’s high street is quite positive, with some lease renewals, so nobody is going anywhere else,” he says. “There’s a lot of enthusiasm in the restaurant trade. For instance, Randalls have taken the Old Slaughterhouse site, Burger King is going to Guernsey and other restaurants have opened up. Industrial space is also filling up again, bringing a balance to the market.”

Marc Burton, Managing Director of Jersey-based building firm Camerons, is upbeat about the extent of activity in Jersey and points out that there may be perfectly understandable reasons why Guernsey is not quite so busy.

“There’s a significant amount of activity in the town centre in St Helier,” he says. “Charing Cross and Hilgrove Street are going to have new buildings and we’re seeing the first wave of redundant office blocks being converted into new flats.”

He adds: “The islands operate on different economic cycles and Guernsey’s completed most of its primary office redevelopment. They’ve completed a number of significant infrastructure projects and Mare de Carteret School could be on site in 2016. Guernsey made its investments during the recession

Property

While the two islands share many similarities, each has to plot its own path for development, and that could yet lead to two different futures

This page: St Peter Port,

GuernseyPrevious page:

Trafalgar Court, Guernsey


and today you can see the first signs of confidence coming back.”

With Jersey regaining the confidence that faded during the recession and Guernsey taking tentative steps up from an earlier plateau, the islands’ governments are, on the one hand, promoting growth and on the other drawing from it in the form of taxes and levies.

“Locate Jersey has done a good job promoting the island and there is a political will to prioritise diversity. If the government continues to drive for diversity, then office space will continue to be taken,” says Burton.

When it comes to extracting from the industry, new levies and obligatory agreements can only mean one thing – taxes. “I’ve noticed an increase in the use of Planning Obligation Agreements to secure the improvement of public amenity space in the location of approved developments” says Philpott. “We’re waiting to see the outcome of the property tax review but there could be some wholesale changes.”

Guernsey is increasing document duty on share transfer transactions. There’s a sliding scale of payments, although Baudains estimates that three per cent is about the average. “There might be a slight price adjustment but I don’t know that it’s going to make a massive difference,” he says.

Jersey’s Minister for the Environment has also raised the spectre of an infrastructure levy ‘to help fund community infrastructure and encourage affordable

housing’ and this is something in which Burton believes the construction industry will be taking a keen interest.

“We have to consult with him on this because it will have an impact,” he says. “We’ve had a lot of positive consultations on previous versions (this is the third) and as an industry we have to consult on it.”

TOWN MASTERPLANOf course, maintaining confidence and growth is a balancing act, but with St Helier’s waterfront area committed to the finance industry, the island’s government has created a north of town masterplan to provide an image for the transformation of existing residential areas.

There is however, one issue that the States can’t control. “The masterplan is a massive opportunity and the States need to engage with private landowners to ensure they participate in the successful delivery of this plan,” explains Burton.

Only time will tell whether the Minister sees the infrastructure levy as a way of kick-starting out-of-centre development, but if he does and if it works, development in St Helier could prove transformational

and may deliver a quality that will help sustain development and the economy.

“The key is to make St Helier aspirational to live in,” says Philpott. “We’ve a real opportunity to do different things here and if you succeed in that, then it will benefit the whole island.”

Whether Guernsey follows suit and seeks mechanisms that will encourage development in less obviously commercial areas remains to be seen. The property sector has still to find its feet and while the islands share many similarities, each has to plot its own path for development, and that could yet lead to two different futures. n

KIRSTEN MOREL is a freelance business writer

Property

Jersey International Finance Centre: Building 4 (artist rendering)


With their in-depth knowledge of residential property in Guernsey and Jersey respectively, Richard Hardie, Director at Livingroom Estate Agents, and Geri O’Brien, Head of Office at Savills, are perfectly placed to share their view of the current market and what lies ahead

What’s your view on the current health of the property market on your island?Richard Hardie: In Guernsey we have the Local Market and the Open Market. The Local Market is for people who are born here, as well as people who come here for certain jobs and obtain licences. That market is considerably cheaper than the Open Market, which is generally for higher-net-worth people coming from the UK or EU. For years, the Local Market was on the rise, but in the past 18 months to two years, we’ve seen a decline in value and the number of properties being sold. I’ve got a feeling, coming into this year, that we’ve plateaued and that we’re likely to see that market remain stagnant for a year price-wise, with an increase in sales as people take advantage of that. As such, we’ve started this year exceptionally busy.

As for the Open Market, there are roughly 1,700 houses that

Words: Nick KirbyPhotography: Chris George and Glen Perotte

Richard Hardie

The

interview

Property


▼

Geri O’Brien

fall in that category, and that is fixed. So it’s a case of when those houses come on the market. For the past five years, that market has struggled, but in the middle of last year we started to see green shoots and I think we’re very much going to see that continue. Geri O’Brien: Jersey was unusual in that it bucked the trend of the recession – while prices in London were falling, they were going up in Jersey. But price growth has normalised in the past year. That said, it’s still a price-sensitive market – people still want value for money and vendors need to be realistic about their expectations. In terms of volume, there are certain markets that do struggle. About 92 per cent of transactions are up to £1 million and of the remaining eight per cent, 80-plus properties were in the £1 million to £2 million price range, whilst a further 20-plus properties sold in higher price ranges.

Both islands are after the high-net-worth market – are they making themselves attractive enough, and are Locate Guernsey and Locate Jersey helping with the process? GO’B: It’s true that Jersey is actively encouraging applications from potential high-value residents and those who are thinking of moving their businesses here, but I think estate agents have a big role to play. It’s our job to point out why the island is an attractive option for them. When I collect clients from the airport, it’s generally to view some properties and get a feel for the island. I feel it’s important that I show them what a great and safe place it is to live. Agents are often the first person they meet and it can have a big influence on their decision.

That said, Locate Jersey are doing the practical work – playing an important role in the application process. This normally involves a meeting with Kevin Lemasney, the Director of High Value Residency at Locate Jersey, and the submission of an application, which is reviewed by the Comptroller of Taxes and the Population Office. If approved, Kevin notifies the applicant, who can then rent or buy a qualified property and take up residency.RH: Locate Guernsey is the new kid on the block compared with Jersey, but it’s definitely a positive development. I suspect that this year will see a steady increase in what they are doing, and next year will gain some proper momentum. People of all backgrounds think about moving to Guernsey, and while Locate Guernsey has been set up to attract high-net-worth people to the island, they’re also here to go out and sell the island – and Guernsey has historically been poor at that.

Some people, such as first-time buyers, would argue that property prices in the islands are expensive – is pricing just a case of supply and demand, or are we due a correction?RH: To be honest, where aren’t first-time buyers struggling? It’s a common problem. But there’s a bigger point. We have plenty of first-time buyer stock, but the expectation of the first-time buyer has changed. They want the second-time buyer house – they want what their parents live in. I think we’ve already seen a correction in prices and we have a lot of stock between £200,000 and £250,000, which would be considered first-time buyer places, but in many cases their expectations are unrealistic.GO’B: I’m of the opinion that pricing is just a case of supply and demand. Part of my job is to look after my vendors. However, that could mean helping them understand that a particular offer could be as good as they’re going to get. After all, you’re only going to get what people are willing to pay.

What’s your take on the current situation with population rules in the islands? Do they help keep things on an even keel or do they restrict business?GO’B. I personally feel that the regulations are an important part of what makes Jersey a good place to live. Our government has considered all aspects of regulation over the years, and they do make changes. For instance, registration cards have replaced social security cards. And you need one if you move to Jersey; if you live here and buy or lease a new property; or you live here and start a

Property

Property


new job with a new employer. Due to the relatively small size of the island, there are special housing categories and rules designed to control population.RH: Our rules are a lot simpler than Jersey’s. On the high-net-worth side, they’re trying to attract people in, and the laws are very straightforward for Open Market people to come here. As for the Local Market, there’s a bit of a debate at the moment with licence holders. Have the States made it easy? Possibly not. Are they looking to make it easier? Yes, they are. Does business on the island think that they are making it easy enough? Probably not.

There was a big IoD debate recently, and one question asked for a show of hands on whether you would allow 70,000 in. Hands all went up. 80,000? Hands all went up. 90,000? Hands all went up. So I think there’s an appetite for more people to be allowed to come to the island. That said, it’s a tricky one. To be fair to the States, they’re better than they were, so it’s evolving.

Is the amount of available housing stock an issue?RH: The Open Market might be limited to 1,700, but we’re nowhere near that being a problem right now, as there are currently about 200 properties for sale. In the heyday of the 70s and 80s, there was very little stock, but that’s dramatically changed and there’s plenty of stock to get through. As for the Local Market, there’s plenty to go around right now, but a lot of property is currently going under offer.GO’B. It’s a similar picture in Jersey to be honest. There’s plenty of stock available through the price ranges. I think the level of stock is the same as when I started nine years ago. We’re lucky here – colleagues in the UK tell me how short on stock they are. We have plenty of stock and we work hard to move it. The mainstream of the market moves better, whereas the higher end can stagnate some times.

Are there any exciting projects under way at the moment?GO’B. There are lots of exciting projects under way. When I drive into work every morning it’s great to see the tower cranes in the sky and the scaffolding stacked high – it’s a real positive sign that there is lots of business going on. In the old St Helier Parish yard at Westmount, Dandara are building 245 apartments over four blocks. From what I hear, one block has sold out, a second is over 50 per cent reserved, with the remaining two blocks released to the market later this year. On the Parade, Premier Contractors have completed 17 apartments at their General Don development. I believe they’re all sold. To the rear of town, a former office block on Bath Street has been converted into apartments, and many of these units have been reserved. Looking ahead, plans have been passed on the site of the former Metropole Hotel for 179 one- and two-bedroom apartments, which are sure to be of interest.RH: Unlike St Helier, there really aren’t many places in St Peter Port where you could actually build anything else. One St Julian’s Avenue is a very nice recent development, and there are a few apartments left. And there’s going to be one more apartment development at Havelet Bay – and that really is a case of ‘location, location, location’, looking straight out to sea and the castle at night. I suspect those won’t struggle to sell.

Are your respective planning departments amenable when it comes to building new properties?RH: I’d say they’ve become a lot more amenable. What you can do is knock an Open Market house down and rebuild it, but you can’t suddenly create another Open Market house – and you can’t put one where there hasn’t been one already. On the Local Market, they have development areas in St Peter Port and St Sampson, where people are potentially allowed to subdivide. The States are also looking at creating zoning areas, where people can

Our rental departments are consistently very busy and they’re often seeking extra properties because there’s a high turnover

Property


sell their land to create more houses. Aesthetics are a huge thing for the planning department – St Peter Port is a very pretty town and the States are aware of that. We still have a lot of Georgian and Victorian properties, but at the same time they’re not afraid of modern. I would say they’re much more amenable than they used to be – but everyone is going to have their opinion on that, especially if they’ve had a plan turned down. GO’B: In my experience, the planning department in Jersey is generally accommodating – but you have to be realistic, and if people aren’t, they don’t get what they are looking for. My experience of planning is that they’ve always been helpful.

What’s the state of the rental market where you are?GO’B: We have a good rental market that’s pretty well priced. Because of population rules, some people have to rent for a longer period, which tends to support the rental market. Like anywhere, it’s not always easy to get on the property ladder, so the rental option has to be available. You also have the high-net-worths who may want to rent before they decide where they’re buying. The only problem is, we don’t have a huge amount of high-end rentals, so that can be challenging.RH: I’d echo most of what Geri has said. Our rental departments are consistently very busy and they’re often seeking extra properties because there’s a high turnover. Stock is definitely getting tight and it’s a very fast market. We have a lot of young people who are going into rental whether they are couples or sharing – at least before they opt to buy.

And finally, what’s your outlook on the property market for the next three years?RH: I think rentals are always naturally going to be busy. Even if we didn’t even have licence holders or Open Market people coming into the island who want to test where they live, people will always be moving on the island. It’s cyclical – people move from place to place for all sorts of reasons and rent properties. On top of that we have all the people coming into the island as well. So I believe rentals will always remain busy. And that isn’t going to change – it might get busier, but it won’t get slower.

As far as sales in the Local Market are concerned, I think we’re plateauing out – we’re going to have a year of price stagnation, which I think is a good thing following the correction we’ve seen. I think this year will be stable and the natural progression would be to see prices start to increase again next year and the year after. On the Open Market we’re not going to see prices increase this year, but we are going to see more interest and start to clear some stock – and then prices are likely to rise in the following two years.GO’B: In Jersey, the future looks good for the wealth management industry and I believe this will have a direct impact on the housing market. They have adapted their business model to the changing regulatory environment, and the continued growth of global wealth management represents a terrific opportunity for Jersey’s economy. This active economy will be reflected in a very active housing market, in my opinion. n NICK KIRBY is Editor-in-Chief of BL magazine

colleagues in the UK tell me how short on stock they are. We have plenty of stock and we work hard to move it

Letting agents: Chris Daniels / BNP Paribas Real Estatetel: 01534 629001 / email: [email protected]

www.jerseydevelopment.je

•NewGradeAofficeaccommodation

• Prime location

• BREEAM ‘Excellent’ rated

•Regularshapedfloorplates

•Naturallighttoallelevationsonallfloors

•Columnfreefloorplatesprovidingfullflexibility

• Occupancy density 1: 8m2

•Officespacefrom2,500sqftto70,000+sqft

• First building completion February 2017

Importance of Natural Light in the Working Environment – IFC JERSEY buildings are designed to maximise natural light; benefiting health and improving productivity in the workplace.

It will not have escaped the attention of many that thestructureofthefirstbuildingattheIFCisstartingto emerge from behind the hoardings. With all of the ‘noise’surroundingthisdevelopment,someofthepositivebenefitsoftheschemehavebeenslightlylost.

Therearemanyfactorsthatcanaffectworkplaceproductivity; however one important factor sometimes overlooked is lighting. Being built on a clear site as opposedtoaterrace,thebuildingsattheIFCwill have four clear façades and will provide an unrivalled level of natural light to the occupants.

A recent study undertaken by Northwestern Medicine andtheUniversityofIllinoisreportedthatofficeworkerswithmorenaturallightexposureattheofficehadlongersleepduration,bettersleepquality,morephysicalactivityandabetterqualityoflifecomparedtothosewith less natural light exposure in the workplace. One of the conclusions of this report was for businessestotryandensurethatasfaraspossible,workstationswerewithin7.5metersfromawindow.Thisisalsorecognised by Building Research Establishment Environmental Assessment Methodology (BREEAM). BREEAMawardacreditfor‘ViewsOut’whichrequires80percentofoccupantsofanofficebuildingtobewithin seven meters of a window. Buildings 4 and 5 – thefirstIFCbuildings–willprovide100percentofitsoccupiers’ desk space within seven meters of a window.

The impact of natural light on occupants’ wellbeing should not be underestimated. There is a raft of research to support this and shows that access to natural light can reduce absenteeism by up to 15 per cent and can boost productivity by a similar amount.

A comprehensive study in 2008 conducted measurements of the physical environment and occupant satisfaction for almost 800 workstations inninedifferentbuildingsanddemonstratedthatlack of access to a window was the biggest risk factor for dissatisfaction with lighting. A more recent study undertaken in Britain and published in ‘The ResponsibleWorkplace’ showed that proximity to windows was the number one determinant of an occupant’s level of satisfaction with a building.

Anotherkeybenefitofoptimisingnaturallightconditions is to reduce energy consumption. Artificiallightingcanberesponsibleforupto40percentofanoffice’senergyuse,maximisingdaylightprovisioncanplayasignificantroleinreducingenergylevels,andmoreimportantly,cost.Clearly,designersmustalso balance a number of other factors such as glare andsolargain,howeverthedesignofthefacadescanmitigate this and reduce the need for additional cooling.

At a time where businesses are increasingly aware of their commitment to corporate social responsibility andthelocalemploymentmarketissomewhatrestricted,thebenefitsofoccupyingthehighestqualityofficeaccommodation are substantial. Businesses are not onlycompetingtoattractthehighestcalibrestaff,there’s also a need for the retention and wellbeing oftheirexistingstaff.Providingthebestnaturallightresultsin:-happierstaffwithfewerillnesses,increasedproductivity,reducedabsenteeismandareductioninenergyconsumption.Thisisnotsomenebulous,woollyconcept;thesignificantresearchprovesnumerouscommercialbenefitsandwillfigurehighlyonthewish list of businesses seeking relocation.

Chris Daniels BNP Paribas Real EstateLetting Agent for IFC JERSEY tel: 01534 629001email: [email protected]

www.jerseydevelopment.je

Property


Peace in a podWords: David Burrows

WORKING FROM HOME is increasingly becoming the norm these days. Why waste hour upon hour every day standing in a train carriage with your face in someone’s armpit, or bumper to bumper on a slow-moving motorway, when you could be showered and sitting at your desk in five minutes?

According to the Office for National Statistics, the number of people working from home in the UK has risen to its highest level since records began in 1998. The most recent figures show that there are 4.2 million home workers in the UK, representing 13.9 per cent of the workforce.

And it’s not just the self-employed who are appreciating the benefits – many large companies now actively encourage employees to work from home several days of the working week.

Technology means it’s possible to work efficiently and securely from home. Gone are the days of floppy discs in the post and conference calls that sound like they’re conducted under water. Information and communication is instant and it doesn’t matter if you’re sitting at your desk in a city centre or at the kitchen table in your cottage by the coast.

Tired of the commute? Want to work from home but don’t have the space? Then why not set up an office in your garden

Property


Of course, the downside of working from your kitchen table or your living room is that there’s no home/work separation. While you may be happy to forego the daily commute, never getting out of your house can leave you isolated.

Not surprisingly, some home workers are opting to use hot-desking spaces or communal offices some of the time. This is OK as long as you only need your laptop and a pen, but you can’t bring all your files with you. So another option is to base yourself in a serviced office, where you have a designated place of work. But as with hot-desking, there are costs and it does involve some commuting, albeit more locally.

An altogether more appealing option is a garden office or ‘pod’, a custom-built workspace from which you can run your business in a professional environment just a few paces from your back door.

HOME AND AWAYWe’re not talking about setting up an office in a garden shed and running electricity from a plug in your kitchen here; we mean a fully functioning workspace.

As you might expect, garden offices come in different sizes and with different options to suit specific needs and budgets. As James Fox, Marketing Director at thegardenoffice.co.uk, explains: “Our smallest office, ideal for a one-man business, would cost £8,995, while the largest office (30 square metres) could comfortably accommodate seven to eight employees and be used for regular business meetings. This size office would cost between £50,000 and £60,000 depending on specifications.”

For those with a penchant for DIY, you can keep the price down by having the office delivered in panels and assembling it yourself. Many manufacturers offer dual options – Dunster House’s Lienne MKIII garden office (3.8 metres by 2.7 metres), for instance, costs £6,485 if you take the DIY route, but £10,736 if the company installs it for you and lays a base.

In many cases, however, manufacturers will deliver your pod fully assembled. It arrives on the back of a trailer – ‘plug and play ready’ – and is simply laid on top of a prepared site. And because these are portable timber-framed constructions, there’s no need to dig down and lay foundations. Depending on accessibility, the units are moved by forklift truck or dropped into place (on four concrete blocks) by a crane.

As Archie Hunter, Managing Director of garden pod manufacturer Armadilla, explains, moving the unit from trailer to site can take as little as half an hour. He adds that the overall time savings, from ordering to delivery, are significant – two Armadillas were recently installed on Jersey in a matter of hours.

“If you want to set up a business quickly, you could have a state-of-the art office established in a month or so,” says Hunter. “This is in stark contrast to a brick building or extension, which will require building regulations and drawings, not to mention the disruption during construction.”

He goes on to explain the broad appeal of garden offices. “While the majority of clients buying our pods are self-employed – anything from graphic designers to physiotherapists – we’ve seen a growing number of companies encouraging employees to set ▼

Property


I ♥ OUR PODLynsey Conway is a freelance PR consultant. She moved house in 2014 to Bramshott on the Surrey/Sussex border. Initially working from the kitchen table, Lynsey decided a pod in the garden provided a more suitable location to base her business.

“We had the choice of converting the loft and going through planning and building regs – not to mention the cost of around £30,000 and the inconvenience of construction – or purchasing a ready-built office pod for £16,000. Not surprisingly, we chose the second option.”

Lynsey explains that there were some additional costs but they were optional rather than compulsory. “Because our pod is on a slope at the bottom of our garden, we decided to raise it on four concrete stilts and build decking (with in-built LED lighting) around it. This added another £3,000 to the costs but it’s what we wanted.”

Having just taken delivery of her pod (below), Lynsey is looking forward to having a convenient, quiet and dedicated work space. “It’s going to be worth the expense,” insists Lynsey. “I often have to phone clients in the US and my husband, who is a financial journalist, often has to call fund managers in Singapore and Japan at 6am. The idea of commuting into a city at this time isn’t practical but with a garden office we can be showered and at our desk in minutes!”

CHECKLIST➢ Check that planning will not be required (in 95 per

cent of cases it won’t)➢ Factor in all the costs – landscaping, decking, electrics➢ Does the manufacturer deliver to your area (not all

distribute to the Channel Islands)➢ Can the cost of the pod be classed as a business

expense and thereby qualify for a VAT rebate?

up proper office facilities at home. Companies are aware of the cost

of large office space, but they’re also accumulating carbon credits for employees working from home and not adding to the traffic numbers.”

He adds that trade unions and companies’ HR departments are well aware of the importance

of their employees working in healthy, ergonomically designed

workspaces.Indeed, the quality of your work

environment is essential to achieving and maintaining a productive output. And your

kitchen or lounge may not tick too many boxes on this score, if there are trailing cables, an unergonomic desk set-up, poor lighting or disturbances as members of the family wander in and out.

PROFESSIONAL TOUCHAs James Fox points out, a stand-alone, well-lit, insulated office space with underfloor heating and purpose-built desks and storage, provides the professional touch most businesses need.

He agrees with Hunter that the speed at which a pre-assembled office can be set up is a huge benefit and highlights the potential financial savings. Garden offices are a cost-effective way of reclaiming space in your house too, he says. The financial implications and inconvenience of converting a loft or building an extension can be massive, whereas freeing up room by installing a garden office is simple and far less punishing on the bank balance.

So, having a beautiful office pod at the bottom of your garden may look fantastic but what of the practicalities of telephone connections, electrics and wi-fi?

Hunter is quick to offer reassurance over such concerns. “One of the easiest things is the electricity. It’s simply a case of running cable from the house – the pods already have sockets ready installed. It’s a simple job for an electrician,” he says.

With wi-fi there are a couple of options. You can use the wi-fi from the house, but it depends on the distance involved – the signal will be weak if your office is at the bottom of a 100-yard garden. The other option is to use the electrical connection from your house to the office pod. Electrical power is supplied and distributed around your house at 50Hz. However, the wires are actually capable of carrying a range of other frequencies that can be ‘tuned-in’ using appropriate equipment. Generally any circuit working on the same electricity meter will provide a good wi-fi connection.

Whether you are situating your garden pod on the UK mainland or in the Channel Islands, the planning conditions are largely the same. Outbuildings are generally considered to be permitted development, and don’t need planning permission, subject to a number of limits and conditions.

The pod manufacturer will provide guidance but these are the key things to be aware of:● The pod should be no higher than three metres, from the bottom

of the building to the top of the roof● It shouldn’t be next to a house that is a listed building● The office shouldn’t be erected in an Area of Outstanding Natural

Beauty such as a National Park or in an area of archaeological potential.Because pods are classed as temporary structures, you also have

the option to take them with you if you move house. So, if you’ve been thinking of working from home more, maybe it’s time to discover something magical at the bottom of your garden. n

DAVID BURROWS is a freelance business writer (and has a pod in his garden)


Property

Want to add some value to your property? well, don’t just think about a loft conversion or installing a new kitchen. there’s plenty more to home improvement than that

Words: Ben Jordan

Home is where the smart is

WHEN YOU HEAR the words ‘home improvement’, you may think of Tim Allen, the haphazard handyman star of the US TV show of that same title, whose way with power tools gave us a sound lesson in how not to do it yourself. Over the past few years, however, the world of DIY has been elevated to a new level. Forget four walls and a roof – we’ve seen a complete shift in what we traditionally think of as a home.

Take the recent news story about the 64-year-old American bachelor who lives inside a Boeing 727 jet parked in the middle of a forest outside Oregon. The retired engineer says he has plenty of time to maintain the metal hulk because he’s single. It’s tempting to wonder if the two go hand in hand.

From secret rooms installed behind bookshelves, to people in Notting Hill drilling down into basements, the developed world is humming with disruptive ideas. It’s never been trendier to DIY. YouTube, Pinterest and countless blogs inspire us with ‘house hacks’ and quirky conversions. And who doesn’t watch Amazing Spaces and Grand Designs?

But when it comes to doing it yourself, Oliver Westgarth, Director at CCD Architects in Guernsey, advises homeowners to be circumspect. “One thing to be aware of is that ideas picked up from social media can result in a mishmash of designs from different ▼


Property

sources,” he says. “While this can be a positive and empowering thing, it can also become confused and disjointed and dilute the overall composition.”

On the other hand, Jason Powers, Director of NorthGates Guernsey, thinks a dose of imagination can be a good thing. “Your house is your castle and so emotions and aspirations will push the boundaries of reason and logic,” he says.

ADDING VALUEGetting home improvements right is especially important if you’re looking to sell a property – whether it’s somewhere you’ve lived in for years or something you bought to fix up. With property prices across the UK still on the rise, people are looking to add value before putting their property on the market.

All of this is nothing new – plenty has been said about the value home improvements can add to a property. UK property consultancy Move with Us offers an online calculator, which indicates the average rise in value of carrying out various home improvements. The top three are adding an extra bedroom (average rise in value of 8.8 per cent), a loft conversion (7.1 per cent) and an extra bathroom (6.1 per cent).

Of course, the value you add will depend on the amount you spend. There’s no point installing a £50,000 bathroom suite if it isn’t going to add more than that in value.

Westgarth makes another important point: “It also depends if you’re talking about monetary value or quality of life value. For instance, many feel that building with sustainable materials and using renewable energy to power your home has an environmental value, which is separate to the monetary.”

You also need to consider whether you're looking to sell in the near future or whether this will be the family home for the next decade. “There’s always a degree of subjectivity in sale value,” says Westgarth. “It’s quite possible for a future buyer to be put off by perceived ‘over complicated’ eco-tech, just as easily as they might get turned on by it.”

So is there a magic bullet for adding value to your home? Westgarth has a simple answer. “With existing or new homes, I’d suggest a relatively sound way to improve value would be to improve the thermal performance of the property via better insulation, known as a ‘fabric first approach’. In basic terms, the aim is to create a home environment that’s as thermally efficient as possible, thus reducing running costs and energy requirements.”

Powers reckons it’s all in the detail. “The most exciting phase is the finishes – ensure there’s enough budget to do this well and it will create the most positive feel and added value to a property. Try to have a cohesive interior design – picking personal favourites ad hoc might be correct for each element, but when put together it doesn’t flow or create the ‘wow factor’ intended.”

ISLAND LIFE Because the property market in the Channel Islands moves slightly differently to the UK, does this mean home improvements should also be viewed differently? No, says Westgarth. He advocates a universal approach. “There aren't drastic differences between the UK and the Channel Islands,” he says. “When we start a project with any homeowner, we establish what they’re trying to achieve and then drill down to the specifics. I suppose one of the biggest differences is the extreme weather conditions. We live on exposed islands, which gives us a rough, tough marine environment, so this needs to be considered from a technical standpoint at every stage.”

Steve Romeril, Managing Director at AC Mauger Small Works, offers his perspective. “Over the past few years, we’ve seen an


Property

increase in demand to extend the living areas of properties – matching the UK trends. Nowadays it seems people prefer a large kitchen/diner as the heart of their home, with plenty of space, and have no requirement for a separate dining room,” he says. “We also match the UK in adding bathrooms to homes – especially en suite – and extra bedrooms. All of this can add value.”

But what value do these improvements make? “Because building extensions are so varied, it’s difficult to put a figure on how much they cost or how much value they will add,” says Edward Poynton, Managing Director of Style Windows. “Extensions that are done well, adding good-sized extra rooms in a way that is sympathetic to the home or transforms its character coherently, can be a major selling point here in Jersey. But more importantly this creates a more spacious home that can be enjoyed by the owner for many years before they even need to think about selling.”

Beyond the tried and tested methods of adding value to your home – such as loft conversions, swimming pools and interior fit-outs – we’ve rounded up some essential advice from the experts to add to your utility belt.

● CONSULT THE PROFESSIONALSWestgarth believes this is essential. “Use a chartered professional to help guide you through the process,” he says. “Professionals have spent most of their adult lives considering the difficulties that have to be overcome on building projects. As ‘punters’, we’ve only been exposed to the good stuff – we've seen Homes Under the Hammer and Grand Designs and browsed Pinterest – but if you want to achieve ambitious ideas, it's always worth investing in advice.”

● DON’T BLINDLY FOLLOW THE HERD“Stay open minded,” advises Westgarth. “It's always best to maximise natural light, but don’t just follow trends and jump straight into ‘open plan’, for example. As home users have gradually pulled back from this craze, one architectural journalist has coined the phrase ‘broken plan’. It's best to sketch out a plan that provides different spaces for different times and uses.”

● BE CLEAR ON YOUR OBJECTIVESPowers points out: “Most people don’t have the option of vacating their property, so they must be prepared for the extent of disruption that any works will cause to the domestic routine.”

● BE AT ONE WITH YOUR ENVIRONMENTThis is all about synergy. “I believe you should always factor in the local landscape,” comments Westgarth. “Your design should reflect the local environment, from native plants to the built landscape around you. We’re lucky with our natural environment on these islands, and the design should relate directly to this.”

● PLAN, PLAN AND PLAN AGAIN“This can be simple lists or complex programmes of work,” advises Powers. “It’s important to identify what must be done and then in what sequence. With a plan, you can assess the time to obtain the materials and prepare the costs of the materials and trades. Think about the season and type of works – inside or out, roof off or on – and take the right approach.”

● ENSURE YOU’RE INSURED“Check that your own insurance company is notified about any works and what specific requirements they may have,” says Powers. “Check what type and the level of insurance your professional advisers have – for example, professional indemnity insurance. And check what insurance your contractors have in case of problems, especially if the works will affect adjoining neighbours, party walls or the public.’

● DOUBLE CHECK YOUR COSTSPowers also counsels homeowners to cost sensibly: “Be firm with the costs – and realistic. It’s important to have a contingency plan for the unexpected issues as even with the best planning, problems will arise. The stress will be less if there’s an allowance for problems – if all goes well, the contingency can be used for more or better furnishings to create your masterpiece.” n

BEN JORDAN is a freelance writer

Your house is your castle and so emotions and aspirations will push the boundaries of reason and logic


Guernsey has been crowned European domicile of the year for the fourth

successive year at the UK Captive Services Awards.

The awards, now in their fourth year, are hosted by Captive Review and recognise and reward captive insurance service providers that have demonstrated exceptional customer service and innovative product development over the previous 12 months.

Guernsey was shortlisted alongside Dublin, Gibraltar, Luxembourg and Malta in the best European domicile category. The award was collected on behalf of the island’s industry by Adele Gale, Client Service Director at Aon Risk Solutions.

In addition, a number of Guernsey-based firms were named as winners in their respective categories including:● Aon Captive & Insurance Management – ILS Service Provider● Kane – Independent Captive Manager and Customer Care in Captive Management ● White Rock Group – Cell Captive● Willis Towers Watson – Solvency II Initiative, Employee Benefits Specialist and Captive Manager n

Guernsey picks up best captive domicile award

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Single-day business visitor numbers fall

Latest figures show that the number of people making single-day business trips to Guernsey has fallen for the third consecutive year.

According to the 2015 Travel Survey, 13,100 business visitors came for a day during the year. This is a fall of 39 per cent compared with 2014, when 21,600 single-day visitors came to the island. But it compares even more starkly with 2012, when the figure stood at 33,900.

Tony Rowbotham, President of Guernsey’s Chamber of Commerce, reported on the BBC, said it was “massively disappointing” and blamed “uncompetitive” transport links. “We are price uncompetitive on our flights compared with other jurisdictions and that’s the feedback we’ve been getting for two years,” he said. “Chamber members [say] they are finding it difficult to get clients to come here; clients feel we’re too expensive. And expense is comparative – like it or not, we are compared against other jurisdictions.”

With regard to visitor numbers, the survey showed a slight annual increase of 0.8 per cent on the year. n

Adele Gale (centre) of Aon Risk Solutions with Andrew Ryan and Sophie Thompson

from Captive Review magazine

Reforms proposed for Insolvency Law

Guernsey’s Commerce and Employment Department has announced that it will be pursuing a number of significant

changes to Guernsey’s insolvency laws. The proposals, which will form the basis

of a recommendation to be made to Guernsey’s legislature, the States of Deliberation, follow a year-long consultation between industry, practitioners and members of Guernsey’s insolvency law working party. The recommended changes include:● Introduction of insolvency rules, to address procedural aspects of practice, overseen by a standing rules committee that will include practitioners.● Introduction of general objectives for liquidators, including a requirement to undertake duties in a reasonable and efficient manner.● Requirement for consultation with creditors during liquidation and administration.● Requirement for the appointment of an independent liquidator in an insolvent voluntary liquidation.● Establishing a set proof of debt procedure, giving liquidators the power to determine creditor claims, while providing a route for creditors to challenge such decisions.● Giving administrators the power to make distributions to creditors and allowing administrators to apply to dissolve the company.● Increased statutory powers for liquidators and administrators to compel the provision of documents and information from directors and other parties.

The Commerce and Employment Department will prepare a policy letter that will go to the States of Deliberation, which will consider and approve the policy letter. This is in effect an instruction to the law officers to draft legislation to give effect to the changes. It is anticipated the policy letter will go to the States for a vote before the election.

If approved, Law Officers will start to draft the amendments. The time taken will depend on resources and the priorities given to legislative drafting work, but that should be completed by the end of the year, with a view to this draft law going back to the States for approval in the first quarter of 2017. n


BL Guernsey

Winners revealed at Guernsey Awards for Achievement

The winners of the Guernsey Awards for Achievement 2015 were revealed at a spectacular gala event held at

the Beau Sejours centre, St Peter Port, in February. A 700-strong audience, comprising local dignitaries and the island’s top businessmen and women, gathered to see awards handed out in eight categories.

A total of 22 companies were shortlisted in the six business categories, the biggest overall shortlist in the history of the Awards. The winners in those categories were:● Skipton International – Commerce and Employment Business of the Year 2015● Karting Guernsey – NatWest Best Small Business Award● Aon Insurance Managers (Guernsey) –

BWCI Innovation Award● States of Guernsey’s ‘Your Views Matter’ campaign – Excellence in Marketing Award● 1st CENTRAL – Condor Ferries Employer of the Year Award● DLM Architects – Investec Sustainability Award.

Two additional awards were handed out at the presentation evening. Tennis superstar Heather Watson picked up the award for Guernsey Press Ambassador of the Year, while Keith and Karen Robins scooped the Specsavers Unsung Hero Award for their work in fostering children.

It was a particularly special night for the event itself, which was celebrating its 30th anniversary. n

Year ends with more than 800 insurers

Guernsey’s insurance industry ended 2015 with more than 800 international insurers, according to figures released

by the Guernsey Financial Services Commission. It is the first time that the end-of-year figures have shown the island being above the 800 threshold.

The latest figures show that there were a total of 804 international insurers licensed in Guernsey at the end of 2015, comprising 242 limited companies, 64 protected cell companies (PCCs), 444 PCC cells, 13 incorporated cell companies (ICCs) and 41 ICC cells. This compares with a total of 797 being licensed by the GFSC at the end of December 2014 – a net growth of seven entities during the 12 months.

The end-of-year figures are, however, down on the half-year figures, which showed that there were 816 international insurers at the end of June 2015.

Over the course of 2015, the GFSC licensed 66 new international insurers. This included 13 limited companies, three PCCs, 43 PCC cells, four ICCs and three ICC cells. Further data on the 66 licensed entities shows that their owners originate from a range of locations, including the UK (44 per cent), the Cayman Islands (24 per cent) and Ireland (eight per cent). n

At the start of the year, Moneyval issued its long-awaited report on Guernsey, returning a highly positive view that the island has made major progress with evolving international standards to prevent money laundering and the financing of terrorism.

Moneyval, a Council of Europe body tasked with assessing measures to prevent money laundering and financing terrorism, found that Guernsey had surpassed the standards set in the equivalent International Monetary Fund report in 2010. The Moneyval evaluation took place in 2014-15 and included an on-island assessment in October 2014.

In addition to substantially strengthening anti-money laundering and combatting the funding of terrorism preventative measures to which its financial institutions are subject, Moneyval found that Guernsey has in place a range of measures to facilitate

various forms of international cooperation. In addition, the island also plays host to authorities and financial institutions that are competent, knowledgeable and aware of their obligations. Cooperation and coordination between Guernsey authorities was also found to be effective.

Guernsey Chief Minister Jonathan Le Tocq said the evaluation was extremely important. “As a jurisdiction with a global finance sector, we need to demonstrate that we continue to meet in practice the highest international standards of law enforcement and regulation – and we have done so. Moneyval is an inter-governmental organisation of the Council of Europe and so this high-level assessment also sends a very clear and positive signal to the 47 member states of that Council regarding Guernsey’s strong international position in terms of these standards.” n

Moneyval publishes positive report on Guernsey

Sustainability Award winners DLM Architects Unsung Heroes Keith and Karen Robins

Imag

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BLjersey

Do you ever give thought to the thought of giving thought? Does that even make sense? Most of us take for

granted our ability to think clearly, make decisions and even judge the quality of an opening line of an article. But what happens if one day you lose that ability?

There are any number of reasons why a person’s capacity may become impaired, including mental health problems, stroke, injury or addiction. It’s easy to imagine how quickly things can change for a person and their family when this happens. Accidents and dementia are probably the most common triggers and the latter is a growing concern.

Jersey’s elderly population is expected to double during the next 30 years. With this, the number of people suffering from dementia will only increase. Given this reality, it’s positive news that Jersey is updating its outdated mental health laws to match modern needs. So here are ▼

New mental health law aims to bring peace of mind The introduction of a new mental health law in Jersey should help reduce the distress caused when an individual is no longer able to make their own decisions, as Giles Baxter, Partner at Viberts, explains

answers to some of the more common questions surrounding the changes.

WHERE DO THINGS STAND RIGHT NOW?Mental health issues have the potential to affect us all (whether directly or indirectly). However, right now there is no specific Jersey legislation dedicated to addressing and resolving all the issues arising when a person loses the capacity to make their own decisions. That is set to change under a new Capacity and Self-Determination (Jersey) Law. A draft, which resembles the UK’s Mental Capacity Act 2005, was sent out for public consultation towards the end of 2015. This will be completely new to Jersey when it comes into force, which we expect to be soon.

WHY IS THE NEW LAW BEING INTRODUCED?Carers and professionals currently don’t have enough clarity as to when a person

should be regarded as lacking mental capacity. To put it another way, there are no clear rules to protect the autonomy of individuals with questionable capacity. The new law will shift the focus from taking power away from an individual towards a more modern approach. It will be aimed at empowering people to make their own decisions whenever possible and encouraging them to plan ahead in case they are unable to make decisions in the future.

WHAT ARE THE KEY CHANGES?In order to make this shift, some major changes will be brought in under the new law. There will be:● New guiding principles, such as a default position presuming a person has capacity● A test for mental capacity, which will focus on the ability to make specific decisions ● A process to ensure decisions made for a person lacking capacity are taken in their best interests● Provision to enable people to make, in advance, decisions to refuse treatment● The ability to make lasting powers of attorney so that people can appoint someone to look after their physical wellbeing and financial affairs● Safeguards to ensure people are only deprived of their liberty in accordance with their human rights● New offences to deal with neglect and ill-treatment.

WHY SHOULD YOU CARE?These changes will affect anyone working with or caring for an adult who lacks capacity to make specific decisions. They will need to comply with the new law when making decisions on that person’s behalf. However, for the majority of us,


Niall MacDonald named Junior Lawyer of the Year

Advocate Niall MacDonald has won the Law Society of Jersey’s Junior Lawyer of the Year 2015 title. The award recognises the contribution of young island lawyers who have been qualified for less than three years

to the legal profession in Jersey, their firm and the community.MacDonald, an Associate in the Dispute Resolution Group at Walkers,

qualified as a Jersey Advocate in December 2014 and undertakes a wide range of litigation work. He regularly appears before the Royal Court, the Magistrate’s Court and the Jersey Employment and Discrimination Tribunal.

Paul Nicholls, Partner and Head of Walkers’ Dispute Resolution Group, commented: “This is a much-deserved award and a strong reflection of Niall’s contribution to the profession, the firm and the community since qualifying as a Jersey Advocate. He has made more than 100 appearances before the courts of this island since December 2014, many in respect of unpaid and often challenging legal aid matters. He has also considerably assisted with our student learning programmes.” n

the most interesting change is probably the introduction of provision for lasting powers of attorney.

If you grant someone a power of attorney, you give them authority to handle your affairs. Under current law, it automatically becomes void should you lose capacity. The new law will allow certain powers of attorney to survive this development. Real-life examples underlining why this matters are the tragic skiing accidents suffered by F1 racing driver Michael Schumacher and the former Goldman Sachs VP, Dutch Prince Johan Friso. An accident can occur when least expected. A lasting power of attorney has the potential to alleviate its often costly and stressful consequences, especially as medical advances blur the boundary between life and death.

WHAT HAPPENS NEXT?The new law is in the process of being finalised. We anticipate it (together with a new Mental Health Law) will be lodged with the States by the end of March. If it is passed by the States Assembly, we can expect both new laws to be brought into force in April 2018.

It’s clear the States is committed to this project by investing both in this legislation and in the island’s mental health services generally. This is without doubt the right approach. Jersey can’t keep muddling through with out-of-date mental health systems. We can now look forward to arrangements that reflect modern thinking about human rights-compatible protection for those with mental capacity problems. n

JERSEY’S MENTAL HEALTH LAWS Mental Health (Jersey) Law 1969Deals with the admission and treatment of those with mental disorders and a system for the Royal Court to appoint a suitable person to look after the affairs of someone shown to be incapable.

Mental Health (Jersey) Law (draft)Repeals 1969 law and aims to provide a new framework for the treatment of people with mental disorders.

Capacity and Self-Determination (Jersey) Law (draft)New law to enable people to make decisions for themselves for as long as possible and protect them when they no longer can.

JFSC signs MoU with Abu Dhabi

The Jersey Financial Services Commission (JFSC) has signed a landmark Memorandum Of

Understanding (MoU) with the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM).

The MoU puts in place a formal mechanism to enable the regulatory authorities to co-operate on supervisory matters and exchange of information to maintain the stability and well-being of the financial systems in each respective capital market.

John Harris, Director General of the JFSC, and Richard Teng, Chief Executive Officer of ADGM Financial Services Regulatory Authority, signed the MOU at a ceremony in Abu Dhabi.

Harris said: “A key element of the work that we undertake is facilitating market access, whilst at the same time working to protect and enhance Jersey’s reputation. This MoU acknowledges our shared ambitions for a long-term partnership and collaboration. We have every expectation that the Abu Dhabi Global Market will grow into a world-leading financial centre and we will work together to exchange ideas, develop and cooperate, whilst adhering to international regulatory standards.” n

John Harris and Richard Teng

Niall MacDonald (right) receives his award from Jonathan Speck, President of the Law Society of Jersey


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commission reports Strong growth in alternative funds

figures show progress on reLocationsT

he number of Jersey-registered alternative investment fund managers (AIFMs) marketing into Europe

through national private placement regimes (NPPRs) under the EU Alternative Investment Fund Managers Directive (AIFMD) rose significantly again over the final six months of 2015, according to figures from the Jersey Financial Services Commission (JFSC).

At December 2015, 104 AIFMs had been authorised in Jersey to market into Europe through NPPRs, up 24 per cent on June last year. Over the same period, the number of Jersey alternative investment funds (AIFs) being marketed into Europe through NPPR authorisation was 230, a 12 per cent increase compared with June 2015.

Locate Jersey, the team responsible for inward investment and high-value residency within the Economic

Development, Tourism, Sport and Culture Department, has released figures for 2015, which show sustained interest in the number of businesses and high-net-worth individuals considering relocation to Jersey.

Statistics for 2015 show that, with assistance from Locate Jersey, 34 business licences were approved last year, creating 250 job opportunities – 81 per cent of those for ‘Entitled’ or ‘Entitled for work’ individuals. Since 2008, more than 1,300 people have been employed by inward investment businesses that have relocated to Jersey.

Also in 2015, 132 new enquiries were received by Locate Jersey from businesses considering relocating to Jersey, with particular areas of interest including the alternative fund management, natural resources, digital, fintech and corporate service sectors. In addition, 136 high-value residency enquiries were received, with 20 licences being granted in 2015 – the same number as in 2014 – which will result in a minimum additional income tax yield of £2.5 million. n

2015 saw Jerseygrant 1,047applications

Jersey and Swiss sign CRS agreement

States of Jersey figures for 2015 show that the Population Office granted 1,047 applications for registered or

licensed permissions in 2015. There were 606 refusals, bringing the total number of applications to 1,653 for the year.

Of the accepted applications, most were made in the construction and quarrying sector (255), with financial and legal activities (235) and hotels, restaurants and bars (164) following closely behind.

As to the numbers applying for registration cards under the new Control of Housing and Work (Jersey) Law 2012 (including those resident obtaining a card when they change job or house), the largest groups by nationality were:● British – 13,937 (6,864 Jersey-born)● Portuguese – 2,718● Polish – 1,678

The full Population Office report is available at www.gov.je. n

Jersey has signed a joint declaration with Switzerland on the introduction of the automatic exchange of

information (AEOI) in tax matters on a reciprocal basis.

The Minister for External Relations, Senator Sir Philip Bailhache, signed the declaration in London in January with the Swiss Ambassador to the UK Dominik Furgler. Identical declarations have been signed with Switzerland by Guernsey and the Isle of Man.

This reflects the firm commitment by the Swiss and the Crown Dependencies to collect and exchange information on tax matters in accordance with the global AEOI standard, known as the Common Reporting Standard.

The first such exchange will occur in 2018. The declaration specifies that each jurisdiction is satisfied with the confidentiality rules provided for in the other jurisdiction with regard to tax. n

The figures were underpinned by another strong performance in Jersey’s alternatives funds sector last year. Further statistics collated by the JFSC show that, as at September 2015, the net asset value of all alternative funds being administered in Jersey grew by 12 per cent year-on-year to stand at £159bn, including rises of 21 per cent in hedge, two per cent in private equity and 16 per cent in real estate funds.

Geoff Cook, Chief Executive, Jersey Finance, said: “Jersey has worked hard to maintain access to European markets and it is extremely pleasing the tried and tested private placement route continues to prove attractive for non-EU managers and funds.” n

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➨INSIDE THE AGENDA: ACCESSORIES, BEAUTY, CARS, DRINKS, FASHION, FOOD,

FOOTWEAR, FRAGRANCES, FURNITURE, JEWELLERY, TECHNOLOGYEverything you need for a more stylish life.

The Agenda is compiled by BL’s Fashion and Lifestyle Editor, Thom O’Dwyer, with additional material by Danny Cobbs and Peter Dean

1. LIGHT WOOD AND MONOCHROMETapping into the eco-retro interiors trend, the highly creative Dutch design company Woood – not a misspelling – throws in a touch of neo-Nordic vibe for good measure. Working with the best Dutch designers, the company creates unique, stunningly simple, affordable pieces, fashioned from eco-friendly FSC Mix responsibly sourced wood. These stunning new pendant lamps in pale natural wood with black or white metal embellishments are an easy and effective way to bring that ultra-fashionable eco-retro charm to your home in 2016. It’s new, it’s Nordic, it’s inspired! From £95, www.cuckooland.com

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THE AGENDAwaitrose.com/sthelier

Every month we give our time and money to local communities. We donate £1000 to be shared by three good causes that you choose.

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2. THE WATER’S FINE!Issey Miyake is the revered, technology-driven Japanese clothing designer who in the late 1980s redefined both men’s and women’s fashion. Still going strong, his experimental methods and vision remain at the cutting-edge forefront of fashion. Like all designers, in 1992 Miyake launched a fragrance, L’Eau d’Issey for women. It was an immediate success. Then in 1994 he introduced L’Eau d’Issey Pour Homme. Since then his collection of men’s and women’s fragrances has expanded enormously, all marketed under the same name, L’Eau d’Issey. In French the name sounds identical to ‘L’Odysée’ (or in English ‘Odyssey’), a journey full of adventure. His latest men’s fragrance is L‘Eau D’Issey Pour Homme Eau de Toilette Fraîche. The fragrance was created by the celebrated and legendary ‘nose’ (or expert perfumer) Christophe Raynaud, along with Miyake, and the bouquet is sparkling and dynamic. Fresh grapefruit gives way to energetic and stimulating marine undertones, while white patchouli provides a strong and enduring base. £41, 50ml; £58, 100 ml, at department stores

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3. IN A DIFFERENT LEAGUELaunched in the UK last autumn, premium American menswear label Peter Millar offers a fabulous collection of designer apparel and accessories with a raffish Ivy League twist. And with spring upon us, it’s worth checking out its other forte – luxury golf wear. There’s even a Peter Millar shop in the Old Course Hotel, the luxury golf and spa resort in Saint Andrews, Scotland. Designed for maximum comfort, the high-performance sports clothing easily slips from course to clubhouse. Founded in 2001 with a single cashmere sweater, in just over a decade the brand name has grown into one of America’s most sought-after labels and the fastest growing men’s lifestyle apparel on the planet. The clothing range exudes old-world style, offering luxury and affordable indulgence to the discerning, style-conscious man. Craftsmanship, attention to detail and the highest quality materials all go into the three separate ranges on offer. At present only Harrods stocks the classic ranges and special edition items. So watch out, Hackett, your days dominating that heritage stiff-upper-lip British style niche may be numbered. An Ivy League compatriot has arrived! Wool/silk/cashmere plaid single-breasted jacket £495, shirt £100, cashmere quarter-zip sweater £495, tie £80, www.petermillar.co.uk

THE AGENDA

4. HEAD TURNERSThis spring, statement earrings will be bigger, better and bolder than ever. And these supersized floral earrings from Lanvin take the look to head-turning new lengths. Crafted from soft deep navy-black fabric and featuring a sparkling drop of smoky blue crystals, style them with super-high, upswept hair for maximum dramatic effect. They’re not for the fainthearted, but a touch of the Lanvin label’s dramatic artistic licence can never be anything less than super glamorous. £350, www.matchesfashion.com


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THE AGENDA

6. FLORAL-ABUNDANCE Born in Canada to a Turkish father and a British mother, fashion designer Erdem Moralioğlu moved to London at the end of the 1990s to pursue his career. Founder of the eponymous high-fashion label Erdem, he has won just about every award and accolade going, including the British Fashion Council’s coveted Women’s Wear Designer of the Year Award in 2014. His A-list devotees are many and include First Lady Michelle Obama, Sarah Jessica Parker, Keira Knightley and Gwyneth Paltrow to name but a few. And they were beside themselves when they saw his spectacular Pre-Spring 2016 collection. It’s an absolute winner. Close your eyes and imagine old-world Victorian propriety interpreted through the sexy, wild child lens of the Swinging Sixties. Think kookie, giggly 60s ‘It’ girl Goldie Hawn; demure yet devilish Mia Farrow; and Fellini’s favourite sex bomb Anita Ekberg. You’ve got the picture. Naughty but nice. Pictured here, the Kim dress is crafted from lustrous black cloqué and is fully silk-lined. Cut to a ladylike shape with a plunging neckline and fluted short skirt, this wish list frock is then lavishly decorated with a veritable hothouse of hand-appliquéd wild field flowers in vibrant colours. £3,360, www.matchesfashion.com

5. WHAT’S THE BUZZ?When you think of Gucci shoes, what immediately springs to mind are the understated, quintessential horse-bit loafers and green and red equestrian stripe trims. Not any longer. Gucci’s new Creative Director, Alessandro Michele, has infused the house’s classic aesthetic with an irreverent, playful, tongue-in-chic edge. Guys, you can now dip into the look and move into spring with these blue and white striped canvas Gucci espadrilles. They’re traditionally detailed with a braided rope midsole and finished with embroidered motifs across the front – an iris flower on one shoe and a bumblebee on the other. Incidentally, the cute little buzzing bumblebee is Gucci’s newest brand motif, introduced in their wildly applauded Spring/Summer 2016 collection. £300, www.matchesfashion.com

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THE AGENDA

77. COMING UP ROSESDolce & Gabbana’s spring collection – both clothing and accessories – drew heavily on the designers’ Italian heritage. Their motifs, prints and patterns were entrenched in the age-old traditional designs, subject matter and simplicity of Sicily’s folk art and historical cultural influences. Folk-inspired floral motifs and intensely intricate patterns ran rampant on the men’s catwalk. Much of it was a fanciful reinterpretation of the exotic, florid Rococo Chinoiserie and intricate floral decorations inspired by the grand Chinese Palace of Palermo. The Rose Garden Print Wallet shown here is a relatively understated example. It’s made from the finest Dauphine calfskin and features a silver-tone logo plaque, a foldover top, a note compartment and multiple credit card slots. What in French you might call a posh posey mini-pochette! £385, www.farfetch.com

9. FINE PRINTItalian fashion house Etro was founded in 1968 and it remains a family-run business. Best known for its paisley and floral-patterned designs first produced in 1981, the label’s ‘new traditional’ look has become synonymous with Italian style, elegance and quality. The founder’s son, Kean Etro, designs the menswear collections, which combine faultless craftsmanship and impeccable attention to detail, with a unique and artful use of print and colour. Pictured here, a soft floral pattern is overlaid on a geometric grid, adding depth and interest to this elegant pure cotton shirt. With its modish and sophisticated flair, this would make the perfect luxe addition to any stylish man’s wardrobe this spring. £222, www.farfetch.com

98. LET’S DO THE TIME WARPThe 70s revival design trend has filtered straight from the fashion catwalk into interiors. Sunburst mirrors; sexy polished brass; bold, brash colour clashes and vibrant patterns; drinks trolleys and circular sisal rugs… They’ve all made a theatrical comeback. And for 2016, it’s rattan. Designers are looking at how to work this natural, eco-component into modern designs that exploit its organic versatility. Expect to see rattan for furniture (indoor and out), contemporary takes on the ubiquitous peacock chair, and oversized lampshades and home accessories. The Bloomingvale Kubu LoveTwo Sofa pictured here is handmade in Denmark from braided natural rattan and has black metal legs. It’s from Out There Interiors, a treasure trove of eclectic designer-led furniture and home accessories at realistic prices. If it’s rattan you’re after, this is where to go! £475, www.outthereinteriors.com


1010. FRESH AS A ROSENot only is the rose beautiful to smell, but with its skin-soothing properties it could easily be called ‘nature’s wonder’. So, ladies, head straight to Fresh to stock up on its brilliant Rose Face Mask. This cooling gel formula hydrates and tones the complexion and restores suppleness to all skin types. Infused with rose petals that literally melt into the skin, its ingredients also include pure rosewater, cucumber extract and aloe vera for a cooling, calming effect. And red ‘smart’ algae and rich green tea extracts help to brighten and protect the epidermis after months of central heating and cold winter winds. This might not be a miracle product, but it comes pretty darn close! £47, www.fresh.com/uk

➨

THE AGENDA

11. ALL WHITE ON THE NIGHTThe start of every year is always a tricky time for wine writers. No sooner have the empties been put away from the festivities, writes Peter Dean, but along comes the new Burgundy vintage. It’s enough to test any attempt at a dry January… whatever that is! For the first two weeks of the year, Burgundy decamps to London and critics have to taste hundreds upon hundreds of bottles of pinot noir (red Burgundy) and chardonnay (white Burgundy).

This year the 2014 vintage is being launched. And while the reds are good, the whites are some of the best in living memory – clean, precise chardonnay with bags of fruit and searing minerality. This means they’re great for drinking now but they also have all the right components to age for decades.

So Burgundy 2014 is a vintage from which to buy some of the really top-end white wines, such as Bâtard, Chassagne and Puligny-Montrachet, which can be drunk or sold as the mood takes you.

The 2014 is also a vintage where the outlying areas of Burgundy are amazingly good value. So look out for Chablis, St-Aubin, Mâconnaise and Chalonnaise, where the wines are far cheaper than the core Burgundy villages but, like them, they had a spectacular harvest in 2014. They’ll be punching way above their weight and are perfect for personal consumption.

Our one to watch for the 2014 vintage is Moutonne Chablis Grand Cru, Long-

Depaquit, 2014. Chablis is always good value but in a special vintage such as this it’s worth paying the extra for a Premier Cru or Grand Cru. And the Moutonne will last decades.

Moutonne Chablis Grand Cru, Long-Depaquit, 2014, £288 for

six, www.laywheeler.com

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12. WALKING ON SUNSHINEAfter 15 years working for top designers Donna Karan, Calvin Klein and Alexander McQueen, British-born New York-based footwear designer Paul Andrew launched his own women’s footwear collection in 2012. Just two years later he won the prestigious Council of Fashion Designers of America/Vogue Fashion Fund Prize. Supported by first-class manufacturing resources in Italy and taking advantage of the finest materials and handmade craftsmanship on offer, the designer’s shoes are refined, hopelessly sexy, yet gloriously comfortable. His devoted followers include showbiz icons Emma Watson, Cameron Diaz, Rita Ora and Anjelica Huston, as well as living, breathing fashion statement Lady Gaga. And one of the stars of his new spring collection left them all panting – enter the elegant but edgy, black, soft as butter nappa leather Ordos stiletto with dainty appliquéd flowers shown here. Perfect for putting spring into your step, ladies! £1,256.74, www.farfetch.com


THE AGENDA

13. SPEED KINGTo the untrained eye, the Bentley Mulsanne Speed appears very similar to the ‘bog-standard’ Mulsanne, writes Danny Cobbs. Yet delve a little deeper – under its long, hand-crafted bonnet is a good place to begin – and it’s the changes to the twin-turbocharged 6.75-litre V8 engine that start to tell a completely different story.

By thoroughly revising its only source of power to deliver an extra 25bhp, which ups its total output to 530bhp, this bespoke three-ton luxury limousine boasts the sort of performance figures normally reserved for the exotic supercar brigade.

Bentley says the Speed, which will account for a third of all Mulsanne production, is for those who prefer to drive, rather than be driven. Adaptive dampeners ensure tighter body control and sharper cornering, whilst a remapped transmission

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delivers a more responsive gear change. There’s no doubt this version is more driver-focused, and it tries its damnedest to foil the law of physics, but it’s still no track car. In a straight line, however, a recorded 0-62mph time of 4.8 seconds is more than impressive. Add a top speed of 190mph (electronically muzzled), plus 811lb/ft of torque into the mix, and you’ve got yourself one of the most beguiling and sumptuously appointed grand tourers currently on the market.

As for cost (such a vulgar subject), you can expect to lay out at least a quarter of a million, and add a few thou once some extras have been added. It’s not exactly budget motoring, but considering the hundreds of man hours it takes to build each Mulsanne, and the quality of materials used – all specifically tailored so no two Speeds will ever be the same – it actually represents value for money. Well, it does if you have that kind of cash going spare. £252,000, www.bentleymotors.com


THE AGENDA

14. BLOOMIN’ BRILLIANTHe’s come a very long way since he moved to New York City from smalltown Pennsylvania in 1997 to start work as a salesman in the Giorgio Armani showroom. But Thom Browne now heads up his own eponymous label, first launched in 2004, and continues to push boundaries with his quirky take on the classic preppy Ivy League aesthetic. The designer’s style sometimes has an underlying subversive edge, but not enough to ruffle too many feathers. The man is charmed. In 2008, GQ named him Designer of the Year, and in 2011 he spread his wings even further, introducing a women’s wear collection. Thom Browne’s accessories are always a playful surprise – be it his red, white and blue buckled lace-up boots or the pure silk floral jacquard narrow tie pictured here.£195, www.farfetch.com

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15. THIS SEASON’S MUSK HAVENarciso Rodriguez was propelled onto the fashion map after designing the wedding dress for the ill-fated Carolyn Bessette when she married John F Kennedy Jr in 1996. Then, in 2008, Michelle Obama wore one of the designer’s creations when she stood beside her husband at his first appearance as President Elect of the USA at the Democratic Convention in Chicago. A-list stars such as Selma Hayek, Claire Danes, Rachel Weisz and Anna Paquin are massive fans. An ever-expanding fragrance and cosmetic range complements his hugely successful fashion empire. His newest fragrance – Narciso Rodriguez Rose Musc Eau de Parfum Intense – reflects the designer’s refined, elegantly streamlined aesthetics. It’s inspired by the most emblematic and potent ingredient in perfumery, the rose, and the world’s most iconic flower melts into another equally seminal note, Rodriquez’s signature amber musk. The majestic composition is a contemporary interpretation of the most sensuous of fragrance families, the Orientals. The gold-painted bottle with a touch of deep fuchsia-pink also has a sparkling crystal-like cap. £125, EDP 100ml, exclusive at Harrods from 4 April, and at department stores nationwide from 4 July


THE AGENDA

16. PETAL POWER Floral prints in spring might seem like an obvious fashion trend for women’s clothing, but in menswear that’s rarely been the case. But the seeds for the flower-patterned trend were planted on the international men’s fashion catwalks way back in 2014. Since then, sales of floral print shirts, accessories, casual jackets, even classically styled suits have skyrocketed. It might, however, be best to leave the loud and proud man-flower tailoring to fashion extroverts and popsters like Nick Grimshaw and his pal Harry Styles. Gucci’s silk twill bomber jacket, shown here, features intensely hued oriental-inspired blooms against a dark, moody background. It’s trimmed with the label’s signature red and green webbing trim at the hem and cuffs and, in true retro baseball jacket style, it’s finished off with a ‘Blooming In Your Garden’ slogan emblazoned across the back. So guys, why not step out of your comfort zone and give floribunda a try! £1,708, www.matchesfashion.com

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17. DENIM DELIGHTSLA-based fashion company Bliss and Mischief was only launched in 2014 by designer Hillary Justin, but it’s already one of the fashion glossies’ and style bloggers’ favourite labels. Its show-stopping embroidered vintage reworked denim, “embraces all the beautiful imperfection that comes with fabric that’s been lived in and loved”, claims the designer, while Vogue wrote: ‘The brand marries cosmic cowboy cool with LA chill’. Too true! The stunning styles with all manner of dreamy adornments and embroidery are lovingly hand-stitched and stylishly rejuvenated by a group of skilled craftspeople based in North Hollywood. It takes recycling to a new level. The Song of the West high-rise boyfriend jeans, pictured here, are made from reclaimed denim with embroidered arrows below the front pockets and pretty over-sized posies on the knees. Contemporary nostalgia at its wittiest and best! £305, www.matchesfashion.com

18. TO SLEEP, PERCHANCE TO DREAMLast year, sleep wristbands and other sleep-related techno gadgets hit the market big time. Samsung even launched a device that could switch off the TV should you nod off on the sofa during Big Brother. Now we’ve got the Rolls-Royce of all high-tech sleeping gizmos, the Withings Aura Smart Sleep Sensor. Place the sensor beneath your mattress, and while you are off in the Land of Nod, it monitors your heartbeat and your movements all night. Come the morning, its Health Mate app shows you graphs of how you slept, along with other information on how you can get a more effectively restful sleep. Spend a little more cash and you can connect it to the Withings Aura Smart Sleep System. A scientifically designed, dimming blue lamp and a unique music and sound program will not only soothe you to sleep, but wake you gently from your slumber the following morning. £189.95, www.amazon.co.uk

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THE AGENDA

21. INSPIRATION IN FERMENTATION Fermentation is all the rage – with foodies as the latest taste tickler and with superfood zealots because of the health benefits. Last year it was Korean kimchi, garlic-laden fermented cabbage. The latest fad is also from Korea, a product of the ancient skill of fermentation. Gochujang is a thick, deep-red paste made from fermented soya beans, red chilli powder, rice flour, garlic, onion and seasoning. The taste is more pungent than kimchi, with chilli flavours and a sweet, smoky hit. Far more complex than hot sauce, it’s an integral ingredient in many Korean dishes and is used as a condiment. Grab a tub through online foodie paradise Sous Chef and whisk a teaspoon of it in your Bloody Mary or smear it on grilled corn on the cob. Yum! Or as they say in Korea, “Deugeyo!” 227g £4, 453g £5.50, 1kg £9.50, www.souschef.co.uk

19. ARTISTIC LICENCE With Easter coming early, spring will be sprung prematurely, and April showers will be in abundance. So check out Peach Perfect, a new online gift shop that specialises in quirky, high-quality products. For a brolly to cheer up even the dullest springtime day, look no further – its Impressionist Artist Repro Masterpiece Umbrellas are a delight. Apart from their aesthetic beauty, these premium umbrellas feature a high-quality open-close mechanism, sturdy metal frames with fibreglass tips for extra strength, and soft-touch handles. Some artist-inspired brollies come with matching tote bags. Monet’s famous Poppy Field painting in the Musée d’Orsay in Paris is the inspiration for the brolly pictured here. These umbrellas are substantial, well-made, and not remotely like the cheap handbag sort being flogged everywhere. Come on rain, we’re ready! £24.50, www.peachperfect.co.uk

20. SWEET LITTLE BUTTERCUPCute as a button but hopelessly chic at the same time, Stella McCartney’s whimsical Falabella cross-body bag is a fashionista’s dream. And it’s much lighter (and cheaper) than a Birkin! Embroidered with dainty yellow springtime buttercups and green

foliage and finished with the designer’s trademark Ruthenium chain trim and

strap, this bag is the ultimate in new season versatility. Wear it with blue

jeans and a white t-shirt for hanging out, or with a more

dressed up but laid-back floaty floral print midi-dress for a

springtime Easter outing. An almost perfect piece. £670, www.

matchesfashion.com

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Equiom’s Jersey and Guernsey teams have significant experience relating to the setup and administration of trusts and companies and the market-leading knowledge required to appropriately protect clients’ assets.Equiom (Jersey) Limited is regulated by the Jersey Financial Services Commission. Equiom (Guernsey) Limited is licensed by the Guernsey Financial Services Commission.

Equiom (Jersey) Limited

Address:Equiom (Jersey) LimitedOne The EsplanadeSt HelierJerseyJE2 3QA

Tel:+44 1534 760100

Email:[email protected]

Web:www.equiomgroup.com


Directory

The Intertrust Group is a global quality leader in the trust and corporate services sector, providing a broad range of specialised administrative services to multinational corporates, financial institutions, alternative investment funds and private clients from every corner of the world.

Intertrust in Guernsey is one of the Channel Islands leading fiduciary companies offering a range of trust and corporate services, fund administration services, taxation services and compliance out-sourcing services. With over 130 experienced and highly qualified staff and a presence in Guernsey which goes back to 1900, Intertrust Guernsey can provide professional, personal and multi-jurisdictional services for clients all over the world.

For further information, please contact:

Intertrust GuernseyP O Box 119, Martello Court,Admiral Park, St Peter Port,Guernsey GY1 3HB

Phone: 44 (0)1 481 211 000

E-mail: [email protected]

www.intertrustgroup.com/en/locations/guernsey

Grant Thornton Limited is a leading Channel Islands accountancy and consultancy practice with offices in Guernsey and Jersey. We are the Channel Islands member of Grant Thornton International, one of the world’s leading organisations of independently owned and managed accounting and consulting firms. We provide a range of services in the Channel Islands that include:

● Audit● Accounting services● Insolvency, Recovery and Reorganisation● Forensic accounting● Data forensics● Out-sourced Accounting and Payroll

services● Private Client services● Tax services● Business Risk services For more information please contact: JERSEY OFFICEAdam BudworthDirectorBusiness Advisory ServicesE [email protected] +44 (0) 1534 885885www.gt-ci.com GUERNSEY OFFICEDave ClarkManaging DirectorE [email protected] +44 (0) 1481 753400www.gt-ci.com

Hawksford is an international and award-winning corporate, private client and funds business.

Through our three core service pillars - corporate, private client and funds - we are experts in providing a wide range of administration and structuring solutions across our seven international offices.

We offer a comprehensive range of services to and for trusts, companies, foundations, partnerships, family offices and investment funds. We also provide listing services, wills and probate, succession planning and employee solutions.

Our people are highly trained, experienced and offer impeccable client service. We are constantly evolving our thinking, seeking new and better ways of doing things, and making investments for the long-term benefit of our clients.

Our independence enables us to offer creative and pragmatic solutions for a wide range of institutional, entrepreneurial and high net-worth clients. We have expanded our global footprint and service offering, moving into core regional markets across Europe, Asia and the Caribbean and drawing on a global network of leading professionals and advisers.

For more information, please contact us:T: +44 (0)1534 740000E: [email protected]: www.hawksford.com

Steve Robinson – Director, CorporateT: +44 (0)1534 740270E: [email protected]

James Howe – Director, Private Client T: +44 (0)1534 740246E: [email protected]

Claire Keeney – Director, FundsT: +44 (0)1534 740176E: [email protected]


www.blglobal.co.uk


A leading accountancy practice, with offices based in Jersey and Guernsey, KPMG in the Channel Islands provide audit, tax and financial advisory services.

KPMG’s global network enables us to draw on our international resources and skills to meet our clients’ needs. We address complex business challenges with methodologies and processes spanning markets and national boundaries.

Fundamental to KPMG’s approach is our focus on industry sectors. Our vision is simple, to turn knowledge into value for the benefit of our clients, people and capital markets.

For further information please contact:

Neale JehanHead of [email protected]

Andrew QuinnDeputy Head of Audit, [email protected]

John RivaHead of [email protected]

Tony ManciniExecutive Director, [email protected]

Ashley PaxtonHead of [email protected]

Robert KirkbyExecutive [email protected]

www.kpmg.com/channelislands

Minerva is a family owned business that has been in existence in Jersey for over 35 years.

As a leading independent provider of trust, corporate and fund administration services, we focus on internationally active clients located in sub Saharan Africa, India, the GCC and Europe.

We firmly believe in the value of personal relationships and are familiar with how our clients and professional intermediaries operate from a cultural and business perspective within these regions.

In addition to Jersey, we provide services from a number of offices based in key jurisdictions including London, Geneva, Mauritius, Dubai, Singapore and Amsterdam, as well as affiliate offices in Kenya, India and New Zealand.


John WoodManaging Director

Minerva Trust & Corporate Services LimitedPO Box 21843/45 La Motte StreetSt HelierJersey JE4 8SDChannel Islands

T +(0)1534 702930E [email protected] www.minerva-trust.com

➔

Lumiere Wealth is proud to be one of Jersey’s leading Independent Wealth Management providers. Based at Castle Quay in Jersey, we offer a bespoke, independent, wealth planning advisory service to our private clients, corporate intermediaries and corporate clients.

We provide a first class and friendly service. Our qualified consultants have over 200 years of experience collectively and all are very proud of the relationships they have built and continue to build with their clients.

Our scope of services includes:

● Investment products● Retirement planning● Life cover● Income protection● Critical illness cover● Key man insurance● Private medical insurance● Life policies● Employee benefit schemes

Lumiere Wealth is regulated by the Jersey Financial Services Commission.

To discuss how we can help you with your wealth planning needs, please contact:

Andrew Wesley ForsterBusiness Development ManagerLumiere WealthMillais HouseCastle QuayLa Rue de L’EtauSt HelierJerseyJE2 3EG

Telephone: (0) 1534 625 001

Email:[email protected]


Directory To advertise in the directory in print or online contact Carl Methven on + 44 (0)1534 615886 or [email protected]

Building trust in society and solving important problems

We focus on three things at PwC in the Channel Islands: assurance, tax and advisory services. But how we use our knowledge and experience depends on what you want to achieve. So whichever one of our 320 plus staff in the Channel Islands you work with (or 208,000 people across the PwC global network of member firms), they’ll start by asking the following questions:

Are you looking to build trust? Give your shareholders more value? Or do you want to do something completely different with your strategy?

When we work with you we really listen, to understand you better. We’ll get to know you, your business and your goals. Then we’ll share what we’ve learned to help you get there. We want to deliver the value that you, our clients, our people and our communities are looking for.

Talk to us about your issues and aspirations.


John Roche, Partner, GuernseyTel: +44 1481 752040 [email protected]

Karl Hairon, Partner, JerseyTel: +44 1534 [email protected]

www.pwc.com/jgFollow us: @PwC_CI

Rathbone Investment Management International is part of the award winning Rathbone Brothers PLC (“Rathbones”), which was established in 1742. Rathbones is a leading provider of discretionary investment management services for private investors, charities and trustees.

We enjoy the stability afforded by being a FTSE-250 listed company with significant critical mass (£28.3 billion of funds under management as at 30 June 2015).

We offer a range of tailored investment options:● Bespoke portfolio management ● Multi-manager portfolios ● Unitised portfolios (the RIMI Strategies

Funds)

Our services are delivered by a team of innovative and experienced offshore professionals based on an understanding of a client’s specific investment and risk objectives, backed-up by the performance-driven Rathbone investment process and encompass the full universe of assets.

For further information please do not hesitate to contact:

Jonathan Giles, Managing [email protected]

Phil Bain, [email protected]

Vaughan Rimeur, [email protected]

+ 44 (0) 1534 740550www.rathboneimi.com

Rathbone Investment Management International Limited is regulated by the Jersey Financial Services Commission

Specialty: Bespoke IT Development & Business Consultancy

Puritas is an award-winning provider of intuitive software and business solutions for the financial services industry.

Specifically designed to meet the increasingly complex accounting, compliance, and reporting needs of our clients, all software features robust audit and control capabilities which can be easily updated to reflect changes in the regulatory environment.

Our products include:● PureFunds - a unitized product platform

specifically designed to support many different types of asset class and fund structures and help fund administrators and portfolio managers better manage investor activity

● PureClient - an advanced customer due diligence/client management system which will maintain and update client records for any entity or relationship and provides the necessary transparency and look-through reporting that is needed to manage sophisticated structures

● PureManager - a bespoke software package for fund and investment managers which provides for effective control, analysis, reconciliation and reporting of daily trading activity.

As well as software development, our services include:● Systems integration and implementation● Programme and project management● Project and business consultancy

To find out more how Puritas can help your business.

Contact: Mike Feighan - DirectorPhone: +44 (0) 1534 874100Email: [email protected]


www.blglobal.co.uk


Rowlands has been actively supporting businesses in Jersey for almost 40 years. With a wealth of experience, in-depth market knowledge and a genuine enthusiasm for people, careers and resourcing we are well positioned to help you make the most of your recruitment opportunities and to secure the best possible people for your business.

Our performance is based on honest, effective personal relationships and it is our aim to provide you with a long term, valuable resource that will help to improve your business. The services we provide have developed through client demand; building a reputation for professionalism and confidentiality. Our services include:

● Permanent Recruitment – all levels● Executive Placements● Temporary/Flexible Solutions ● Contract Recruitment● Graduate Services● Pre Employment Screening● Outplacement Services● Psychometric Testing● Remuneration Survey

For more information on these services and how we could support you and your resourcing strategy please contact:

Jeralie Pallot Managing DirectorRowlands Recruitment, Trinity House, Bath Street, St Helier, Jersey JE2 4ST

T: +44 (0)1534 626722E: [email protected]

We are an award winning, established law firm with a multi-facet approach to law. Renowned for our integrity, accountability and vast legal network, we build longstanding relationships with clients who return to us time and again. This is substantiated further by our Lexcel status, recognising us for excellence in legal practice management and client care.

Representing clients across the Channel Islands, UK and Europe, we act as their strategic legal partner utilising our off-shore expertise and international reach. We understand your business is unique and that you require a bespoke solution to meet your business needs and responsibilities.

In this way, we ensure our services are aligned to your legal requirements - whether you are a global corporation, a business start-up, a national government or a private client.

Our range of bespoke legal services includes:

For expert legal advice that can redefine your business, please contact us today.

E: [email protected]: +44 (0) 1534 888 666W: www.viberts.com

● Commercial● Dispute Resolution● Employment● Family

● Personal● Property

TO GET YOUR FIRM LISTED IN THE DIRECTORY CONTACT

CARL METHVEN+44 (0) 1534 615886 /

+44 (0) 7797 796377 ORCARL.METHVEN BLGLOBAL.CO.UK

ONLINE DIRECTORY

THE ONLINE DIRECTORY THAT WILL GET YOUR FIRM NOTICED. With a profile summary on every press release, and a

historical press release archive linked to your

directory entry, BLGlobal.co.uk

is the place to be

Only £150 per annum

BL Directory


Tea or coffee? Tea – first thing, definitely! Strong, with a dash of milk.

Favourite movie? The Sound of Music – I can watch it again and again, and love the songs.

Fondest childhood memory? I have so many happy memories of growing up in Guernsey, but mainly spending long summer days on the beach; riding with my papa in his lorry collecting tomatoes – and him knowing everyone on the island; competing in the dance festivals; diving for keys at White Gables; and feeling loved.

Somewhere you’ve never been that you would love to visit? Hawaii, but it’s a bit of a trek.

Scariest thing that has happened to you? Going on a boat and not knowing that the captain was irresponsible and had no GPS or working flares. We didn’t make it to Alderney before dark and we were lost and had hit a rock. It took the RNLI three hours to find us.

Your best quality? I’m a very loyal person (according to my mother).

Something about yourself you would change? My phobia of tortoises and turtles. It’s amazing how often they pop up.

Last meal on death row? Lobster linguine, in the style of Da Nello’s in Guernsey.

Cats or dogs? I’d always been a cat lover until I inherited our gorgeous Yorkshire Terrier, Rufie – so now it’s both.

Someone you admire? James Partridge. He was my

economics teacher when I was at Guernsey Ladies

College and he went on to become the founder of Changing Faces, a UK charity that supports children and adults with physical

disfigurements. He’s never stopped

campaigning to change public opinion and combat

discrimination. He inspired me at school and he continues to do so as I follow his achievements in life.

First job you had? Sales assistant at Miss Nob Ladies International Fashions in St Peter Port, which closed only recently. I loved it so much I worked as their holiday girl for eight years.

Worst job you’ve done? Breeding tropical butterflies – there were some huge green caterpillars that didn’t smell too good in the heat and whose horns were terrifying!

Dream job? Hosting a travel programme.

Any hobbies? Raising money for local Alzheimer’s causes.

Something that drives you nuts? People sniffing – get a tissue!

Best bit of advice received? An old friend once told me: “Don’t ever stop reaching for the stars; they are only an arm stretch away.”

Desert island disc? Sonny – the Marvin Gaye version. I always vowed that if I had a son he would be named accordingly – and so he is. Which buzzword do you hate the most? ‘Connecting’ with someone – can’t they just be introduced?

Favourite chocolate bar? Maltesers – but I’d rather have cheese than chocolate.

A piece of technology you can’t live without?It has to be my iPhone. I struggle to remember what it was like without mobile phones. When I was a student, I just used to save up all my coins in a jar for our payphone in the house – and I think I just reversed the charges a lot. I’m not even sure you can still do that these days.

Lisa Barnett is Director and Head of Guernsey Office, RBC cees

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Contact Simon to discuss your requirements T: 01534 865885 E: [email protected] | W: delta-av.comUnit 4 | Springside | Trinity | Jersey | JE3 5DG

Trust | Corporate | Family Office | Tax & VAT Property | eBusiness | Yachting | Aviation | Crewing

A partnership built on trust.

We are dedicated asset guardians,more than just a service provider.

www.equiomgroup.com

Whether you are a successful individual or corporation, you can trust Equiom to protect and nurture your wealth. We are your asset guardians, here to assist with:

• The establishment, formation and administration of trusts, foundations and companies

• Specialist tax & VAT planning and tailored ownership structures for property, yachts and aircraft

• eBusiness solutions, including eGaming licence applications, corporate structures and VAT advice

Equiom (Guernsey) Limited is regulated by the Guernsey Financial Services Commission.

GUERNSEY HONG KONG ISLE OF MAN JERSEY MALTA Equiom (Jersey) Limited is regulated by the Jersey Financial Services Commission.

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bl magazine issue 43 march/april 2016

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