Financial & Legal Services
Jersey based financial organisations provide services to customers worldwide. In June 2008, it was reported that 12,070 people were employed full-time, within this sector. The Royal Bank of Scotland International (RBSI) is a major employer with some 900 staff employed in Jersey, as of March 2009.
The finance sector profits rose to about £1.5 billion in 2007, representing a real-term increase of 12% on 2006.
Jersey is one of the top worldwide Offshore financial centers as well as being a tax haven. It attracts deposits from customers outside of the island, seeking the advantages such places offer, like reduced tax burdens. Its taxation laws have been widely criticised by various people and groups, however the former Chief Minister of Jersey, Terry Le Sueur, has countered these criticisms, saying that "Jersey among cooperative finance centres". It's information privacy law also provides exemptions that other European countries do not, for example in the way Trusts do not have to disclose as much information to Benficiaries about use of their personal data as is normally required under such laws.
Jersey's finance industry featured in a BBC Panorama documentary, titled "Tax me if you can", broadcast of 2 February 2009.
On 4 February 2009, Jersey Finance officially announced its intention to open a new representative office in London.
At the end of 2008, deposits in Jersey banks totalled £206 billion, down £6.2 billion from £212.3 billion at the start of the year.
Read more about this topic: Economy Of Jersey
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