Guernsey Finance, the promotional agency for Guernsey’s financial services industry, is more relevant today than ever in its 20-year history, its chairman has claimed.

Deputy Lyndon Trott, who took over as chairman in 2016, said at Guernsey Finance’s Industry Update event that the island continued to trade and thrive on the virtues of security, stability and substance.

But in an environment which showed a growing trend for consolidation across the industry, particularly with a “buy and build” strategy in the fiduciary sector, there were concerns that Guernsey firms may become “bolt-ons”, as part of a group h...