Lunch promotes finance industry

The Cayman Islands Financial Services Association sponsored a luncheon today in London to help promote Cayman’s financial services industry and strengthen ties between the City of London and the Cayman Islands.

The luncheon, sponsored by CIFSA and organised by the Cayman Islands Investment Bureau in London, was at the Mansion House, the Lord Mayor’s traditional residence.

Mr Stuart Dack, CIFSA Representative at the luncheon and President and CEO of Cayman National Corporation, said CIFSA was delighted to sponsor the luncheon and hoped that through such events the Assocation would continue to raise the Islands’ profile and reputation throughout the global financial community.

‘CIFSA’s aim is to foster and promote the high standards of the Islands. It is imperative that we better inform and educate elite opinion and the international media about the high quality of regulation and services in the Cayman Islands.’

‘The luncheon will be an educational, promotional and networking event. We hope to send a clear message that the Cayman Islands has survived the disruption caused by Hurricane Ivan as well as promote the competitiveness of the Islands’ financial services, particularly in areas such as banking, mutual funds and captive insurance,’ Mr. Dack said.

McKeeva Bush, Leader of Government Business, said the lunch was an excellent example of how the public and private sector in Cayman could work together successfully to improve awareness of the Islands’ financial services offering.

‘The City of London is an important audience for the Cayman Islands, and whilst commercial and personal bonds are strong, we must continue to educate key players about our products, services and approach to regulation,’ he said.

Mr. Tim Ridley, CIMA Chairman and principle speaker at the luncheon, said Europe – and London in particular – were major sources of business for the Cayman Islands.

‘Sound regulation is a critical ingredient of Cayman’s continued success, and this is an excellent opportunity to showcase the quality of our regulation,’ he said.

Mr. Ridley was to talk about the Islands’ approach to regulation, the role of the regulator, current business trends in Cayman’s financial markets and the impact of recent international regulatory initiatives.

Sir Alan Traill, CIMA board member and a former Lord Mayor of the City of London was to welcome guests, with the current Lord Mayor, Mr Michael Savory, providing introductory and closing remarks.

Up to 100 guests were expected to attend, including UK politicians, representatives from the central government and key regulators, and senior business executives in the banking, legal and accountancy professions.

The Cayman Islands Financial Services Association was formed in November 2003. It comprises individual companies and key associations including: the Cayman Islands Society of Professional Accountants, the Law Society, the Society of Trust and Estate Practitioners, the Fund Administrators Association, the Company Managers Association, the Bankers Association and the Insurance Managers Association. The Association’s mission is to communicate the integrity and quality of Cayman Islands financial services.

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