Support grows for CIFSA

The Cayman Islands Financial Services Association has received a big boost to its membership having completed its first successful drive for contributions.

At the December 2005 CIFSA board meeting, founding Directors Mr. Eduardo D’Angelo P. Silva and Mr. Eric Crutchley announced that CIFSA had welcomed to the table 10 new contributing member-companies from private industry, said a press release from CIFSA.

Mr. Silva said CIFSA was pleased that the first drive to increase membership had been supported by many of the key businesses on the Island.

‘We offer our sincere thanks to those companies that showed true leadership through their acknowledgement of the important work that the Financial Services Association undertakes,’ he said.

‘Ultimately the future of the Association relies on support from Cayman’s financial services industry,’ Mr Silva said in the release. ‘With three of the major accounting firms, two of the large law firms and a number of the key banks now as members, we feel we are gaining the momentum we need to continue to have a significant impact off-island in promoting the integrity Cayman’s financial services industry.’

The new member-companies contributing to the continued funding of the Association include Ogier, Cayman National Bank, Scotia Bank, Deloitte, HSBC, KPMG, PWC, Walkers, CIBC and Royal Bank of Canada.

Mr. Chris Carpenter, Senior Manager, Marketing and Business Development at Deloitte said Deloitte was delighted to be one of the first private-industry members of CIFSA.

‘Through our leadership we hope to encourage other companies in Cayman’s financial services industry to follow and support the important work of the Association,’ he said.

‘Our decision to become a member of CIFSA was based on our recognition of the competitiveness of the off-shore industry and that our financial services industry should continue to work together to ensure Cayman remains a jurisdiction of choice.’

CIFSA Director M. Eric Crutchley said, ‘the drive for contributions had been well received however our goal is to have every Cayman financial services organization become a member of CIFSA.

‘You only need look at what other jurisdictions like Bahamas and Bermuda are doing to promote their industries to see that the continuing operation of the Association is of the utmost importance,’ he said.

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 Cayman Islands Compliance Association, the Society of Trust and Estate Practitioners, the Fund Administrators Association, the Company Managers Association, the Bankers Association and the Insurance Managers Association, Deloitte, Scotia Bank & Trust, PricewaterhouseCoopers, Cayman National Bank, HSBC, KPMG, Walkers Attorneys-at-Law, CIBC, Royal Bank of Canada and Ogier.

The Association’s mission is to communicate the integrity and quality of Cayman Islands financial services.