At a recent Extraordinary General Meeting, members of the Cayman Islands Financial Services Association unanimously agreed to switch from a lifelong membership structure to an annual membership scheme, a move anticipated to help the group in delivering its mandate.
Since its formation in 2003, CIFSA has relied upon funding from its members.
Directors say the annual membership structure will improve the organisation’s ability to communicate the integrity and quality of financial services in the Cayman Islands to both the global and local market places.
‘CIFSA will have a consistent yearly budget and can start to plan for the years ahead with an idea of what budget we have to support the activity we would like to undertake,’ said CIFSA Director Eric Crutchley.
At the meeting, the directors reported CIFSA increased its international awareness extensively over the past year by repeatedly appearing in the international press, including the Financial Times and the New York Times.
CIFSA also continued to on build key relationships with the Government and key industry stakeholders.
‘CIFSA has had a very successful year behind it and particular improvements were made in increasing international awareness of the financial services industry in the Cayman Islands,’ said Mr. Crutchley.
‘We are planning to continue this work, whilst simultaneously focusing on increasing awareness of CIFSA and the financial services industry locally,’ he said.
The directors reported the CIFSA website continues to be a valuable resource for the public and industry for further information on financial services in the Cayman Islands.
‘The visitor numbers of our website have proven again that there is an important role for CIFSA to play in disseminating accurate information,’ said Mr. Crutchley.
CIFSA Director Eduardo D’Angelo P. Silva says the recent successes have the organisation looking forward to the year ahead.
‘We are very keen to build on this year’s success and have some exciting initiatives planned for next year to make this happen,’ he said.
Plans include upgrading the website, and continuing to raise positive international awareness through participation in international conferences, and contributing to relevant editorial pieces in international publications.
‘We would like to thank our longstanding, loyal members and contributors for their continued support and would like to welcome the new members that have recently joined us,’ said Mr. Silva.
CIFSA’s private sector members include Admiral Administration, Appleby, Butterfield Bank, Cayman Management, Cayman National Bank, Close Brothers, CIBC Bank and Trust (Cayman) ltd., Coutts, Deloitte, Deutsche Bank, dms Management Ltd., Fidelity Bank (Cayman) Limited, First Caribbean International Bank Ltd., HSBC Financial Services (Cayman) Ltd, Julius Baer Bank, KPMG, Mourant, Ogier, PricewaterhouseCoopers, Queensgate, Rawlinson and Hunter, Royal Bank of Canada, Scotia Bank & Trust, Spectrum Global Fund Administration (Cayman), Sul America International Bank and Walkers.
The association’s board and membership includes the Cayman Islands Society of Professional Accountants, the Society of Trust and Estate Practitioners, the Cayman Islands Fund Administrators Association, the Company Managers Association, the Cayman Islands Bankers Association and the Insurance Managers Association.
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