British MPs praise Cayman in ‘phenomenal’ visit

Key takeaways in this article:

• Recognition that the Cayman Islands has strict financial services regulation
• Support for Little Cayman’s application for World Heritage status
• Suggestion that the UK replicate Cayman’s biodiversity efforts
• Idea that Cayman’s world-class facilities should set an example and influence what can be done in other British Overseas Territories

A five-strong delegation of British MPs that spent almost a week in the Cayman Islands has praised the “friendliest welcome” and said they would return to the UK with ideas of how Cayman and the UK could collaborate on a range of issues, including child protection and the environment.

Sarah Champion, Edward Morello and Al Pinkerton from the House of Commons and Lord Brady of Altrincham and Baroness Laing of Elderslie from the House of Lords had a packed itinerary on their days in the Cayman Islands.

The group, some of whom were visiting Cayman for the first time, met government and opposition politicians, Hazard Management Cayman Islands, RCIPS, the Regiment and representatives of the financial industry including the Cayman Islands Monetary Authority, the General Registry and private institutions such as Butterfield Bank, PwC and Maples Group.

They also managed to fit in a visit to the National Gallery of the Cayman Islands and see the blue iguanas during their visit.

Firsthand experience

Speaking for the group, Champion said, “As parliamentarians, we need to make sure that the Overseas Territories’ voice is heard back in the UK,” and added that they were grateful to be invited to come and see Cayman “and have that firsthand experience, which has been, from my point of view, phenomenal.”

She also said that the visit was a learning experience first and foremost and highlighted issues where the UK and Cayman could collaborate further. She said that she particularly valued meeting with Superintendent Richard Barrow of RCIPS and that she would be connecting him with charities back in the UK that worked in child protection.

Champion also said that she was impressed by how Cayman celebrated and protected its biodiversity.

“From the UK’s point of view, with a rapidly depleting biodiversity, when we talk about 95% of the biodiversity that we celebrate, it’s actually coming from the Overseas Territories,” she said. “So I’ll be trying to get our government to replicate a little bit more about what you’re doing and see if there’s more ways that we can help you preserve yours.”

She added that as soon as she got back to the UK she would be writing to the Secretary of State saying that she supported Little Cayman’s application for World Heritage status, having gone there herself at the start of her visit.

“It is, without doubt, an outstanding world treasure and needs to be looked after as such,” she said.

Many MPs said that the visit had swept away any commonly-held misconceptions about the Cayman Islands. Baroness Laing of Elderslie said, “There is a very unfair misconception in the UK and other places that financial services regulation here in Cayman is not strict and it is not similar to other 21st century structures in the Western world, and that is not true.

“We can see that this government has taken steps … to tighten the regulations to make sure that Cayman is a really good place for business to come and for investment. And we can see that the business community, the international financial community, legal firms, accountancy firms, insurance firms etc. all trust Cayman and that is the message that should go out.”

World class

Pinkerton added that the parts of Cayman that the group had seen, from the Coast Guard and police to financial regulators and at the National Gallery were “utterly exceptional” and should be held up as a “real exemplar of how Caymanians running a Caymanian sovereign service are providing truly world class facilities and are indeed influencing what can be done on other islands in the Caribbean as well.”

Premier André Ebanks said that it gave him “tremendous honour and pleasure to welcome members of the UK Parliament who have expressed a deep interest in learning about Cayman … and being able to work in partnership, understand our issues, be supporters and advocates within the UK Parliament.”

Governor Jane Owen echoed his sentiments, saying, “The intent has been to gain a better understanding, to think about what, proactively, the UK can continue to do to offer support and to look to the future with confidence in a vision of partnership, to see how we go forward from here.”