The Falkland Islands Chamber of Commerce is pleased to welcome Peter Softley and Fionn Blackman from Queenstown Strategic Advisors (QSA), who are visiting the Falkland Islands from 07/01/2023 to 14/01/2023. With the support of Standard Chartered Bank, the Falkland Islands Government, and the Falkland Islands Development Corporation, the Chamber appointed QSA to conduct an independent review of the Falklands’ banking services in November 2022.
Whilst visiting, Peter and Fionn will meet with local businesses, government and other key stakeholders to understand current banking service provision, limitations and constraints, and what steps we can take to improve service and encourage local investment. At the project’s conclusion, it is hoped that QSA will be able to provide a blueprint for future development which will enable the local banking system to better support residents, businesses, NGO’s and the government.
Speaking ahead of the visit, Chamber Chairperson, Mike Summers, said, “Banking services are vitally important to businesses and individuals across the Islands, and we are aware that there is some dissatisfaction with the services currently available. Our Board asked QSA to conduct this project in the hope that we can get to grips with the underlying issues and identify a path to modernise and improve those services.” Mike concluded, “We hope Peter and Fionn enjoy their time in the Islands and the opportunity to speak with a wide range of local stakeholders in person.”
About Queenstown Strategic Advisors
Queenstown Strategic Advisors was established in 2021 as a boutique advisory firm led by principal Peter Softley. He has over 22 years experience in financial services as a corporate banker, and subsequently as the Head of Strategy and Corporate Development for the international division of a major UK bank. Peter enjoyed more than 15 years living and working in small island communities. In this role he led reviews of the firm’s jurisdictional presence including its strategy in Gibraltar in response to the withdrawal of a major competitor. Peter also was responsible for designing and leading the firms response to the introduction of the UK’s ring-fencing legislation. This included developing and delivering business plans to enter two new jurisdictions and setting up two new banking entities in Luxembourg and the United Kingdom.
As part of the ring-fencing programme he led the engagement with the Prudential Regulation Authority, Financial Conduct Authority, European Central Bank, Luxembourg’s CSSF and the regulators in the Channel Islands, Isle of Man and Gibraltar. In addition Peter led industry level working groups on the implementation of new prudential banking regulations introduced in response to the global financial crisis.