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Financial Services Sector Takes Spotlight at Leadership Cayman Seminar

20 Nov 2019

Leadership Cayman 2020 held its second in a series of eleven seminars on Wednesday, November 20, at the Deloitte Building at Capital Place in George Town, with the Cayman Islands financial services sector taking the spotlight.

The seminar, which was preceded by a tour of the Gold Vault located in The Security Centre at Printer Way, focused on two main issues: the current and future impact of the General Data Protection Regulation (GDPR) and Data Protection Law (DPL) on the Cayman Islands Financial Services Sector, and whether the Financial Services Sector is poised to remain competitive in the global economy. Marshalling the discussions were panelists Peter Dinsdale, Cayman Islands Ombudsman and Data Protection Analysts; Jude Scott, CEO for Cayman Finance; Ashita Shenoy, Principal, Deal Advisory at KPMG Cayman Islands.

The challenges faced by government in enacting and enforcing the DLP as well as the extent to which the DLP would serve as an incentive or disincentive to investment in the Cayman Islands were two of the issues of keen interest to the Leadership Cayman class members. The strengths and weaknesses of the Islands’ financial regulations and the financial security of consumers and businesses were also major discussion points.

Speaking to some of the overarching concerns about the DPL, Scott said, “The Data Protection Law is the most amazing thing that has been introduced. It is not what you do but how you do it.”

Meanwhile, Dinsdale, articulating his passion as Ombudsman for the Cayman Islands said, “What’s ethical and what’s legal is what I care about ….. Any role that allows me to have an impact and help individuals protect their rights under the law is appealing.”

Shenoy expressed enthusiasm for the contribution she has been making to the financial services sector in the Cayman Islands, through her current role.

The Leadership Cayman Financial Services seminar was sponsored by Deloitte. Cox Lumber Limited, Wheaton Precious Metals and RBC Royal Bank (Cayman) Limited are the major sponsors for the eight-month long programme.