New name for CIFSA to help define identity

| 04/10/2009

(CNS):  The Cayman Islands Financial Services Association (CIFSA) has become considerably more vociferous in the last six months as the body sought to respond more pro-actively to global tax issues and legislation from overseas that could affect Cayman’s financial industry. Now, along with this new more proactive image, comes a new and shorter name – Cayman Finance. Board member Dan Scott (left) said he and the other board members agreed that the new name reinforces the organisation’s specific identity than the previous acronym of CIFSA.

In response to this increased role as international representatives for the industry, the CIFSA Board approved the change, which Scott explained would be more recognisable than the letters. “With the increased profile our association is enjoying globally, the directors felt our name should reinforce our specific identity and that moving away from a name that is routinely reduced to an acronym (CIFSA) would have greater impact.”

With the appointment of Anthony Travers as Chairman and spokesperson, CIFSA has become far more proactive and visible in the international media. Its international profile and, more importantly, its impact have risen dramatically during 2009. Board member James Bergstrom, who has been closely involved in some of the structural changes to the organisation, explained some of them and said the body now speaks for the entire industry.

“Several other changes have been made to the structure of the organization, including new guidelines for membership, voting rights, and fee structure, which provide a more inclusive and broader base of representation. Our great strength is that when we deliver a position we speak for the entire Financial Industry,” he said.

Cayman Finance said in a letter to all its members recently that a great many challenges still lay ahead for the organization but there were many achievements already made. The new banner of Cayman Finance is expected to help drive the body forward.

“Through our collective efforts we believe that the best days for Cayman’s financial services industry are in our future,” Cayman Finance wrote to the membership.

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  1. Anonymous says:

    Cayman Finance – sounds like a loans company !   I would have thought they could have come up with something  better than that  especially if this is to enhance our image on a global scale ! 


    • Anonymous says:

      The name is actually pretty standard for the industry.

      Jersey Finance Ltd for example. So the name carries more meaning with industry players and politicians.

      • Anonymous says:

        If Jersey did it, it just has to be a good idea. Clearly the best in branding strategy are hard at work. But what the he11 it is still a moderately free country and they can call themselves whatever they want.



  2. Anonymous says:

     Unfortunately CIFSA or Cayman Finance has no official  role within Govt ,if they had we wouldnt have ended up on the brink of disaster like we did and lets face it we are still not out of the woods. So what if they protect their own interests – it is in our interests that they do – if they leave cayman we are royally screwed 

  3. Anonymous says:

    With CISFA protecting the interest of its own members and Mac playing small town politics on an international stage, can we really be surprised that Cayman is now the laughling stock of the international community.

    • Anonymous says:

      That is a strange comment given that CIFSA members make up the financial industry and create employment for so many Caymanians either directly or indirectly. So protecting its members means protecting the companies that drive our economy.
      As for being a ‘laughing stock’ the OECD just named Cayman as one of 14 countries to sit on a key committee charged with creating the rules and processes for judging international compliance with regulations. That is respect.
      Also, the reason overseas politicians name Cayman so often is because of our incredible success.

      • Anonymous says:

        Respect? – Boy have I got a bridge for you to buy.

        The OECD selected Cayman because it only wants clueless folk who will do whatever the OECD says to do. Now we definitely have some of those in government so we should be on their committees until those of us that remain are all back to growing cassava. You bet that they are laughing.

        • Anonymous says:

           So you are saying it makes more sense to NOT be part of an important process that could effect a critical industry?  That makes no sense at all.

    • Anonymous says:

      Mac just showed very strong leadership in fighting the UK as they attempted to force direct taxation on Cayman that would have deeply hurt the finance industry here.

  4. Anonymous says:

    Phase 1 completed. Next name change "de facto Ministry of Finance"? 

    More inclusive is good – but it should be remembered that whatever CIFSA’s posturing, the responsibility of government is to represent all the people, not the "fat cats". When I see some evidence that CIFSA has given up on sophmoric tirades and is interested in the long term future of Caymanian society rather than the immediate cash flow of the already rich few, then I will applaud. BTW – I am Caymanian and a professional in the finance sector.

    • Anonymous says:

      CIFSA is there to protect its members, rather than be a social welfare programme.

      • Anonymous says:

        I agree. That is why an intelligent government would be rather circumspect in its handling of any advice from CIFSA.

        • Batman says:

          Yes but this is Cayman, with a pool of politicians so small that it causes genetic imbalances.  "Intelligent government" is way beyond them.

      • Anonymous says:

        Actually it does both. Anyone reading the local papers, as you seem to do, should realize just how much CIFSA members give to local charities and cultural events and scholarship programs.

        Plus I think employing large numbers of Caymanians in the industry, and through all the support services around the industry, is a rather important social programme as well.