Jersey's place among financial centres has fallen but it is still the highest ranked offshore centre according to the Global Financial Centres Index.

The index rates how financial centres perform in relation to others in the world.

Overall Jersey is placed 23rd in the world, four places above Guernsey and 12 above the Isle of Man.

The offshore centres faced greater scrutiny and that was being blamed for the drop.London is named as the number one finance centre, ahead of New York and Hong Kong.

The report said that the Channel Islands are the only offshore centres to achieve a rating over 600.
'Maintain our marketing'

The rankings examine major financial centres in terms of competitiveness by calculating a set of ratings for each jurisdiction.

It uses data available from each centre as well as responses to a global survey.

Geoff Cook, chief executive of Jersey Finance Limited, said: "The report highlights how Jersey is regarded on the global stage as a market leading international finance centre and that it is recognised as one of the top 10 centres to grow in significance over the next few years.

"It is also important to note the continual improvement in performance of the Asian centres in the rankings, particularly Hong Kong and Shanghai which are in the top five.

"This evidence emphasizes the importance of these jurisdictions and how we need to maintain our marketing efforts overseas in order to drive Jersey's future success." source: www.bbc.co.uk