Articles from 2022

Please be advised that 12 individuals have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations). The names of these individuals are available here: Notice_Russia_160622.pdf (publishing.service.gov.uk) The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020...

Feedback and Final Consultation on Professional Indemnity Insurance for Fiduciary, Investment, Insurance Intermediary and Insurance Manager Sectors The Commission has issued today two feedback statements on the previous Consultation Papers (“CPs”) on Professional Indemnity Insurance (“PII”), one in relation to the Fiduciary and Investment sectors and the other relevant to the Insurance...

The Commission has today published a Thematic Review of the Pension Transfer Landscape in the Bailiwick The Thematic Review highlights our findings for both the local pension sector and for pension members and illustrates our expectations in this area together with examples of good practice and areas for improvement. If a pension transfer request is not completed within 60 days from the date the...

Following completion of its recent consultation on mind and management requirements for the Fiduciary and Investment sectors the Commission has today issued updated consolidated versions of the Fiduciary Rules and Guidance, 2021 and the Licensees (Conduct of Business) Rules and Guidance, 2021. Both sets of Rules have been amended with the addition of a new rule requiring fiduciary and investment...

The Commission has today published its 2021 annual report and financial statements. The report notes that the combination of the vast quantitative easing undertaken across the developed world to combat Covid restrictions and the war in the Ukraine have crystallised the inflationary risk the Commission had previously highlighted. The fiscal and monetary responses to this inflation are likely to see...

Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £6.0 billion (2.0%) to £309.6 billion. Over the past year, total net asset values have increased by £45.9 billon (17.4%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £0.1 billion (-0.2%) to £54.4 billion. This represents...

Please be advised that the following entities have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations) - PJSC Aeroflot JSC Rossiya Airlines JSC Ural Airlines The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under the Sanctions...

On 29 April 2022, the Guernsey Financial Services Commission, acting pursuant to powers granted to it under the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020, made an application to the Royal Court for an administration management order in relation to the Company, a company licensed under the Protection of Investors (Bailiwick of Guernsey) Law, 2020. The...