Banking

The Guernsey Financial Services Commission has become aware that a website has been established cloning the Commission’s own website (The GFSREA – Guernsey Financial Services and Regulatory Enforcement Authority – www.gfsrea.org). The Commission’s website domain is www.gfsc.gg The Guernsey Financial Services and Regulatory Enforcement Authority’s website appears to closely resemble the Commission...

Further to our news article dated 1 December (click here), the Commission wishes to advise that it will not accept Surrenders and Suspensions from licensees and registrants on Christmas Eve or New Year's Eve without prior arrangement.

Ahead of distributing 2022 annual fees, licensees and registrants who wish to surrender or suspend their licence (or one that they administer) must notify the Commission in good time ahead of the New Year. If the Commission does not give consent to a surrender or a suspension based on the notification requirements set out in the regulations, then licensees or registrants may be liable to pay their...

The Commission plans to increase licence fees paid by firms from 1 January 2022 by 7.6% with the agreement of the Policy & Resources Committee. On 16 July 2021, the Commission published a consultation paper on its 2022 fees containing four main proposals:- an overall fee increase of 10.1% for all sectors; a restructuring of fees for the investment sector; changes arising from the update to most of...

Following on from last year, the Commission will be distributing 2022 annual fee invoices using the generic email address that we hold on record for each licensee and registrant. If you wish to check which email address the Commission holds for your firm, please contact '[email protected]', quoting the entity name and GFSC reference number, which can be found on our website ( Regulated Entities...

The Commission has launched a survey on consumer credit and home finance for businesses involved in the sector. This follows the approval earlier in the year by the States of Guernsey for proposals from the Committee for Economic Development and Policy & Resources Committee for a new law that will require businesses which provide credit, lending or finance, or act as finance brokers to be licensed...

The Commission is publishing today the finalised draft revised rules, codes and guidance that accompany the introduction of the revised principal laws dealing with the regulation of financial services business in the Bailiwick as part of the Commission’s Revision of Laws project. The new rules, codes and guidance will come into effect on Monday 1 November 2021, on the same day as the new and...

The Commission has today published the feedback to its Consultation on Amendments to the Banking Rules on Accounts, Disclosure & Large Exposures. In March 2021 the Commission published a Consultation Paper on its proposed Accounts, Disclosure and Reporting Rules and its Large Exposure Rules, to be issued under the Banking Supervision (Bailiwick of Guernsey) Law, 2020 (due to come into effect on...