Consultation Paper on Protected Cell Company (“PCC”) as Pension Service Provider (“PSP”)

The Guernsey Financial Services Commission has today issued a Consultation Paper seeking views from interested parties on a proposal to permit Pension Service Providers (PSPs) to be formed as Protected Cell Companies (PCCs).

Under the current legal framework, a company cannot be a PCC unless it falls under certain prescribed regulated categories, which do not include PSPs. The Consultation Paper proposes that the Commission prescribes licensed PSPs as an additional category of company permitted to be formed as PCCs.

PCCs permit the segregation of assets in individual cells within the same company and may present an an efficient way of structuring a regulated pension service provider and protecting pension assets.

Responses to the Consultation Paper are sought by 11 November 2024.

Respondents are encouraged to submit their comments online using the Commission's Consultation Hub at the following link, where a copy of the Consultation Paper can also be found: https://consultationhub.gfsc.gg/