Consultation Paper on Unclaimed Money under the Protection of Investors (Bailiwick of Guernsey) Law, 2020

The Guernsey Financial Services Commission has today issued a Consultation Paper seeking views from interested parties on the creation of a new policy regarding Unclaimed Money under the Protection of Investors (Bailiwick of Guernsey) Law, 2020.

This Consultation Paper follows on from the Thematic Review regarding Unclaimed Money  

The Thematic Review identified that Unclaimed Money is not dealt with in a consistent manner within the collective investment scheme industry, and that industry would benefit from further guidance in this area.

The key proposals detailed in the Consultation Paper are that:

• the board of a scheme adopts a policy regarding Unclaimed Money;
• there is a responsible entity charged with policy implementation;
• there are appropriate disclosures to investors within the scheme particulars; and
• the provisions within the Authorised Collective Investment Schemes (Class B) Rules and Guidance, 2021 which relate to Unclaimed Money, but which are not aligned with the new policy, are removed.

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/

Responses to the Consultation Paper are sought by 20 June 2024.