Consultation Papers on Proposals to Create a Single Fiduciary Handbook and Revise Pension Rules

The Guernsey Financial Services Commission is today issuing two Consultation Papers seeking feedback from interested parties on potential changes to the regulatory framework under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the "Fiduciaries Law") with the objective of ensuring that the regime continues to be both compliant with international standards and appropriate for the Guernsey market.

The publication of the Consultation Papers follow the Commission's review and consideration of feedback received on the Discussion Paper issued in March 2019 and is also informed by the ongoing supervisory and thematic work of the Commission and data collected as part of the Commission's quarterly and annual returns.

The Consultation Papers, which are each accompanied by proposed draft rules, make detailed proposals for the revision and consolidation of elements of the policy framework underlying the Fiduciaries Law, specifically:

1. The reframing of Codes of Practice as a single Fiduciary Handbook, in line with the GIFCS Standard simplifying the rules framework from six separate documents into one, including consolidation of the conduct of business elements of the existing Pension Rules within this new single Fiduciary Rulebook; and
2. Revision of the current Pension Rules to reflect industry feedback.

Who should read the Consultation Papers?

The Consultation Paper on the Fiduciary Handbook is relevant to all licensed Fiduciaries, including pension providers.

The Consultation Paper on revised Pension Rules is primarily of relevance to licensed pension providers, who should consider these separate proposals in addition to the proposals in the Fiduciary Handbook Consultation Paper.

The Consultation Papers may also be of relevance to other industry participants, service providers and other interested parties.

The Consultation Papers can be found at the following page on the Commission's website:

https://www.gfsc.gg/industry-sectors/fiduciary/legislation-and-guidance

Respondents are encouraged to submit their comments online using the Commission's Citizen Space Consultation Hub which can be found here:

https://consultationhub.gfsc.gg

All interested parties are requested to provide responses by 7 November 2019.