Consultations

The consultations by the Policy and Resources Committee and the Guernsey Financial Services Commission on proposed revisions to the Proceeds of Crime legal and regulatory framework, have closed with more than 70 responses from across the financial and professional services sector. The draft revisions to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999, the two sets of...

Today the Commission issued a Discussion Paper “Guernsey and the Development of Global and European Insurance Capital Standards”, a copy of which can be found here. Comments should be submitted by 20 October 2017.

The Commission today launches a consultation paper (please click here for a copy) on its proposals for the 2018 licence fees paid by firms. The consultation period will close on Friday 8th of September. An overall blended rate of increase of 3%, excluding anomalies, is proposed for 2018. Commission Chairman, Drs Cees Schrauwers, said: "For five years the Commission has kept the average fee...

Introduction The Commission is today seeking feedback and assistance from the financial services industry specifically on whether the provisions of the Enforcement Law may have any unintended consequences or fatal flaws. What the engagement is not about The Commission has engaged with the financial services industry through the issuing of a discussion paper and later through a full consultation...

The Commission is today issuing a consultation paper seeking feedback on a number of regulatory proposals for firms involved in lending, credit and finance. The consultation period will close on Friday 15th September 2017. The proposals contained within the consultation paper have a twofold purpose:- A) Opening up Guernsey to more innovative, often digitally enabled, financial services which don’t...

The Commission publishes today, 4 May 2017, a proposed new pensions supervisory framework for consultation as was communicated in the States report published on 27 April 2017, which can be found via this link. This comprises a proposed extension of regulated activities (under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (“the...

The Guernsey Financial Services Commission is consulting on proposals to introduce new FRR rules for full fiduciary licensees. Background The Commission has been working with the Guernsey Association of Trustees (GAT) with the intent of reviewing and updating the FRR as applicable to full fiduciary licensees. Key reasons for the proposed new FRR rules are: 1) to enable Guernsey to meet...

The Guernsey Financial Services Commission has today issued feedback on comments received on its proposals to amend the Code of Conduct for Authorised Insurance Representatives (“the Code”). The Commission has also published the final version of the Code, which will come into effect on 1 April 2017 - this is available to read via the following link: Code of Conduct for Authorised Insurance...