Consumers

On 29 May 2020, the Guernsey Financial Services Commission, acting to protect the interests of investors and pursuant to powers granted to it under the Protection of Investors (Administration and Intervention) (Bailiwick of Guernsey) Ordinance of 2008, made an application to the Court to have administrators appointed to Continent Worldwide Limited, a company licensed under the Protection of...

Following our announcement of 24 March 2020: https://www.gfsc.gg/news/commission-allows-more-time-firms-complete-key-financial-returns], the Commission has been pleased to note the resilience of the Bailiwick’s finance sector including the widespread ability to work from home effectively. This operational resilience, taken together with recent States of Guernsey announcements regarding exit from...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”) The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”) The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 (the “IMII Law”) The Insurance Business (Bailiwick of Guernsey) Law, 2002 (the “Insurance Law”) The Regulation of Fiduciaries...

In response to operational adaptation that firms are undergoing as a result of restrictions imposed to tackle the spread of Covid-19, the Commission has decided to ease some of the timeframes in the Handbook rules. Specifically, those timeframes relating to the approval of business risk assessments and policies and procedures and for reviews of existing customers have been put back. The changes...

The Commission has published, on the consumer pages of its website, advice for consumers on coronavirus-related fraud attempts. This advice aims to provide easily accessible and clear information to help people living in the Bailiwick protect themselves from these latest types of fraud and explains what to do if they fall victim to a fraud or attempted fraud. The advice can be found on the...

Directors of Licensees will be mindful in these extraordinary times of their duties towards their own incorporated entity, regardless of whether it is a local business or forms part of a larger group of companies. Licensed entities are of course subject to the law, but holding a Licence from the Commission also adds various requirements laid down by the Commission in Rules, Conditions or other...

Amending the Timing of Financial Return filings with the Commission The Commission is conscious that almost all firms will be experiencing certain operational issues as they transition to an environment in which many of their staff will be working from home. Mindful of this and of some significant impending deadlines for financial returns, it is making the following changes to its expectations:-...

The Commission confirms that with effect from close of business on Tuesday 24 March 2020, the majority of its staff will be home working with just a small core staff operating from the Commission’s offices based at Glategny Court. The switchboard will continue to operate during normal office hours and callers will be asked by the receptionist to provide their contact details in order that a member...

The Commission is closely monitoring the coronavirus situation and will be increasing its financial stability monitoring work and acting to ensure that consumers are protected where necessary. We would appreciate firms’ co-operation with our financial stability enquiries when we make them as we need to be able to continue to understand the health of the largest part of Guernsey’s economy during...