Consumers

​ On 9th August 2016 by order of the Royal Court of Guernsey on the application of the Guernsey Financial Services Commission (the “Commission”), Andrew Isham and Phil Bowers of Deloitte LLP were appointed as the Administration Managers to Providence Investment Funds PCC Limited (’the Fund’) and its manager Providence Investment Management International Limited (‘the Manager’). The application was...

​The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (“the Financial Services Commission Law”)The Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended (the “POI Law”), The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc, (Bailiwick of Guernsey) Law, 2000, as amended (the “Fiduciaries Law”), The Insurance Managers and...

The Commission today launches a consultation paper (please click here for a copy) on its proposals for increases in the 2017 licence fees paid by firms. The consultation period will close on Wednesday 31 August. An overall blended rate of increase of 2%, including anomalies, is proposed for 2017. Commission Chairman, Cees Schrauwers, said “ This will be the fifth year in succession where the...

​ESMA has today confirmed its positive advice to the EU Commission regarding the extension of the AIFMD passport to Guernsey ( click here). In its advice ESMA states “that there are no significant obstacles regarding investor protection, competition, market disruption and the monitoring of systemic risk impeding the application of the AIFMD passport to Guernsey.” Guernsey is one of just five...

​Following last year’s successful one-day seminar for intermediaries on conduct of business, the Commission recently held an interactive seminar which was attended by approximately 85 representatives from insurance intermediaries, insurance companies, insurance managers and retail banks. In selecting the topic for this year’s seminar, the Commission recognised that significant changes will be...

​Guernsey’s financial services regulator has published a consultation paper following a decision made by the States of Guernsey in January of this year to increase the discretionary financial penalties which the Commission is able to apply in cases where there have been serious regulatory shortcomings (Billet d’Etat V of 2016 https://www.gov.gg/CHttpHandler.ashx?id=99971&p=0). The legislation...

Guernsey’s financial services regulator has published a guidance note on its general approach to the enforcement process which it administers. This brings together the extensive public guidance which is already available on the Commission’s website. The paper has been published in response to a decision made by the States of Guernsey in January of this year requiring the Commission to publish such...

The Commission has published a report on its thematic review of the sale of general insurance add-on policies by insurance brokers in Guernsey. The Report can be downloaded here. General insurance add-on products are insurance policies commonly sold in conjunction with another insurance policy such as a private motor policy, household policy or marine policy. The most frequently sold add-on...

The Commission has today published a short guide which explains what risk based supervision is and what it means for licensees. Please click here. At its core, risk based supervision accepts the premise that resources are finite, that there is no unlimited pool of public or industry funding on which to draw and that every regulator has to make choices about what it will do and what it will not do...