CREDIT & FINANCE: Survey and Breakfast Meetings

The Commission has launched a survey on consumer credit and home finance for businesses involved in the sector.

This follows the approval earlier in the year by the States of Guernsey for proposals from the Committee for Economic Development and Policy & Resources Committee for a new law that will require businesses which provide credit, lending or finance, or act as finance brokers to be licensed by the Guernsey Financial Services Commission.

The survey is available on the Commission’s website, here. Breakfast meetings for firms providing credit, lending and home finance will be held on the mornings of the 10th and 11th of November.

“We have been busy talking to industry to understand the issues and work out how best to put in place the regulatory framework and safeguards for consumers in line with the States’ requirements” said Jeremy Quick, Director of the Banking and Insurance Division. “Over recent months we have held more than 50 informal meetings with lenders, brokers, retailers and consumer organisations and advisors.” 

“There is a real recognition of the importance of protecting consumers, and that this is an area where Guernsey is stepping up its game for the benefit of all. 

“As well as the questionnaire which we are asking businesses to complete, there will be a series of breakfast meetings in early November which we encourage businesses to attend to find out more and ask questions of the Commission. 

“By and large, high street retailers should not be affected – unless they offer their own finance arrangements or offer a range of finance options.  For most, who offer credit through an established lender, it will be sufficient to have an agreement in place which would make them an appointed representative of the lender (which would ensure that the lender would be responsible for meeting the relevant rules under the new law).

There will be an opportunity for consumers to have their say as this work progresses. 

The Commission will hold the meetings at its offices on Glategny Esplanade on the following dates: 

Weds 10 November, 8.30am for garages and motor traders providing vehicle finance;

Thurs 11 November, 8.30am for lenders and home finance providers; and

Thurs 11 November at 10:30am for brokers, intermediaries, and retailers who offer their own finance arrangements or offer a range of finance options. 

Invitations have been extended to a range of existing financial services businesses, anyone who wishes to attend the meetings should contact the Commission, email [email protected].

A link to the presentation slides from these events can be found here.