General

The Guernsey Financial Services Commission has issued today a consultation paper (“CP”) on Bailiwick Mind and Management in relation to the Fiduciary and Investment sectors. The CP sets out proposals to issue guidance under the Fiduciaries Law 1 and the PoI Law 2 to clarify that maintenance of local mind and management is a relevant factor in the Commission’s assessment of the prudent conduct of...

The Commission has elected Baroness Couttie as its Vice-Chairman. Philippa has held leadership roles over the past 30 years in both financial services and politics. She founded, built up and successfully sold two businesses as well as being the Chief Executive of a subsidiary of a publicly quoted company, a director of Citigroup and Leader of Westminster City Council. She sits in the House of...

On Wednesday 26 January, the Commission reported that it had become aware of a website that had been established cloning the Commission’s own website. Since becoming aware of the matter, the Commission submitted abuse notifications to the domain registrar and the hosting provider as well as reporting the URL as malicious to the appropriate authorities. The cloned website’s domain has been taken...

The Guernsey Financial Services Commission has become aware that a website has been established cloning the Commission’s own website (The GFSREA – Guernsey Financial Services and Regulatory Enforcement Authority – www.gfsrea.org). The Commission’s website domain is www.gfsc.gg The Guernsey Financial Services and Regulatory Enforcement Authority’s website appears to closely resemble the Commission...

On the 20th day of January 2022, the Commission imposed a discretionary financial penalty of £196,000 on Robert Archibald Gilchrist Sinclair and prohibited him from holding the position of controller,* director, partner, manager, money laundering reporting officer and money laundering compliance officer for a period of 5.6 years. The exemption set out in section 3(1)(g) of the Fiduciaries Law...

Philip Nicol-Gent, Senior Counsel at the Commission, has been appointed as Chair of the ICAEW’s regulatory board. This is the independent board responsible for oversight of ICAEW’s regulatory and disciplinary work, undertaken by the Professional Standards Department, to ensure it is carried out in the public interest. Philip has been the Vice-Chair of the ICAEW’s regulatory board since May 2017.

The Commission has now sent its 2022 annual fee invoices to licensees and registrants by email. If you have not received an invoice you should contact '[email protected]' quoting the entity name and the GFSC reference number, which can be found on our website ( Regulated Entities and Registered Entities ). You may also contact this email address to confirm the validity of an emailed invoice...

Third Quarter 2021 Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £17.4 billion (6.4%) to £290.0 billion. Over the past year, total net asset values have increased by £53.8 billon (22.8%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds increased over the quarter by £2.2 billion (4.4%) to £52.2...

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (“the Enforcement Powers Law”) The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (“the Regulations”) The...