General

Further to our news article dated 1 December (click here ), the Commission wishes to advise that it will not accept Surrenders and Suspensions from licensees and registrants on Christmas Eve or New Year's Eve without prior arrangement.

The Guernsey Financial Services Commission has issued today two consultation papers on professional indemnity insurance (“PII”), one addressing the Fiduciary and Investment sectors and the other relevant for Insurance Managers and Insurance Intermediaries. Following a process of data collection, engagement with industry participants and policy review, a number of proposals are made to amend the...

Ahead of distributing 2022 annual fees, licensees and registrants who wish to surrender or suspend their licence (or one that they administer) must notify the Commission in good time ahead of the New Year. If the Commission does not give consent to a surrender or a suspension based on the notification requirements set out in the regulations, then licensees or registrants may be liable to pay their...

The Commission plans to increase licence fees paid by firms from 1 January 2022 by 7.6% with the agreement of the Policy & Resources Committee. On 16 July 2021, the Commission published a consultation paper on its 2022 fees containing four main proposals:- an overall fee increase of 10.1% for all sectors; a restructuring of fees for the investment sector; changes arising from the update to most of...

Following on from last year, the Commission will be distributing 2022 annual fee invoices using the generic email address that we hold on record for each licensee and registrant. If you wish to check which email address the Commission holds for your firm, please contact '[email protected]', quoting the entity name and GFSC reference number, which can be found on our website ( Regulated Entities...

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...

With respect to retail investors as Sir Jon (Deputy Governor of the Bank of England) highlighted in his speech of 13th October 2021, crypto technologies continue to evolve with some practical rather than speculative uses being found for some types of crypto technology. Sir Jon also noted the opaque nature of some of the new DeFi – Decentralised Finance and the risks embedded in such systems. Fund...

On 23 September 2021, the Director General, William Mason, delivered a speech to the Chartered Governance Institute’s ‘Governance Guernsey’ event. A copy of the speech can be found here.

Second Quarter 2021 Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £9.0 billion (3.4%) to £272.6 billion. Over the past year, total net asset values have increased by £45.8 billon (20.2%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds increased over the quarter by £2.0 billion (4.2%) to £50.0...