General

The Commission became the regulator of pension providers in the Bailiwick in 2017. Since then, it has gathered and analysed information from pension providers as part of its regulatory oversight function, including through Form 126 Fiduciary – Pension Scheme or Gratuity Scheme Quarterly Return, which is currently completed by fiduciary licence holders forming, managing or advising on pension...

The Commission has today published the feedback to its Consultation on Amendments to the Banking Rules on Accounts, Disclosure & Large Exposures. In March 2021 the Commission published a Consultation Paper on its proposed Accounts, Disclosure and Reporting Rules and its Large Exposure Rules, to be issued under the Banking Supervision (Bailiwick of Guernsey) Law, 2020 (due to come into effect on...

Our Director of the Authorisations and Innovation Division, Emma Bailey, after nearly 20 years of dedicated service, has decided it is the right time to leave the Commission this autumn to take up a role in industry. Whilst Emma will be missed, the Commission is pleased to announce that Caroline Bradley, current Deputy Director in the Authorisations and Innovation Division, and Alison Gavey...

Yesterday, the Commission reported that it had become aware of a phishing attempt sent to some of its licensees – see news item here . An email purporting to be from a member of the Commission’s staff was sent from the domain guernseyfsc.com. Since becoming aware of the matter, the Commission reported the link to websites designed to submit known and suspected phishing links to major internet...

The Commission has become aware of a phishing attempt being sent to some of its licensees purporting to be from a Commission member of staff. The fraudulent email requests that licensees click on a link and provide confirmation of details contained in that link. If you have received an email from a member of Commission staff and you are unsure of its authenticity, please do not click on any links...

The Commission has today published the feedback to its Consultation Paper on the new Fiduciary Rules, 2021. In June 2021, the Commission published a Consultation Paper making proposals for the necessary revision of the Fiduciary Rules, 2020 in readiness for the coming into force of the revised Fiduciaries Law on 1 November 2021. The key revision proposed related to the re-categorisation of...

On Friday 10 September, the States of Deliberation approved the necessary Ordinances to bring into effect the revision of the five principal Laws dealing with the regulation of financial services business in the Bailiwick as part of the Commission’s Revision of Laws project. The passing of the commencement ordinances means that the following laws will come into effect on 1 November 2021: The...

As we have worked on some current enforcement matters it has become apparent to us that we will be taking some cases forward seeking pecuniary sanctions where there is some wrongdoing before 13th November 2017 and some wrongdoing after 13th November 2017. Our intent in relation to such matters is not clearly covered by the Guidance Note on the Commission’s general approach to Enforcement issued in...

The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 8 September. The Commission’s consultation paper is available here . Feedback may be provided via the Consultation Hub section of the Commission’s website: https://consultationhub.gfsc.gg Taking into account the Commission’s current and...