General

On 3 May 2017, the Guernsey Financial Services Commission (“the Commission”) applied to the Royal Court of Guernsey under section 427 of The Companies (Guernsey) Law, 2008, to seek disqualification orders against both Mr and Mrs Doyle from acting as a director of any Guernsey company. On 16 August 2017, the Bailiff handed down his judgment in which he disqualified both Mr Doyle and Mrs Doyle from...

The Commission today launches a consultation paper (please click here for a copy) on its proposals for the 2018 licence fees paid by firms. The consultation period will close on Friday 8th of September. An overall blended rate of increase of 3%, excluding anomalies, is proposed for 2018. Commission Chairman, Drs Cees Schrauwers, said: "For five years the Commission has kept the average fee...

Introduction The Commission is today seeking feedback and assistance from the financial services industry specifically on whether the provisions of the Enforcement Law may have any unintended consequences or fatal flaws. What the engagement is not about The Commission has engaged with the financial services industry through the issuing of a discussion paper and later through a full consultation...

The Commission is today issuing a consultation paper seeking feedback on a number of regulatory proposals for firms involved in lending, credit and finance. The consultation period will close on Friday 15th September 2017. The proposals contained within the consultation paper have a twofold purpose:- A) Opening up Guernsey to more innovative, often digitally enabled, financial services which don’t...

The Guernsey Financial Services Commission has recently held its fourth annual seminar for insurance intermediaries. This year’s event was designed to assist local intermediaries who advise the retail public and local businesses on general insurance. The seminar addressed the issue of "under insurance and other current themes in the insurance broking profession" and was attended by some 50...

The Commission has today published its 2016 annual report and financial statements. Amongst the key themes explored in this year’s report is the role of boards and Non-Executive Directors, their responsibilities for assessing and controlling the risks faced by their firms as well as the importance of establishing and maintaining appropriate governance arrangements. The report also highlights the...

It has come to the Commission’s attention that there is an entity named Sark Company Registry which has been registered as a non-profit organisation in Sark and which has a website bearing the same name. The Commission wishes to emphasise that there is no company legislation in Sark. Anyone considering using the services of this organisation is advised to seek legal advice on the standing of...

The Guernsey Financial Services Commission is consulting on proposals to introduce new FRR rules for full fiduciary licensees. Background The Commission has been working with the Guernsey Association of Trustees (GAT) with the intent of reviewing and updating the FRR as applicable to full fiduciary licensees. Key reasons for the proposed new FRR rules are: 1) to enable Guernsey to meet...

The Commission is pleased to announce the appointment of two new Commissioners. Mr. John Aspden is a senior finance professional with significant experience in investment and banking supervision in both the public and private sectors. He was Chief Executive of the Financial Supervision Commission in the Isle of Man from 1998 to 2015, where he was responsible for the regulation and supervision of...