General

Following publication by the Royal Court, we are making available the anonymised judgment of the Deputy Bailiff in X, Y and Z and the Guernsey Financial Services Commission. The Deputy Bailiff heard an appeal against the sanctions imposed on three individuals by one of the Commission’s Senior Decision Makers. The Deputy Bailiff found that the sanctions imposed on the three individuals were within...

On the 4th day of August 2023, the Commission imposed a discretionary financial penalty as follows: Mr Paul Conway (“Mr Conway”) a financial penalty of £30,000. Further, on the above date, the Commission imposed a prohibition as follows: Mr Conway is prohibited from holding the position of shareholder, controller, director, partner, manager, money laundering reporting officer and money laundering...

The Commission has been granted leave to appeal the judgment of LB Marshall KC in the case of Domaille, Clarke & Hannis and the Guernsey Financial Services Commission. A copy of the judgment is available on the Guernsey Legal Resources website. After careful consideration, the Commission decided to appeal the decision of LB Marshall KC because some of the reasoning and interpretation of the law...

Following the full implementation of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the LCF Law), the Commission has amended the Finance Sector Code of Corporate Governance (the Code) so that it is clear that it applies to firms licensed under the LCF Law. The application of the Code to LCF licensees was highlighted during the Commission’s LCF consultation. The list of...

The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 20 September. The Commission is consulting on an overall increase in fees of 7.3%. Other specific proposals relating to fees that are outlined in the consultation paper are: a rebalancing of fees within the insurance sector on request of the...

The Commission has today issued its report on the Thematic Review of Unclaimed Client Money of Collective Investment Schemes (“the Thematic”). The Thematic was undertaken in order to gain a better understanding of the value of unclaimed and unallocated monies in the collective investment scheme industry in Guernsey and how these monies are dealt with by the relevant parties. The Commission engaged...

The Commission is hosting a presentation on Financial Regulation in Guernsey at its offices on 9 August from 10am - 11.30am. This is aimed at A-Level students wanting to know about financial services regulation. To register attendance, please contact our HR team at [email protected]

Further to legislation passed by the States of Guernsey last week, the Commission has launched today a new director registration regime for individuals holding certain categories of directorships following amendments to the Criminal Justice (Proceeds of Crime) Law, 1999 and an amendment to the Regulations of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey)...

On 28 June 2023, the Commission hosted a conference jointly with Guernsey Finance – AI & Finance in Guernsey: The Power and the Implications. Attendees heard how Guernsey's nimbleness, robust legal framework and approach to regulation could enable the Island's financial services Industry to benefit from the opportunities posed by the rise of Artificial Intelligence. The Commission is pleased to be...