General

On 16 November 2022, the Commission imposed a discretionary financial penalty of £280,000 on GFG Limited (in voluntary liquidation). This sanction was imposed as a result of the firm’s failure to meet the minimum criteria for licensing under the Protection of Investors (Bailiwick of Guernsey) Law, 2020. More details to follow in due course.

The Commission is distributing its 2023 annual fee invoices to licensees and registrants by email. You should receive an email with an invoice within the first few days of January 2023 sent from the Commission's accounting service provider. Invoices are due to be paid by 31 January 2023. We will look to follow up any late payments in the weeks afterwards. If you have not received an invoice by...

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (“the Enforcement Powers Law”) The Protection of Investors (Bailiwick of Guernsey) Law, 1987 and the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (collectively “the POI Law”) [i] Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (“the...

Guernsey Funds The total net asset value of Guernsey funds is the same in Sterling terms as the last quarter at £302.7 billion. Over the past year, total net asset values have increased by £12.8 billon (4.4%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £0.6 billion (-1.1%) to £53.6 billion. This represents an increase of £1.4 billion...

The Guernsey Financial Services Commission is mourning the death of our Vice Chairman, Baroness Couttie. The thoughts and prayers of the Commission are with her husband and children to whom we extend our sincere condolences. Baroness Couttie was a dedicated public servant with a distinguished career in business and politics who made an important contribution to the work of the Commission and she...

The Commission has today published a Consultation Paper on proposals to make new regulations providing for the exemption from licensing under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) of the activity of acting as a director of certain companies connected to registered or authorised collective...

In July 2022, the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “Law”) was approved by the States of Guernsey, the States of Alderney and the Chief Pleas of Sark. A Commencement Ordinance, passed last Friday, confirmed that the Law will come into effect in two stages. Various provisions come into effect from 1 January 2023 which will allow the Commission to put in place its...

The Policy & Resources Committee has today published a Consultation Paper seeking views on a proposed change to the requirements which affect some individuals acting as company directors, by way of business, in or from within the Bailiwick. The Commission encourages industry and stakeholders to contribute their feedback. Acting as a director for any company in the Bailiwick, by way of business...

The Commission plans to increase licence fees paid by firms from 1 January 2023 by 8.0% with the agreement of the Policy & Resources Committee. On 20 July 2022, the Commission issued a consultation paper on the fee rates and administrative penalties to apply from 1 January 2023, which contained the following proposals: an overall proposed increase in fees of 9%; application and annual fees in...