General

The Commission has written to the managing directors of all Financial Services Businesses today, seeking comments on the tracked changes to the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 and the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing. A copy of the proposed amendments to...

The Guernsey Financial Services Commission (the Commission) is today publishing on its website a report prepared by a team from Promontory Financial Group (UK) Limited (PFG), led by Michael Foot CBE, into the circumstances leading to the rescue of Northern Rock (Guernsey) Limited and the placing of Landsbanki Guernsey Limited (LGL) into Administration. A copy of the report is available here . The...

The Commission has issued Business from Sensitive Sources Notice (Number 1) for Prescribed Businesses which is available here . Prescribed businesses must exercise a greater degree of caution when taking on business from the countries or territories specified in the Notice.

In the spring of last year the Commission consulted on, amongst other matters: (i) amendments to the minimum criteria for licensing in the Banking Supervision (Bailiwick of Guernsey) Law, 1994; the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000; the Insurance Business (Bailiwick of Guernsey) Law, 2002; and the Insurance Managers...

​Joint Launch of Leaflet - Fighting Crime and Terrorism: You Can Help The Association of Guernsey Banks, in conjunction with the Guernsey Financial Services Commission, the States of Guernsey and the Financial Intelligence Service have issued a new leaflet called "FIGHTING CRIME & TERRORISM: YOU CAN HELP" (PDF format 535Kb available here ). This leaflet will be issued to customers of local banks...

In November 2003 the International Monetary Fund (IMF) issued a report on its evaluation of Guernsey’s financial regulation and law enforcement standards. This assessment was part of its programme of assessments of the regulatory standards of all financial centres. The IMF concluded that Guernsey has ‘a high level of compliance’ with each of the international standards against which the Bailiwick...

It has come to the Commission's attention that a number of residents of the Bailiwick have received unsolicited calls from representatives of Amherst International. The Commission would refer residents to its previous notices on the subject of cold calling on 1 June 2002, 24 July 2003 and 10 September 2003(all of which can be viewed on this website). Firms wishing to conduct investment business...

Banks and their customers are warned that attempts have recently been made by criminals to obtain details of bank customers. This has been achieved by intercepting mail from the banks, doctoring their headed paper and requesting the customers to provide confidential information in a form which is then asked to be faxed to the UK. It has been noted that customers in Africa seem to have been...

Alert to all Bailiwick Residents - Cold Calling The Guernsey Financial Services Commission has recently investigated a number of cases where Bailiwick residents have received unsolicited telephone calls from staff of investment businesses that do not have their place of business in the Bailiwick. The practice, where a person makes an unsolicited call to a potential investor seeking to sell them...