The new regulatory and supervisory framework for the pension sector

Following the consultation which took place during May 2017, the Commission has today published The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules 2017 ("the Rules") which will come into effect on the 30 June 2017.

These rules accompany the new regulatory and supervisory framework for pension schemes which has been put in place through the extension of regulated activities under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000. Those activities now include the formation, administration and management of pension schemes and gratuity schemes which has been achieved through Regulations made by the Policy and Resources Committee earlier this week.  

The Rules, which can be found via this link, include transitional arrangements. 

The Commission will be contacting firms affected by the new rules to confirm their status.