Notification of Changes to Financial Advisers and Authorised Insurance Representatives
6th March 2015
On the 1 January 2015, the Commission issued the Licensees (Conduct of Business) Rules, 2014 and the Insurance Intermediaries (Conduct of Business) Rules, 2014. The new rules were issued in order to implement the Guernsey Financial Advice Standards (“GFAS”).
The new rules require advice on long term insurance business and controlled investments for retail clients to be given only by an individual appointed as a Financial Adviser by an appropriately licensed entity. The rules require licensees to notify the Commission of any changes to individuals appointed as a Financial Adviser. To facilitate this, the Commission has published a notification form to be used by all licensees required to appoint Financial Advisers. This form also replaces the existing Authorised Insurance Representative Notification Form used by insurance intermediaries.
Licensees are reminded that any change to a Financial Adviser or Authorised Insurance Representative must be notified to the Commission within 14 days of the change.
Licensees should ensure that any individuals appointed as a Financial Adviser or Authorised Insurance Representative since 1 January 2015 have been notified to the Commission, and if not, ensure that a notification form is submitted as soon as possible. Likewise if a Financial Adviser or Authorised Insurance Representative has ceased in this role and the Commission has not been advised of this, please submit a notification form as soon as possible.
The notification form is available from the Commission’s website through the following link: