Proposed new pensions supervisory framework for consultation

The Commission publishes today, 4 May 2017, a proposed new pensions supervisory framework for consultation as was communicated in the States report published on 27 April 2017, which can be found via this link.  This comprises a proposed extension of regulated activities (under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (“the Law”)) to include the formation, administration and management of pension schemes and the associated application of conduct of business rules to pension providers together with scheme rules which cover personal, occupational and international schemes (as defined under the proposed amendment to the Law).  

The rules, which can be found via this link, and their scope arise from the Discussion Paper issued by the Commission in late 2016 and have been developed in consultation with The Guernsey Association of Pension Providers.  We welcome comments on the rules and their application.  The Commission also seeks on behalf of the Policy & Resources Committee comments on the proposed scope of the regime as determined by the proposed definition of pension scheme in the proposed amendment to the Law.

Dr Andrew Sloan, the Commission’s Director of Financial Stability, commenting on the proposed regime said:

‘We have worked collaboratively with government and industry to ensure the Bailiwick’s supervisory regime conforms to the international standard of supervision of schemes and regulation of providers for the purposes of providing pensions.  We welcome feedback from firms on the regime, the rules and its scope.’

Consultation Process

Responses to the consultation, which can be found via this link, are sought by Monday 5 June 2017.

Comments and Enquiries

Comments and enquiries on these proposals may be sent to [email protected].