Unclaimed Investor Money Guidance

The Commission has today issued Unclaimed Investor Money Guidance under the Protection of Investors (Bailiwick of Guernsey) Law, 2020. Taking forward proposals consulted upon earlier in the year, the new guidance addresses the need for funds to have a policy for unclaimed investor money, to identify a responsible entity for overseeing this policy and to make appropriate disclosure to investors.

During the consultation, the Commission received 13 responses which have been taken into account in the new guidance. Most respondents were in favour of the Commission issuing guidance on the approach to the treatment of unclaimed investor money, but views varied on the scope of such guidance and the level of prescription that should be given. The new guidance takes a proportionate, principles-based approach, allowing scheme management flexibility.

It has also been decided to take forward the consultation proposal to remove the unclaimed money provisions in the Authorised Collective Investment Scheme (Class B) Rules. This change will come into effect on 20 December 2024 but will apply only to schemes authorised after this date.

Copies of the new guidance and amendment rules can be found at the following links:

• Guidance on Unclaimed Investor Money under the Protection of Investors (Bailiwick of Guernsey)
• The Authorised Collective Investment Schemes (Class B) (Amendment) Rules, 2024