News

​"Recently the Parliamentary Ombudsman (PO) has reopened her enquiry into Equitable. The Commission is currently in correspondence with the PO to clarify the position of Guernsey policyholders in relation to this enquiry." Peter Neville, Director General, GFSC The Commission will advise of any further developments via this Website.

INTRODUCTION The GFSC has been conducting an investigation into the activities of certain Guernsey-based fund managers and brokers within the split capital investment trust ("splits") sector between September 2000 and February 2002. The United Kingdom Financial Services Authority ("FSA") and the Jersey Financial Services Commission have also been conducting their own investigations into the splits...

Following the Decision of the Court of the Seneschal, Castle Company Management LLC made an Appeal to the Ordinary Division of the Royal Court of Guernsey. The Bailiff delivered his judgment on 27 August 2004. This decision is subject to a further Appeal. Judgment of the Bailiff of Guernsey in The Royal Court of Guernsey Ordinary Division on Appeal from the Court of the Seneschal between Castle...

​The document can be accessed here.

​Press Release - Anti-Money Laundering Standards for Existing Customers 30 June 2004 Following the issue of revised Recommendations by the Financial Action Task Force in 2003, the Commission has issued a statement on anti-money laundering standards for existing customers (available here as a PDF document). The statement requires financial services businesses to assess the risk of each business...

Subsequent to the judgment of the Court of the Seneschal dated 10 February 2004, the Commission now makes available the Judgment of the Deputy Seneschal of Sark in the above case. Please direct any queries concerning the judgement to the Fiduciary and Intelligence Services Division of the Commission. Judgment of the Deputy Seneschal of Sark in Castle Company Management LLC and Guernsey Financial...

​The Commission has today published a statement on interviews conducted under section 21B(1) of the Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended. The purpose of the statement is to set out the Commission's policy on the conduct of interviews under the Financial Services Commission Law to assist a foreign authority to carry out its functions. The statement on...

Peter Neville, Director General of the Guernsey Financial Services Commission, today made the following statement: "The Commission is presently reviewing the report compiled by Lord Penrose which we obtained today. We have also noted the contents of the letter sent by Callum McCarthy, Chairman of the Financial Services Authority, to Ruth Kelly the Financial Secretary to the Treasury. The...

​The Guernsey Financial Services Commission conducted a consultation exercise between November 2003 and January 2004 on certain aspects of hedge fund operation. It has today published a document - Hedge Funds: Flexible Approach to Authorisation Policy - setting out the main policy conclusions it has reached from that consultation exercise. The full text of the framework policy document can be...