Introduction
Purpose of the Consultation Paper
The Commission seeks to regulate and supervise financial services in the Bailiwick of Guernsey with integrity, proportionality, and professional excellence, and in so doing help to uphold the international...More
Purpose of the Consultation Paper
Revision of Laws Project
In August and September 2020, the States of Guernsey, the States of Alderney, and the Chief Pleas of Sark, as part of a review of the legislation governing the finance...More
PART 1 INTRODUCTION
Purpose of the Consultation Paper
Revision of Laws Project
In August and September 2020, the States of Guernsey, the States of Alderney, and the Chief Pleas of Sark, as part of a review...More
INTRODUCTION
Purpose of the Consultation Paper
Fees consultation
The aim of this consultation is to detail the Commission’s fee rate proposals for 2022 and to solicit feedback and comments from industry. The consultation...More
Purpose of the Consultation Paper
Revision of Laws Project
In August and September 2020, the States of Guernsey, the States of Alderney, and the Chief Pleas of Sark, as part of a review of the legislation governing the finance industry, approved the...More
Objectives
As you may already be aware, earlier this year the States of Guernsey approved the creation of credit and finance legislation in the Bailiwick. This will, amongst other things, regulate the market for credit and lending, providing protection for consumers, and ensure that...More
Background
Professional indemnity insurance (“PII”)
PII “covers liability for injury, damage or financial loss arising from a breach of professional duty carried out in good faith or negligent acts, errors or omissions in their professional...More
The Commission has been made aware by industry of an increasingly challenging Professional Indemnity Insurance (“PII”) market. Firms have found the availability of insurance reducing while prices are rising. The Commission has engaged with industry and other stakeholders through...More
Bailiwick Substantial Mind and Management
The Protection of Investors (Bailiwick of Guernsey) Law, 2020
The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (together “the...More
Background
This consultation paper proposes the creation of new fund rules providing for the voluntary application for designation by the Commission of registered or authorised collective investment schemes as Natural Capital Funds. Designation would be available to...More
Introduction
Purpose of the Consultation Paper
The Commission seeks to regulate and supervise financial services in the Bailiwick of Guernsey with integrity, proportionality and professional excellence, and in so doing help to uphold the international...More
Background
In our December 2021 Consultation Paper on Professional Indemnity Insurance we asked for feedback on the proposed changes to requirements concerning professional indemnity insurance (“PII”) for insurance managers and insurance intermediaries.
A feedback statement on...More
Background
In our December 2021 Consultation Paper on Professional Indemnity Insurance we asked for feedback on the proposed changes to requirements concerning professional indemnity insurance (“PII”) for the fiduciary and investment sectors, as set out in the...More
The Guernsey Financial Services Commission (the “Commission”) is issuing this Consultation Paper on proposals for the fee rates and administrative penalties to apply from 1 January 2023, including:
an overall proposed increase in fees of 9%, to maintain the real value of...More
This Consultation Paper (“CP”) follows the approval of the Lending Credit & Finance (Bailiwick of Guernsey) Law, 2022 , based on the Policy Letter published by the Policy & Resources Committee and Committee for Economic Development in December 2020 [1] , which builds on previous...More
Introduction
This consultation paper proposes the making of new regulations providing for the exemption from licensing under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries...More