Consultation Paper on Unclaimed Money under the Protection of Investors (Bailiwick of Guernsey) Law, 2020

Overview

During 2022 and Q1 2023 the Commission undertook a Thematic Review regarding Unclaimed Money¹; the Thematic Review focused on how these monies are dealt with by the various relevant parties, primarily being the Designated Administrators, Scheme Boards and Liquidators. The scope of the Thematic Review was limited to authorised and registered schemes, which included Schemes whose authorisation/registration had been suspended but not those which had been surrendered. Therefore, whilst the Thematic Review identified that as a proportion of the Collective Investment Scheme industry’s overall NAV, Unclaimed Money does not represent a significant percentage, the Commission is mindful that, in many cases, Unclaimed Money will only be identified at the end of the Scheme’s life.

One of the main findings from the Thematic Review was that Unclaimed Money is not dealt with in a consistent manner within the Collective Investment Scheme industry, and the Commission is mindful that, other than in the Class B Rules, there is no guidance or rules relating to Unclaimed Money for Guernsey Schemes.

This consultation paper proposes the creation of a new policy and seeks industry’s views on key points which would be covered by the policy. This consultation paper also seeks industry’s views on the current rules regarding Unclaimed Money.

This consultation paper is a working document and does not prejudge any final decision to be made by the Commission.