Consultation Paper on Revised Pension Rules

Closed 7 Nov 2019

Opened 12 Sep 2019

Overview

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 reputation of the Bailiwick of Guernsey as a finance centre.

Consistent with the Commission’s objectives, the proposals in this Consultation Paper are designed to enhance the levels of confidence and security in the Bailiwick’s regulatory and supervisory framework for private pension provision.

The purpose of this Consultation Paper is to seek feedback from all interested parties on detailed proposals for potential enhancement to the regulatory framework under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”) with the objective of ensuring that the regime continues to be both compliant with international standards and appropriate for the Guernsey market.

The publication of this Consultation Paper follows the Commission’s review and consideration of feedback received on the Discussion Paper issued in March 2019 and earlier feedback received from industry stakeholders in relation to The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No.2) 2017 (“the Rules”).

This Consultation Paper provides an opportunity for review of the feedback provided in respect of the Discussion Paper and the earlier feedback and to provide greater clarity regarding the proposals to revoke Rules 2 to 9 of the existing Rules and to introduce the proposed changes to Rule 10 of the existing Rules. It should be noted that a separate consultation on proposals for a revised Fiduciary Handbook is taking place concurrently with this consultation and licensed pension providers and other interested parties should consider these separate proposals in addition to the proposals in this Consultation Paper.

The detailed proposals are set out in draft Pension Rules which are provided in the Appendix to this paper.

The Consultation Paper is a working document and does not prejudge any final decision to be made by the Commission.


 

What Happens Next

The closing date for the Consultation Paper is 7 November 2019. Responses to this Consultation Paper will be considered by the Commission with a view to issuing the Pension Rules in final form.

 

Audiences

  • Financial Services Business