Following receipt of several enquiries regarding lending companies providing finance to residents of the Bailiwick of Guernsey to fund their insurance premiums, the Commission has issued the following response:-

 

Where a company, which is not registered in the Bailiwick, provides finance facilities to customers of locally licensed insurance companies/intermediaries, the Commission may issue a direction to that company under section 44 of the Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 (“the Law”) that it is not to be treated for the purposes of the Law, as carrying on business in or from within the Bailiwick and so is not required to register with the Commission as a Non-Regulated Financial Services Business.

 

All prospective applicants will be considered on a case by case basis.

 

In order for the Commission to issue such a direction it must first be satisfied that due consideration has been given by the applicant to each of the provisions of section 44 of the Law and must have received sufficient explanation as to why the applicant does not believe it is seen to be carrying on business in or from within the Bailiwick.

 

The Commission may at any time either generally or in any particular case revoke this derogation, or impose conditions for it to be operative.