Where Financial Innovation Meets Collaboration
The Guernsey Financial Services Commission ("the Commission") has introduced the Innovation SoundBox to serve as a cross-Commission hub for enquiries regarding innovative financial products and services.
The Innovation SoundBox is available and prepared to assist prospective innovative or start-up financial service businesses who are considering applying for a regulatory licence or registration from the Commission, even for propositions that could be at a very early stage.
The feedback available is on the specialist areas of the financial services regulations. Our team can advise and guide on understanding the regulatory framework and how it may apply to your product or service.
The initial meeting would be to understand the innovative service or product and assess the appropriate legislation. The Innovation SoundBox team welcome and encourage an open discussion in order to provide specific feedback on the proposition.
It is possible that it may be necessary to hold subsequent meetings to progress the innovative product or service due to involving other Commission colleagues with specific expertise and knowledge on a subject matter. If this is necessary you will be advised of a point of contact.
If you would like to request a meeting please use the online enquiry form via the First Contact link in the menu or click here.
We will not charge any fees for consulting with the Innovation SoundBox team.
The Commission is keen to offer support to those firms interested in operating its business from or within Guernsey to better understand the regulatory framework and legislative landscape.
We recognise that in order to foster development of innovative products within the Bailiwick, we need to have open channels for communication and regulatory clarity. The Commission also appreciates that in order to effectively supervise innovative business that a cooperative approach is required to ensure all stakeholders have a working knowledge of each other’s requirements – this is just one of the reasons we have introduced the Innovations SoundBox.
The Commission is cognisant to the fact that regulators, entrepreneurs and innovators may, at times, look at things differently, and accordingly we want applicants to understand our regulatory thinking. We have listed below examples of subjects that might form the basis for discussion.
The Commission is open to discussing innovative proposals and how they can fit into our regulatory framework.