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.
Who is the Innovation SoundBox for?
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.
What will the Innovation SoundBox provide?
Access to regulators and Commission policy makers;
Transparency on the Bailiwick’s regulatory requirements;
A steer on potential regulatory difficulties and challenges an innovative proposition could face;
Openess on our suitability & eligibility criteria; and
Explanation of our requirements and how to submit an application for authorisation.
What feedback and guidance can I get from the Innovation SoundBox?
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.
How do I contact the Innovation SoundBox?
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.
What are the fees and charges?
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.
Ownership structure and proposed Board composition.
Business Model: What is the business proposition? What are the business objectives and projections?
Presence: Location of the business, current and future. Are there plans to locate to the Bailiwick?
Business Strategy: What is the targeted business market and client base?
Risk: What risks have been identified? What is the business' risk appetite?
The Commission is open to discussing innovative proposals and how they can fit into our regulatory framework.