Banks operating in Guernsey must be licensed by the Commission and are supervised by the Commission on an ongoing basis.
The range of services offered by banks in Guernsey is quite diverse.
If you would like to find out more about all the banks licensed by the Commission, please visit the Banking Regulated Entities page.
Guernsey Banking Deposit Compensation Scheme
Guernsey has a Deposit Compensation Scheme which was set up to provide compensation to retail depositors in the event of failure of a bank licenced in Guernsey.
There are many types of banking scams. Common forms include money transfer scams, payment card fraud and ‘phishing’ scams.
Bogus Banks and other Financial Institutions
The Commission keeps a list of entities falsely claiming to have offices in Guernsey or that they are licensed by the Commission. The list may not include all firms that you should be cautious of, but it is a good starting point.
You may decide to open an account with a bank that is not regulated in Guernsey, perhaps after seeing a competitive rate advertised in the newspaper or online. If you do so, it is important that you ensure that the bank is licensed and regulated in the relevant jurisdiction. It is also advisable to check whether that particular jurisdiction has a deposit compensation scheme in force, as well as what level of cover it offers.