Mortgages and Loans

Top 5 tips

  1. If you are taking out a loan, know exactly how much it will cost you to do so and the consequences of missing any repayments.
  2. If you require any information about borrowing money, or if you are having difficulties meeting your loan or mortgage repayments, a good place to start is the Money Advice Service website.
  3. If you are having difficulties meeting your loan or mortgage repayments, speak to your lender.
  4. Citizens Advice Guernsey may be able to help you if you are having difficulty in meeting your loan or mortgage repayments by helping you to identify a revised repayment plan.
  5. Do not take a loan from someone local who is not registered with the Commission without asking why they are not registered.

Unless the provider is licensed by the Commission for another reason e.g. a bank, the Commission does not regulate firms or individuals that advise on, arrange or manage loans, which includes mortgages, personal loans and car loans.This means that there are no regulatory requirements that these businesses must follow and consequently we are unable to look into a complaint against any of these businesses. However if you have a complaint you may be able to ask the new Channel Islands Financial Ombudsman to investigate the matter.

Find out more information on the Channel Islands Financial Ombudsman.

Businesses which lend money are required to be registered with the Commission as non-regulated financial services businesses. This means that they are only supervised in terms of their compliance with requirements to counter financial crime and the financing of terrorism.

For further information, please see the list of all the non-regulated financial services businesses registered with the Commission.

Find out how the supervision of a regulated firm differs from that of a registered firm.