By continuing to use the GFSC site, you agree to the use of cookies. You can find out more by following this link.

Data Protection

Print

Privacy Notice


This Privacy Notice explains how the Guernsey Financial Services Commission (the “GFSC”) processes personal data and sets out the rights of the individuals to whom that data relates (data subjects). Any questions about personal data processed by the GFSC should be directed to our Data Protection Officer the contact details for whom are provided below.

The GFSC

The GFSC is a statutory body and public authority established pursuant to the Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “FSC Law”).

The GFSC is a data controller and is registered with the office of the Data Protection Commissioner pursuant to the Data Protection (Bailiwick of Guernsey) Law, 2017 (the “Data Protection Law”).

Regulatory functions

The States of Guernsey (the “States”) have provided the GFSC with a wide range of powers and functions in order that we are able to meet our statutory objectives, which are set out in the FSC Law and the laws applicable to the regulation and registration of financial services businesses.

These objectives include:

  • supervising finance business in Guernsey;
  • reporting to, advising and assisting the States on any matter connected with finance business in Guernsey;
  • preventing financial crime and terrorist financing from taking place in Guernsey;
  • maintaining confidence in Guernsey’s financial services sector;
  • ensuring the safety, soundness and integrity of Guernsey’s financial services sector;
  • assisting certain other bodies to carry out and exercise their powers and functions which may include protecting the public and protecting and enhancing the reputation of Guernsey as a financial centre;
  • providing statistical information relating to the finance business sector of Guernsey’s economy; and
  • protecting the public against financial loss due to dishonesty, incompetence or malpractice by people carrying on finance business in Guernsey.

In order to perform its functions effectively the GFSC needs to process personal data. The processing activities that the GFSC may by law carry out in relation to personal data include requesting it, collecting it, storing it, analysing it, sharing it, disclosing it and publishing it.

Regulated and registered entities must provide information to the GFSC at regular intervals and additionally in certain ad hoc or specific situations. The majority of this information will be provided under the FSC Law and/or the laws for the regulation and registration of financial services businesses, through our reporting systems, or in response to specific requests for information made by us in correspondence. Most of this information will be about regulated or registered entities and their business but some of it will include personal data about their employees and also their clients or customers.

Consent

It is because the GFSC has statutory powers to obtain and process information, including personal information, that consent will not be a legal basis that we rely upon in order to process personal data where we are exercising our statutory powers and performing our regulatory purposes and protective functions.

Public information

From time to time, the GFSC may make public information, which may include personal data, relevant to the financial services sector. In such cases, the GFSC will rely on its statutory powers to make certain information publicly available.

Confidentiality

The GFSC is bound by strict provisions, set out in the FSC Law and in the laws applicable to the regulation and registration of financial services business, as to the confidentiality of the information that it acquires during the course of carrying out its legal functions. Such information may be disclosed, without the consent of those who may be identified from it, only in exceptionally limited circumstances such as:

  • where necessary to enable the GFSC to perform its functions or discharge its obligations (both in Guernsey and internationally);
  • for the purposes of the investigation, prevention or detection of crime; or
  • in order to comply with directions given by a court.

These confidentiality provisions bind the GFSC and its members, officers and servants and contravention of them is an offence which carries liability to punishment. In cases where the GFSC discloses information it will do so on the basis of conditions designed to ensure that the confidentiality of the information is protected by imposing undertakings in relation to the use, disclosure, safe-keeping and return of the information concerned.

Data processed by the GFSC

The personal data that the GFSC may collect and process includes information within the following categories:

  • name;
  • date of birth;
  • contact information (address, telephone, email and fax details etc.);
  • financial information (returns data, invoicing information, and notifications data etc.);
  • credentials (ID, logins, passwords (please note, passwords are stored in such a way that they cannot be recovered (or disclosed) by anyone, including the GFSC) etc.);
  • identity (passports and identity cards etc.);
  • family members (next of kin and beneficiaries etc.);
  • employment (employment history, qualifications, training etc.);
  • due diligence documentation (identification information, PEP status information, source of wealth data);
  • special category data (health, origin, political opinion etc.);
  • criminal convictions and offences (fraud, money laundering, market abuse, taxation offences etc.); and
  • fitness and propriety (disciplinary issues, professional memberships, qualifications, credit status, investigations, legal actions, police checks etc.)

Sources of data

In addition to gathering information from data subjects directly, the GFSC may use other sources of data in order to gather information, some of which may include personal data. Examples of such sources of information include:

  • subscribed service sources of risk intelligence;
  • membership registers;
  • open-source or publicly available sources; and
  • other regulators both within and without the Bailiwick of Guernsey.

Reasons for processing data

The GFSC processes personal data for a number of legal reasons or grounds which may include:

  • the exercise by a public authority of public functions;
  • the performance by a public authority of tasks carried out in the public interest;
  • the exercise of rights or powers conferred or imposed on the GFSC by law;
  • the performance of or compliance with duties imposed on the GFSC by law;
  • processing in connection with any legal proceedings, or for the discharge of any court functions, for the purpose of obtaining legal advice or otherwise in connection with legal rights;
  • processing necessary for the administration of justice;
  • the legitimate interests of the GFSC to process personal data to the extent required in order to ensure that it meets all of its legal obligations pursuant to the FSC Law and the other regulatory laws applicable to the regulation and registration of businesses operating in the financial services sector; or
  • using and analysing data in accordance with international best practice for regulators.

Sharing data

In exercising its regulatory and supervisory purposes and its protective functions the GFSC may share information, which may include personal data, with other entities. These other entities may include, for example:

  • external providers of professional services (such as lawyers, accountants, auditors or other experts);
  • service providers (for services such as IT, document storage, office maintenance and conference or event services); and
  • entities with a legal right to the information (such as law enforcement agencies, the States, other regulators or supervisory bodies and controllers of public registers); and
  • courts and tribunals.

In some cases, this may be to the UK or one of the British Islands, or to a Member State of the European Union, or to a jurisdiction outside of these areas which ensures an adequate level of protection for the protection of personal data for the purposes of the GDPR.

From time to time, in accordance with international standards for financial supervision, and on the lawful basis of its regulatory and supervisory purposes and protective functions, the GFSC may share personal data outside of the aforementioned jurisdictions. In such cases, the GFSC will take appropriate steps to do so on the basis of available safeguards. Every such instance, will be handled on a case by case basis.

The GFSC retains information, which may include personal data, for as long as necessary for the purpose(s) for which that information was collected. The GFSC may retain information for longer periods where it is necessary to do so for the purpose of archiving in the public interest.

Data Subject rights

The GFSC collects personal data about a range of people. The Data Protection Law provides data subjects with a number of rights.

Exemptions

There are circumstances where, because of the status of the GFSC as a public authority engaged in the exercise of statutory objectives for the purpose of supervising and regulating the financial services sector, certain data subject rights may not be applicable. These may include exemptions to data subject rights where to honour those rights would be likely to prejudice:

  • the exercise or discharge of a protective function;
  • a regulatory purpose; or
  • the economic security of Guernsey.

A protective function is a function imposed on the GFSC by law to do the following:

  • protect the public against for example: dishonesty, malpractice, improper conduct, unfitness or incompetence, misconduct or mismanagement in the financial services sector; or
  • to protect the reputation and standing of Guernsey as a financial centre.

A regulatory purpose might include any of our statutory functions under the laws applicable to the regulation and registration of financial services business including the following:

  • investigating, preventing or punishing breaches; or
  • authorising and approving licences and registrations.

Data subject rights may also not apply in situations where legal obligations (such as statutory confidentiality obligations), court orders, or indeed other legal rights are applicable.

Exercising data subject rights

Any data subject who wishes to exercise rights under the Data Protection Law in relation to the GFSC, should send their request to our Data Protection Officer: [email protected]

Where a data subject has reason to make a complaint in relation to the GFSC’s processing of his personal data or protection of his data subject rights, he may make a written complaint to the Data Protection Commissioner.

The Data Protection Law provides for a data subject who has reason to complain about the handling of his complaint by the Data Protection Commissioner to appeal to court where specified grounds exist.

Contact us

You can contact us at the GFSC at:

Data Protection Officer
GFSC
Glategny Court
Glategny Esplanade
St Peter Port
Guernsey
GY1 3HQ

Tel: +44 (0)1481 733466
Email: [email protected]


Cookies


Also known as browser cookies or tracking cookies, cookies are small, often encrypted text files, located in browser directories.  They are used by web developers to help users navigate their websites efficiently and perform certain functions.

You can choose to refuse cookies or tell your browser to let you know each time that a website tries to set a cookie. However, refusing cookies may mean some sections of the site will not work properly.

For more information about cookies (including how to turn them off) please visit: www.allaboutcookies.org

 

Our website www.gfsc.gg uses the cookies listed in the table below.

SourceDescriptionCookie Name(s)
Google AnalyticsGoogle Analytics is a web analytics service provided by Google. Google Analytics uses ‘cookies’, which are text files placed on your computer, to help analyse how visitors use the website. For further details on Google Analytics cookies, visit Google Analytics Cookie Usage on Websites

_ga

_gat
Content management cookiesDrupal cookies display and remember content based on selections you have already made.

has_js

cookieDisclaimer
AddThisAddThis provides sharing widgets, to enable visitors to share content from our website across social media providers._atuvc
_atuvs
bt2
di2
dt
loc
ssc
uid
um
uvc
vc
Vimeo cookiesWe may embed videos from our official Vimeo channel. For more details, see the Vimeo Cookie PolicyCookie List
CloudFlare cookiesCloudFlare is a content delivery network that provides DDOS protection to our website. This cookie is necessary for site security operations._cfduid

Our Online Submissions Portal submit.gfsc.gg uses the cookies listed in the table below. 

Cookie NameDescription
RequestVerificationTokenThis cookie is used during registration and login to the GFSC Online Submissions Portal. This cookie is deleted when you close your browser.
UserCookieThis cookie is used if you choose the option to remember your email address on login.
AspNet.ApplicationCookieThis cookie is used to check whether you are an authenticated user and contains encrypted data to identify the user on each page load. This cookie is deleted when the session is closed.
ASP.NET_SessionIdThis cookie is used to identify the users session on the server
AspNet.TwoFactorCookieEnables the application to temporarily store user information when they are verifying the second factor in the two-factor authentication process
AspNet.TwoFactorRememberBrowser

Enables the application to remember the second login verification factor such as email

Our PQ Portal online.gfsc.gg uses the cookies listed in the table below. 

Cookie NameDescription
RequestVerificationTokenThis cookie is used during registration and login to the GFSC Portal. This cookie is deleted when you close your browser.
PortalAuth

This cookie is used to match your login details to your account on the GFSC Portal. This cookie is deleted when you close your browser and when you sign out.