Approach to Supervision
Under PRISM, the Investment, Fiduciary and Pension Division carries out full risk assessment visits and engagement visits to all licensees with an impact rating of Medium Low, Medium High or High. In addition, the Division undertakes focused thematic work across licensees and funds in all impact categories.
Licensees are required to submit returns each year using the Online Submissions Portal.
Persons holding an investment licence are reminded that, under The Financial Services Commission (Administrative Financial Penalties) (Bailiwick of Guernsey) Regulations, 2016, as amended an administrative financial penalty will be payable in respect of any return which is filed late.
The Financial Crime Risk Return is used by the Commission to gather important information and statistical data to assist the Commission in identifying and assessing financial crime risks within the Bailiwick of Guernsey's finance industry. It covers the period from 1 July to 30 June and must be submitted by the deadline date of 31 October.
Licensees are encouraged to use the Online Submissions Portal when making notifications to the Commission.
Where an individual is appointed as or ceases to be a controller, director, partner or manager of a licensee which holds an investment licence, he or she is required to notify the Commission using the Online PQ Portal.