Training and Competence
Guernsey Financial Advice Standards
On the 1 January 2015, the Guernsey Financial Advice Standards (“GFAS”) came into force. GFAS raised the minimum qualification level for relevant financial advisers to Ofqual level 4.
Those individuals providing advice to retail clients prior to 31 December 2014 had until 31 December 2015 to obtain a qualification acceptable to the Commission. Any individual appointed as a financial adviser on or after 1 January 2015, and who is intended to provide advice on relevant products, will need to hold, or be working toward an acceptable qualification.
The Commission has published a table of acceptable qualifications for financial advisers subject to GFAS which is available through the following link:
Table of Acceptable Qualifications for Financial Advisers
The Commission has also published a guidance note on training and competency schemes: