Articles from 1998-2010

Equitable Life Assurance Society - Update December 2010

17th December 2010
​ The Independent Commission on Equitable Life Payments (“ICELP”) The ICELP has been set up by the Government to recommend how best to fairly allocate funds provided for the Equitable Life Payments Scheme as part of the Autumn 2010 Spending Review to those persons found to have suffered relative losses as a result of accepted Government maladministration and advise on any groups or classes of...

Deputy Director to lead GFSC Investment Division

7th December 2010
​The appointment of Carl Rosumek as Director of Investment Business has been announced by the Guernsey Financial Services Commission. Mr Rosumek, who is currently Deputy Director of the Division, will succeed Peter Moffatt who retires from the post at the end of January. Nik van Leuven, Director General of the Commission, said: “I am certain that Carl’s colleagues will be delighted to learn of his...

Instruction (Number 11) for Financial Services Businesses and Instruction (Number 9) for Prescribed Businesses

6th December 2010
On 6 December the Commission issued: Instruction (Number 11) for Financial Services Businesses and Instruction (Number 9) for Prescribed Businesses. For repealed Instructions and Business from Sensitive Sources Notices, see the Business from Sensitive Sources & Instructions page of this website.

New Fees Regulations for 2011

6th December 2010
The following regulations are now available to view and will become operational with effect from 1 January 2011: The Financial Services Commission (Fees) Regulations, 2010 The Amalgamation and Migration of Companies (Fees payable to the Guernsey Financial Services Commission) Regulations, 2010 The Protected Cell Companies and Incorporated Cell Companies (Fees for Insurers) Regulations, 2010 The...

Third Quarter 2010 Banking Sector Activity

30th November 2010
Total deposits held with Guernsey banks at the end of September 2010 decreased slightly in sterling terms by £0.8 billion from the end of June 2010 level of £116.8 billion down to £116.0 billion. This represents a 0.7% decrease over the quarter and a 3.5% decrease since the same time a year ago. However total assets and liabilities increased by £1.8 billion to £138.1 billion representing a 1.3%...

Third Quarter 2010 Investment Statistics

26th November 2010
​ FUNDS UNDER MANAGEMENT CONTINUE TO GROW STATISTICS FOR NON-FUND INVESTMENT SECTOR RELEASED Investment Funds The net asset value of total funds under management and administration grew by £18.9 billion (8.4%) over the quarter ended 30 September 2010 to £243.1 billion. For the year since 30 September 2009, total net asset values increased by £61.6 billion (33.9%). Within these totals, Guernsey...

New Sanction Measures against Iran

26th November 2010
​The States of Guernsey has adopted new sanction measures against Iran. The new sanctions introduce additional categories or persons as being subject to asset freezing provisions. Financial services businesses and prescribed businesses will need to familiarise themselves with the new sanctions and check their records to ensure compliance. Further information on the sanctions and any notifications...

Christmas Opening Hours

25th November 2010
​The Commission have now announced the opening hours for this Christmas period, they are as follows: 24th of December closed from 12:30pm 29th and 30th of December business as usual 31st of December closed from 12:30pm 4th of January business as usual

GFSC Director of Fiduciary leaving

23rd November 2010
​Stephen Trevor, the Guernsey Financial Services Commission’s Director of Fiduciary Services, will be leaving for a senior position in the finance sector. Mr Trevor joined the Commission in 1999 and was appointed Director in 2004. He has played a key role in the regulation of fiduciaries since its inception. GFSC Director General Nik van Leuven said “I have known Stephen since he joined the...

GFSC becomes signatory to the IAIS MMoU

16th November 2010
The Guernsey Financial Services Commission has become a signatory to the Multilateral Memorandum of Understanding (MMoU) of the International Association of Insurance Supervisors (IAIS).The MMoU is a framework for cooperation and the exchange of information between insurance supervisors and sets minimum standards to which signatories must adhere. It is a key initiative of the IAIS and will enable...