News

Articles from 1998-2010

Timing of IMF Assessment

13th January 2009
Following discussions between the IMF and the Commission at the end of last year, it has been agreed that the IMF will undertake its assessment of the Bailiwick of Guernsey late in 2009. The IMF will make its decision on the dates of the assessment during the next few months when it considers its schedule for its next financial year – this will commence on 1 May 2009. In postponing the assessment...

Publication of Report of Inquiry into the Supervision of Landsbanki Guernsey

6th January 2009
The Guernsey Financial Services Commission (the Commission) is today publishing on its website a report prepared by a team from Promontory Financial Group (UK) Limited (PFG), led by Michael Foot CBE, into the circumstances leading to the rescue of Northern Rock (Guernsey) Limited and the placing of Landsbanki Guernsey Limited (LGL) into Administration. A copy of the report is available here. The...

Lloyd's Becomes Licensed in Guernsey

6th January 2009
PRESS RELEASE​ A licence has been issued to Lloyd’s that enables Lloyd’s underwriters to carry on insurance business in Guernsey. The licence permits general insurance business (including domestic business) to be written in or from within the Bailiwick. Any Lloyd’s underwriter wishing to establish a physical presence in Guernsey should contact the Commission for further details of the regulatory...

Third Quarter 2008 Banking Sector Activity

15th December 2008
​Total deposits held with Guernsey banks at the end of September 2008 increased in Sterling terms by £8.2 billion from the end of June 2008 level of £128.1 billion to reach a new highest figure of £136.3 billion, representing a 6.4% increase over the quarter. About a fifth of the increase was volume but four fifths were exchange rate effects. The new level of deposits was 21% up on the level at...

The Authorised Closed Ended Investment Schemes, Registered Investment Schemes and Prospectus Rules

12th December 2008
​THE AUTHORISED CLOSED-ENDED INVESTMENT SCHEMES RULES 2008 (“the Authorised Closed-Ended Rules”) THE REGISTERED COLLECTIVE INVESTMENT SCHEME RULES 2008 (“the Registered CIS Rules”) PROSPECTUS RULES 2008 (“the Prospectus Rules”) (together “the Rules”) EXPLANATORY NOTE AND FEEDBACK ON CONSULTATION Earlier this year the Commission posted on its website drafts of the Rules for consultation. The...

Questions about Landsbanki Guernsey Limited (in administration)

5th December 2008
​The Guernsey Financial Services Commission (“ the Commission") has received a significant number of enquiries relating to the position of Landsbanki Guernsey Limited (in administration) and a number of issues have been the subject of comment by the local media. On the 26 November 2008 the Guernsey Press published articles containing useful summary background information and which specifically...

IAIS Guidance on Regulation and Supervision of Captive Insurers

2nd December 2008
​The Commission continues to take an active role in international insurance regulation. This includes on-going involvement with the International Association of Insurance Supervisors (IAIS) and the Offshore Group of Insurance Supervisors (OGIS). The Commission recently chaired a drafting group that, in conjunction with fellow IAIS members prepared a guidance paper on regulation and supervision of...

Insurance Intermediary Seminar 27 November 2008

27th November 2008
In line with the series of seminars organised by the Insurance Division since the beginning of 2007, a seminar for Insurance Intermediaries took place on 27 November 2008. The seminar provided an opportunity for the Insurance Division to update the sector with a summary of the Intermediary Team's activities during the year, corporate governance requirements and a review of the recent and...