News

Articles from 1998-2010

Mr Patrick Murrin

9th March 2009
The Commission has noted the coverage in the Guardian of 4 March 2009 under the heading “Chelsea connection” about investigations by the Financial Services Authority and the Guernsey Financial Services Commission around 2003, including Mr Patrick Murrin’s comments on the circumstances of his departure from Harbour Trustees Limited. The Commission repeats the statement it made on this subject in...

Insurance Division Update

1st March 2009
For the attention of all Insurance Managers and Insurance Intermediaries I am delighted to announce the following changes to the Insurance Division: Mike Poulding has been promoted to Deputy Director – International and will be dealing with IAIS, Mutual Recognition, regulatory development etc. Peter Cooke will be returning to the Commission from the IAIS and will be Assistant Director on the...

Fourth Quarter 2008 Banking Sector Activity

26th February 2009
​Total deposits held with Guernsey banks at the end of December 2008 increased in sterling terms by £20.7 billion* from the end of September 2008 level of £136.3 billion to reach a new highest figure of £157.0 billion*, representing a 15.2%* increase over the quarter and 31.8%* over the year. Total assets and liabilities increased by £26.9 billion* over the quarter representing a 17.7%* increase...

Consultation on the AML/CFT Regulations and Handbook for Prescribed Businesses

18th February 2009
The Commission has written to the managing partners of firms of lawyers and accountants and the managing directors of estate agents today, seeking comments on the tracked changes to the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) Regulations, 2008 and the Handbook for Legal Professionals, Accountants and Estate Agents on...

Proposed amendments to the AML/CFT regulations and handbooks for financial services businesses and prescribed businesses

18th February 2009
The Commission has written to the managing directors of all Financial Services Businesses today, seeking comments on the tracked changes to the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 and the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing.A copy of the proposed amendments to the...

Fourth Quarter Investment Statistics 2008

16th February 2009
FUND VALUES STABLE DESPITE VOLATILE MARKETS Total funds under management and administration fell by £1 billion (0.5%) over the quarter ended 31 December 2008 to £200.4 billion. For the year since 31 December 2007, values increased by £22.2 billion, an increase of 12.5%. Within these totals, Guernsey domiciled open-ended funds fell by £2.1 billion (3.2%) over the quarter to £63.6 billion. This...

End of Reciprocal Health Agreement with the UK

12th February 2009
The States of Guernsey Health and Social Services Department has confirmed that the current Reciprocal Health Agreement between the Channel Islands and the UK is to cease with effect from 31 March 2009. The practical effect of the cessation of the agreement is that most Channel Island residents will no longer be able to access the NHS free of charge when in the UK, other than for treatment given...

Equitable Life Assurance Society Update- January 2009

22nd January 2009
​Statement to the House of Commons by the Chief Secretary to the Treasury on 15 January 2009 The Parliamentary Ombudsman’s report made two key recommendations; firstly, that the relevant public bodies should apologise for the ‘justifiable sense of outrage’ that has resulted from her findings of regulatory maladministration; and, secondly, that the Government should establish and fund a...