News

Articles from 2012

GFSC to centralise business functions

23rd October 2012
As the result of the implementation of Ernst & Young LLP’s review of the Guernsey Financial Services Commission two regulatory/supervisory functions are being centralised to improve efficiency and consistency. An Authorisations Unit and an Anti-Money Laundering Division have been established. Previously these were undertaken separately by and within each of the Divisions. Owners, directors and...

Proposed changes to the Retirement Annuity Trust Schemes Rules 2010

22nd October 2012
The Commission is proposing to make minor amendments to the qualification requirements for actuaries in Rule 3 of the Retirement Annuity Trust Schemes Rules 2010 and to the definition of “actuary” in Rule 10. Two minor changes are also proposed to Rule 2. The Commission is inviting comments on these proposed changes by 19 November 2012. Responses should either be emailed to Lyn Jordan, Secretary...

Director General to retire in June 2013

19th October 2012
​ The Director General of the Guernsey Financial Services Commission, Nik van Leuven, aged 65, will retire in June 2013. He was originally appointed under a contract expiring in December 2012, which has been extended to facilitate his successor to be appointed. Cees Schrauwers, the Chairman of the Commission, said: “We are grateful to Nik van Leuven for directing the GFSC during a period of...

GFSC makes recommendations on Retail Distribution Review

19th October 2012
​ The Guernsey Financial Services Commission (GFSC) is proposing that Guernsey should not immediately follow the UK by introducing the proposals of the UK Financial Services Authority’s (FSA) Retail Distribution Review (RDR), but instead wait and see what happens in the UK and elsewhere. The RDR examined long-standing problems in the UK retail investment sector, particularly around professional...

Consultation Paper on fee rate proposal for 2013

4th October 2012
​ The Guernsey Financial Services Commission (“Commission”) invites comments on this consultation paper. Comments should reach the Commission by 15 November 2012. Responses should either be emailed to the Commission Secretary, Fionnuala Carvill, at [email protected]/* */, or be marked for her attention and sent to: Guernsey Financial Services Commission P.O. Box 128 Glategny Court Glategny...

Second Quarter 2012 Banking Sector Activity

14th September 2012
​Total deposits held with Guernsey banks at the end of June 2012 increased 2.1% in sterling terms by £2.1 billion from the end of March 2012 level of £101 billion, up to £103.1 billion. This is 9.4% lower than the same time a year ago. Total assets and liabilities increased by £2.9 billion to £131.2 billion representing a 2.3% increase over the quarter though this was 5.7% lower than the level a...

Second Quarter 2012 Investment Statistics

6th September 2012
​FUNDS UNDER MANAGEMENT INCREASE OVER QUARTER STATISTICS FOR NON-FUND INVESTMENT SECTOR RELEASED Investment Funds The net asset value of total funds under management and administration has increased over the quarter ended 30 June 2012 by £711 million (0.3%) to reach £270.8 billion. For the year since 30 June 2011, total net asset values decreased by £3.6 billion (1.3%). Within these totals...

Eon Finance Brokers

4th September 2012
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (the "Financial Services Commission Law")The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 as amended (the "Insurance Managers and Intermediaries Law")EON Finance Brokers ("Eon")The Guernsey Financial Services Commission (the "Commission") issues this notice pursuant to its powers...

Fast Track Warranties

20th August 2012
​The Commission has updated the warranties on the Form REG, Form QIF and Form FTL to take into account the Commission’s Guidance Notes on Personal Questionnaires and Personal Declarations. In particular, the following warranty (varies slightly dependent on the application) has been inserted in the aforementioned forms, “I confirm that we, the proposed designated manager/administrator/principal...

Commission to consult with industry

17th August 2012
The Chief Transformation Officer (CTO) recently appointed to the Guernsey Financial Services Commission (GFSC), Tim Loveridge, has now taken up his role. Ernst & Young’s Independent Evaluation Review (IER) of the GFSC made reference to one of the projects that was already underway; the production of an ‘extranet’ – that is electronic communication of data between licensees and the Commission. Mr...