Articles from 2012

Reminder to submit an assurance statement under the Finance Sector Code of Corporate Governance by 31 July 2012

20th July 2012
The Commission would remind all companies which hold a licence from the Commission under the regulatory laws or which are registered or authorised as collective investment schemes (“funds”) under (i) below that an assurance statement under the Finance Sector Code of Corporate Governance ("the Code") must be submitted to the Commission by no later than 31 July 2012. The regulatory laws are: the...

AML/CFT Feedback

13th July 2012
​The Commission has today published AML/CFT feedback, which can be found below. Feedback on AML/CFT on-site visits The purpose of the feedback is to provide industry with a summary of findings from on-site inspections, which may prove useful to businesses when identifying and managing risks and in considering their AML/CFT policies, procedures and controls.

Extended deadline and additional guidance for completing the 2012 Fiduciary Annual Return

11th July 2012
​The Commission is extending the deadline for submitting the Fiduciary Annual Return by one month. Following a number of representations from the sector the date by which the 2012 Annual Return must be submitted has been moved from 31 July 2012 to 31 August 2012. Further guidance is also being issued on the completion of sections in the Annual Return relating to pensions and geographic location of...

Policy on High Interest, Short-term, Unsecured, Non-Bank Lending

11th July 2012
The Commission has recently resolved, having consulted the Commerce and Employment Department of the States of Guernsey, that it should ordinarily refuse applications to register financial services businesses under the Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008, where the business consists of offering high interest, short-term, unsecured lending...

IBD Statistical Returns Reminder

2nd July 2012
​The Commission would remind Licensees that quarterly statistical returns for the June 2012 quarter must be submitted to the Investment Business Division by no later than 31 July 2012. Failure to submit by this date will lead to a delay in publishing the overall statistics. Thank you for your assistance with this matter.

Annual Report 2011

15th June 2012
​ The GFSC Annual Report 2011 has been published. To view the document, please click the link below. Annual Report 2011

Appointment of Chief Operating Officer and Chief Transformation Officer

8th June 2012
​ The Guernsey Financial Services Commission (GFSC) has appointed Neville Johnson as Chief Operating Officer (COO) and Tim Loveridge as Chief Transformation Officer (CTO). The post of COO is new, following the recommendation of Ernst & Young’s Independent Evaluation Review (IER) but it will incorporate existing functions concerning the Commission’s finances. Mr Johnson, previously Acting Director...

First Quarter 2012 Banking Sector Activity

1st June 2012
​ Total deposits held with Guernsey banks at the end of March 2012 decreased 6.1% in sterling terms by £6.5 billion from the end of December 2011 level of £107.5 billion, down to £101 billion. This is 10.5% lower than the same time a year ago. Total assets and liabilities decreased by £5.3 billion to £128.3 billion representing a 4.0% decrease over the quarter and this was 6.6% lower than the...