News

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 facilities to retail customers outside the Bailiwick.  This policy has been adopted on the basis that such business is likely to adversely affect the reputation of the Bailiwick.