Consumers

The Commission is today issuing a consultation paper seeking feedback on a number of regulatory proposals for firms involved in lending, credit and finance.  The consultation period will close on Friday 15th September 2017. The proposals contained within the consultation paper have a twofold purpose:- A)    Opening up Guernsey to more innovative, often digitally enabled, financial services…

The Guernsey Financial Services Commission has today issued feedback on comments received on its proposals to amend the Code of Conduct for Authorised Insurance Representatives (“the Code”).  The Commission has also published the final version of the Code, which will come into effect on 1 April 2017.  The purpose of the revision is to address the Commission’s conclusions from the thematic…

As you may have seen, there has been extensive media coverage in recent weeks about different types of scams currently targeting local residents.    You are reminded to be vigilant about any requests for your personal security information, as scammers can be very convincing. In addition, if you ever receive an SMS or email asking you to contact your bank, you should always do so using the…

The Commission is today issuing a consultation paper on revisions to the Code of Conduct for Authorised Insurance Representatives.   The proposed Code clarifies the minimum standards expected to be met by an authorised insurance representative and takes into account current trading methodologies and rapidly changing and developing customer behaviours.  Responses to the consultation which…

The Commission has received a copy of the Administrator’s report and also attended a hearing before the Royal Court earlier today where the initial findings set out in that report were presented. The Commission considers it to be extremely concerning that it is not currently possible to fully account for investors’ funds and appreciates that such news will be extremely distressing for those…

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended ("the Financial Services Commission Law") The Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended ("the Protection of Investors Law") The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended ("the Fiduciaries Law") The Banking…

IN THE MATTER OF:THE FINANCIAL SERVICES COMMISSION (BAILIWICK OF GUERNSEY) LAW, 1987THE PROTECTION OF INVESTORS (BAILIWICK OF GUERNSEY) LAW, 1987THE BANKING SUPERVISION (BAILIWICK OF GUERNSEY) LAW, 1994 THE REGULATION OF FIDUCIARIES, ADMINISTRATION BUSINESSES AND COMPANY DIRECTORS, ETC (BAILIWICK OF GUERNSEY) LAW, 2000THE INSURANCE BUSINESS (BAILIWICK OF GUERNSEY) LAW, 2002 THE INSURANCE MANAGERS…

The Commission is today issuing a discussion paper seeking feedback on a number of regulatory proposals for firms involved in lending, credit and finance. Please click here for a copy. The Bailiwick does not currently have consumer lending and credit regulation. The Commission is concerned that this may lead to consumers being at risk of not being treated appropriately and a lack of certainty…

The Commission has announced the appointment of Dr. Kirsty Hood QC to its panel of Senior Decision Makers.Senior Decision Makers are required to sit and hear those cases involving serious findings against a licensee and/or individual Directors where those findings are contested by the licensee. Where a case is proven, the Senior Decision Maker will determine what penalties should be imposed upon…