Commission publishes 2025 Annual Report

The Guernsey Financial Services Commission has today published its 2025 Annual Report and Financial Statements, highlighting a year of regulatory delivery, policy reform and investment in technology to support innovation and growth in the Bailiwick’s financial services sector.

The report shows how the Commission worked through 2025 to maintain a credible and internationally respected regulatory framework, while helping ensure Guernsey remains a stable, competitive and forward-looking jurisdiction.

It also underlines the importance of engagement with industry, government and international partners, and the Commission’s focus on regulation that is proportionate, effective and designed to sustain growth.

Driving innovation and digital delivery

A major development in 2025 was the completion of the Applications & Authorisations Portal, giving industry a more user-friendly way to submit applications and communicate with the Commission. By the end of the year, more than 220 applications had been received through the portal.

The Commission also launched the Digital Finance Initiative working with industry through the Digital Forum to further develop Guernsey as a destination of choice for digital finance.

Policy and regulatory developments

Policy work during the year focused on supporting competitiveness and resilience across the jurisdiction. In additional to the DFI policy work, key developments included:

• Streamlining and enhancing the Private Investment Fund regime;
• Updating the Prospectus Rules and Guidance;
• Issuing feedback on sustainability reporting; and
• Introducing a regulatory framework for equity release products.

Together, these developments reflect the Commission’s focus on supporting innovation and growth while maintaining high standards and avoiding unnecessary burdens on well-managed firms.

Stable sector with ongoing opportunities

Against a backdrop of global uncertainty, the report notes that Guernsey’s financial services sector remained stable, supported by continued demand for investment funds and other investment and insurance entities.

The Commission also highlights the opportunities created by technological change, including AI, while recognising the need to manage increasing risks in areas such as cyber security and geo-political events.

Director General William Mason said: “In 2025, the Commission, having successfully concluded the MONEYVAL evaluation with the strong MONEYVAL report published in February which secured the foundations of our prosperity, we were able to refocus our finite capacities on what regulatory environment would be optimal for Guernsey's long term competitiveness over the next decade or so, taking into account the considerably changed international environment. Over the course of the year we made considerable improvements, working in partnership with thoughtful industry actors, the States and Guernsey Finance. We look forward to delivering further beneficial reforms through 2026 and beyond.”

Commission Chairman John Aspden added: “The Commission has continued to deliver strong regulatory outcomes while remaining responsive to change in the external environment. Our focus is on maintaining the Bailiwick’s reputation as a well-regulated and forward-looking jurisdiction, while supporting sustainable growth and protecting users of financial services.”