Consultation Paper on The Lending, Credit & Finance Rules, Guidance and Implementation: Meetings with Industry

12th August 2022

Following the recent publication of its Consultation Paper, setting out the draft Rules and approach for regulating the sectors covered by The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022, the Commission will be hosting a series of meetings with the various sectors which will be affected by the legislation.  The Commission will hold the meetings at its offices on Glategny Esplanade on the following dates: 

Tuesday 23 August, 4.00pm – for motor traders and garages which provide or arrange motor finance for their customers.  In future this will require a licence under the new law;

Wednesday 24 August, 8.30am – for non-bank lenders, businesses which are registered as Non-Regulated Financial Services Businesses under the existing NRFSB Law, or which carry out activities classified as “Financial Firm Business” under the new law and are not already licensed by the Commission, including those not already supervised by the Commission; and

Wednesday 24 August, 12.30pm – for firms which act as credit or home finance brokers or arrangers and firms providing other services ancillary to the provision of credit who may potentially require a licence under the consumer finance provisions within the new law.

Invitations have already been extended to a range of businesses.

The Commission would also welcome others who may be affected by the new legislation and who have not received an invite to attend.  The purpose of these meetings is to enable attendees to ask the Commission for clarification on any aspect of the Consultation Paper, and to express any preliminary thoughts or views on the proposals.  We would ask that attendees read the Consultation Paper beforehand.  This opportunity is separate from any written formal consultation response (through the Commission’s consultation hub) which may subsequently be submitted.

Anyone who wishes to reserve a place to attend the meetings should contact the Commission by Wednesday 17 August, at [email protected].

A link to the Consultation Paper and the associated documents can be found here.