Consumers

Havelet Finance Limited is licensed by the Commission under the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022. However, it has been noted that criminals have been using the firm’s details in attempts to commit advance fee fraud. The fraud scheme has included the setting up of false websites and pages on social media in the name of the firm. Anyone seeking to conduct business with...

The Commission has today published its feedback paper following the consultation on Lending, Credit & Finance issued on 21 July 2022, together with the final Lending, Credit & Finance Rules and Guidance and a s40 instrument giving notice of various exemptions from the requirement to hold a licence in respect of the carrying on of business regulated by the law. The Lending, Credit and Finance...

In July 2022, the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “Law”) was approved by the States of Guernsey, the States of Alderney and the Chief Pleas of Sark. A Commencement Ordinance, passed last Friday, confirmed that the Law will come into effect in two stages. Various provisions come into effect from 1 January 2023 which will allow the Commission to put in place its...

The Commission has today published a Consultation Paper setting out the Commission’s Rules and approach for regulating the sectors covered by The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022, and is seeking feedback on its proposed Rules and approach. The purpose of the new Law, which was passed by the States of Guernsey on 14 July 2022, is to protect customers in the Bailiwick...

The Commission is monitoring the situation and has been, through its 2021 thematic work on sanctions screening and other interactions, encouraging firms to prioritise their sanctions monitoring and assessment of sanctions risks. The Commission requests that all firms check whether they maintain any accounts or otherwise have any kind of relationship with the persons referred to in sanctions...

On Wednesday 26 January, the Commission reported that it had become aware of a website that had been established cloning the Commission’s own website. Since becoming aware of the matter, the Commission submitted abuse notifications to the domain registrar and the hosting provider as well as reporting the URL as malicious to the appropriate authorities. The cloned website’s domain has been taken...

The Guernsey Financial Services Commission has become aware that a website has been established cloning the Commission’s own website (The GFSREA – Guernsey Financial Services and Regulatory Enforcement Authority – www.gfsrea.org). The Commission’s website domain is www.gfsc.gg The Guernsey Financial Services and Regulatory Enforcement Authority’s website appears to closely resemble the Commission...

The Commission has been notified that investment is being promoted in the above-named entity by non-licensed individuals in Guernsey. The purpose of this notice is to advise that The HyperFund is not licensed, authorised or in any way regulated by the Commission for the conduct of any financial services business in the Bailiwick of Guernsey. The Commission also wishes to emphasise that dealing in...

The Commission has been notified of an unsolicited approach that was made to a Guernsey resident by representatives of the above-named company. The company, which claims to be based in New York, is said to provide trading services in respect of shares and other securities. The company representative offered to arrange to buy shares that were held by the Guernsey resident at a price far higher than...

The Commission is aware that there has been a recent increase in phishing attempts targeting local businesses. Firms are reminded of the guidance available to them in the Commission’s Cyber Rules and Guidance, 2021 and in particular the need to ensure the Firm: has appropriate cyber security software in place; implements IT systems updates in a timely manner; and its staff exercise caution and...