Consumers

Guernsey’s financial services regulator has published a guidance note on its general approach to the enforcement process which it administers. This brings together the extensive public guidance which is already available on the Commission’s website. The paper has been published in response to a decision made by the States of Guernsey in January of this year requiring the Commission to publish such...

The Commission has published a report on its thematic review of the sale of general insurance add-on policies by insurance brokers in Guernsey. The Report can be downloaded here. General insurance add-on products are insurance policies commonly sold in conjunction with another insurance policy such as a private motor policy, household policy or marine policy. The most frequently sold add-on...

The Commission has today published a short guide which explains what risk based supervision is and what it means for licensees. Please click here. At its core, risk based supervision accepts the premise that resources are finite, that there is no unlimited pool of public or industry funding on which to draw and that every regulator has to make choices about what it will do and what it will not do...

Further to the Commission’s application for the winding up of MVP Fund Range PCC Limited ("the Fund") under section 410 of the Companies (Guernsey) Law, 2008, as amended (“the Law”) and its subsequent application for an Administrator Order under section 374 of the Law, the Royal Court of Guernsey made an administration order in respect of the Fund on 17 November 2015. Mr Timothy Le Cornu and Ms...

​The Commission has been alerted by the National Fraud Intelligence Bureau to a phishing attack on a U.K. financial institution whereby an email containing a JAR file attachment has been sent in order to socially engineer bank staff into unpacking the compressed file. The email states that it has come from the Office of Foreign Assets Control, part of the Department of the Treasury, with the email...

​ The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 as amended (“the Financial Services Commission Law”) The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended (the “Fiduciaries Law”)The Protection of Investors (Bailiwick of Guernsey) Law, 1987 as amended (the “POI Law”)The Insurance Managers and Insurance...

​The Channel Islands Financial Ombudsman has published Consultation Paper 3 on a model complaint-handling procedure for financial services providers. This can be found at https://www.ci-fo.org/cifo-consultations.

The FCA has reported that in recent months there has been an alarming rate of UK residents who have been persuaded into joining a UK-based venture known as WeRe Bank. In order to join WeRe Bank members are required to issue a Promissory Note in the sum of £150,000 which is payable within ten year anniversary from the time of joining. The FCA has received numerous reports from financial...

​ Further to the Commission’s news article of 28 August 2015, a directions hearing was heard on 16 September 2015 in relation to the Commission’s application for the winding up of MVP Fund Range PCC Limited (“the Fund”) under section 410 of the Companies (Guernsey) Law, 2008, as amended. After hearing Counsel for the Commission and Mr Stratford, a director of the Fund, the Royal Court made a...