News

Fiduciary

Mr Geoffrey John Trebert

20th September 2022
On 15 September 2022, the Commission imposed a discretionary financial penalty of £87,500 on Geoffrey John Trebert and prohibited him from holding the position of controller, director, partner, manager, money laundering reporting officer and money laundering compliance officer for a period of two years and ten months. The exemption set out in section 3(1)(g) of the Fiduciaries Law (which would...

Mr Gary William Jason Durkin

12th September 2022
On 7 September 2022, the Commission imposed a discretionary financial penalty of £35,000 on Gary William Jason Durkin. The above financial penalty was imposed on Mr Durkin following his failure to meet the Minimum Criteria for Licensing as set out in Schedule 1 to The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 and Schedule 4 to...

Professional Indemnity Insurance Requirements - Revised Rules

2nd September 2022
Following the recent publication of two consultation papers in relation to PII requirements for Investment, Fiduciary and Insurance sectors, when interested parties were offered an opportunity to provide fatal flaws comments on the amendments of the Fiduciary Rules, the Capital Adequacy Rules, the Insurance Managers Rules and the Insurance Intermediaries Rules, feedback was received from three...

Consultation Paper on The Lending, Credit & Finance Rules, Guidance and Implementation

21st July 2022
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...

Commission consults on Fees for 2023

20th July 2022
The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 14 September. The consultation paper is available on the Commission’s Consultation Hub. The Commission is consulting on an overall increase in fees of 9%. Other specific proposals to change fees are outlined in the consultation paper and...

Artemis Trustees Limited

7th July 2022
On 24 June 2022 the Commission imposed a discretionary financial penalty on Artemis Trustees Limited of £450,000. The above sanction was imposed on Artemis Trustees Limited as a result of their failure to meet the minimum criteria for licensing under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020. More details to follow in due...

Feedback and Final Consultation on Professional Indemnity Insurance for Fiduciary, Investment, Insurance Intermediary and Insurance Manager Sectors

10th June 2022
Feedback and Final Consultation on Professional Indemnity Insurance for Fiduciary, Investment, Insurance Intermediary and Insurance Manager Sectors The Commission has issued today two feedback statements on the previous Consultation Papers (“CPs”) on Professional Indemnity Insurance (“PII”), one in relation to the Fiduciary and Investment sectors and the other relevant to the Insurance...

Mind and Management Requirements for the Fiduciary and Investment Sectors

7th June 2022
Following completion of its recent consultation on mind and management requirements for the Fiduciary and Investment sectors the Commission has today issued updated consolidated versions of the Fiduciary Rules and Guidance, 2021 and the Licensees (Conduct of Business) Rules and Guidance, 2021. Both sets of Rules have been amended with the addition of a new rule requiring fiduciary and investment...

Enhancing Sustainable Finance in the Bailiwick

5th May 2022
The Commission has today published a Consultation Paper proposing the introduction of a Natural Capital Fund regime. It is also, through a separate Consultation Paper, bringing forward proposals to counter the risk of greenwashing. Both Consultation Papers can be found here. Creating an Ecosystem for Natural Capital Investment The first Consultation Paper proposes the creation of a Natural Capital...