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Engagement on the draft amendments to Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 (the “Insurance Managers and Insurance Intermediaries Law”)

15th January 2021
Introduction On the 30th of October 2015 the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Representatives of the States of Alderney and the Chief Pleas of Sark has previously indicated their support for the proposals which followed a public consultation process, together with the Law Officers of...

AML/CFT Handbook - Appendix I Update

12th January 2021
The Commission has today updated Appendix I to the Handbook as a result of the FATF's announcement that it has removed The Bahamas from its list of jurisdictions under increased monitoring. The Bahamas has strengthened the effectiveness of its AML/CFT system and addressed related technical deficiencies to meet the commitments in its action plan and remedy the strategic deficiencies identified by...

Safehaven International Limited, Mr Richard John Bach, Miss Tracey Jane Ozanne, Mr David Charles Housley Whitworth, Mr Michael John Good and Mr Stephen John Dickinson

31st December 2020
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (“the Financial Services Commission Law”). The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”); The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”); The Insurance Managers and Insurance Intermediaries (Bailiwick of...

Mr Peter Edward Dawson-Ball (Date of Birth: 10 March 1954) of 12 Clos Du Petit Bois, Rue Cauchez, St Martins, Guernsey, GY4 6NX

31st December 2020
On 15 November 2019, the Guernsey Financial Services Commission (“the Commission”) applied to the Royal Court of Guernsey under section 427 of The Companies (Guernsey) Law, 2008 (the “Companies Law”), to seek a disqualification order against Mr Dawson-Ball. On 8 December 2020, the Deputy Bailiff handed down her judgment in which she disqualified Mr Dawson-Ball from: being a director, secretary or...

Commission becomes world’s first regulator to introduce a green insurance capital regime

15th December 2020
In October of this year, the Commission issued a consultation paper proposing amendments to the Insurance Business (Solvency) Rules 2015 which would see the introduction of a specific approach for green assets into the Solvency Rules and help to incentivise increased investment in green assets by life insurers. The background to this move follows global political and public debate around...

Distribution of 2021 annual fees to Licensees and Registrants

14th December 2020
The Commission has now sent its 2021 annual fees to all licensees and registrants by email. If you have not received an invoice by email you should contact [email protected] quoting the entity name and the GFSC reference number, which can be found on our website (Regulated Entities and Registered Entities). You may also contact this email address to confirm the validity of an emailed invoice...

Senior Commission staff appointed to key positions within the International Association of Insurance Supervisors (IAIS)

14th December 2020
The International Association of Insurance Supervisors (IAIS) recently held its held biennial Executive Committee elections which saw the Commission’s Director General, William Mason, re-elected as a member. In addition to Mr Mason’s election, the Commission’s Director of Risk and Operations, Katherine Jane, has been appointed as the next Chair of the IAIS’ Standards Assessment Working Group (SAWG...

Safehaven International Limited, Mr Richard John Bach, Miss Tracey Jane Ozanne, Mr David Charles Housley Whitworth, Mr Michael John Good and Mr Stephen John Dickinson

11th December 2020
On the 11th day of December 2020 the Commission imposed the following discretionary financial penalties: Safehaven International Limited (the “Firm”) - £100,000 Mr Richard John Bach - £50,000 Miss Tracey Jane Ozanne - £5,000 Mr David Charles Housley Whitworth - £10,000 Mr Michael John Good - £10,000 Mr Stephen John Dickinson - £1,000 (collectively the “Individuals”) Mr Richard John Bach was also...

Commission consults on increasing Private Investment Fund (PIF) options

9th December 2020
The Commission has today published a Consultation Paper containing proposals which, if implemented, would allow different investor categories to take advantage of an appropriately regulated fund structure. Whilst the proposals would see the current approach to registering a PIF continue, other paths would be introduced to complement this. One of the new paths being proposed would enable a PIF to...