General

The Commission has elected John Aspden as its Vice-Chairman in the wake of the sad death of its previous Vice-Chairman, Baroness Couttie. John is also Chairman of the Group of International Finance Centre Supervisors and co-chairs the Basel Consultative Group, and was made an MBE for his work in financial services. He was Chief Executive of the Financial Supervision Commission in the Isle of Man...

On 2 February 2023, the Commission imposed discretionary financial penalties as follows: Mr William Stephen Cairns (“Mr Cairns”) a financial penalty of £133,000; and Mr Du Preez Gert Vermeulen (“Mr Vermeulen”) a financial penalty of £35,000. Further, on the above date, the Commission imposed the prohibitions as follows: Mr Cairns prohibited from all functions for a period of ten years and six...

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...

The Guernsey Financial Services Commission has become aware that websites have been established (infogfsc.gg; info-gfsc.gg and gfscommission.gg) cloning the Commission’s website as well as spoof emails being sent from domains associated with those websites. The Commission’s website is www.gfsc.gg and the Commission sends its emails from the domain ending “gfsc.gg”. The websites appear to closely...

On 16 November 2022, the Commission imposed a discretionary financial penalty of £280,000 on GFG Limited (in voluntary liquidation). This sanction was imposed as a result of the firm’s failure to meet the minimum criteria for licensing under the Protection of Investors (Bailiwick of Guernsey) Law, 2020. More details to follow in due course.

The Commission is distributing its 2023 annual fee invoices to licensees and registrants by email. You should receive an email with an invoice within the first few days of January 2023 sent from the Commission's accounting service provider. Invoices are due to be paid by 31 January 2023. We will look to follow up any late payments in the weeks afterwards. If you have not received an invoice by...

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (“the Enforcement Powers Law”) The Protection of Investors (Bailiwick of Guernsey) Law, 1987 and the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (collectively “the POI Law”)[i] Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (“the...

Guernsey Funds The total net asset value of Guernsey funds is the same in Sterling terms as the last quarter at £302.7 billion. Over the past year, total net asset values have increased by £12.8 billon (4.4%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £0.6 billion (-1.1%) to £53.6 billion. This represents an increase of £1.4 billion...

The Guernsey Financial Services Commission is mourning the death of our Vice Chairman, Baroness Couttie. The thoughts and prayers of the Commission are with her husband and children to whom we extend our sincere condolences. Baroness Couttie was a dedicated public servant with a distinguished career in business and politics who made an important contribution to the work of the Commission and she...

The Commission has today published a Consultation Paper on proposals to make new regulations providing for the exemption from licensing under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) of the activity of acting as a director of certain companies connected to registered or authorised collective...