News

General

New Discretionary Financial Penalties - Update

21st July 2021
As we have worked on some current enforcement matters it has become apparent to us that we will be taking some cases forward seeking pecuniary sanctions where there is some wrongdoing before 13th November 2017 and some wrongdoing after 13th November 2017. Our intent in relation to such matters is not clearly covered by the Guidance Note on the Commission’s general approach to Enforcement issued in...

Commission consults on Fees for 2022

16th July 2021
The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 8 September. The Commission’s consultation paper is available here. Feedback may be provided via the Consultation Hub section of the Commission’s website: https://consultationhub.gfsc.gg Taking into account the Commission’s current and...

Thematic Review on Reporting Suspicion

15th July 2021
The Commission has today issued its report on the thematic review on the reporting of suspicion of money laundering or terrorist financing. The review covered both financial services and prescribed businesses and was undertaken during the second half of 2020. A copy of the thematic review can be found on the Financial Crime Division's Thematic Reviews page. All firms which took part in this...

Financial Crime Risk Return 2021

8th July 2021
The Financial Crime Risk Return (the “FCRR”) for the reporting period 1 July 2020 to 30 June 2021 will be available for completion on the Online Submissions Portal on 13 July 2021. The submission deadline is 31 October 2021. Following the Commission's previous announcements and after consultation with industry, updates made to the 2021 FCRR include: Additional reporting on suspicious activity and...

New Commissioner Appointed

15th June 2021
The Commission is delighted to announce that Mr Julian Winser has been sworn in as a Commissioner after being approved by the States of Deliberation. The vacancy arose following the retirement of Mr Bob Moore, the Commission’s former Vice-Chairman. Mr Winser will be appointed as the Commission’s Chairman on the retirement of Drs Cees Schrauwers in December. Mr Winser served in the military as an...

March Quarter 2021 Investment Statistics

14th June 2021
First Quarter 2021 Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £18.1 billion (7.4%) to £263.6 billion. Over the past year, total net asset values have increased by £30.4 billon (13.0%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £1.0 billion (-2.0%) to £48.0...

Consultation Paper on the Codes and Guidance Documents proposed to be re-issued under Revision of Laws

10th June 2021
The Guernsey Financial Services Commission has issued today a consultation paper (“CP”) seeking views from interested parties as part of the implementation of the Revision of Laws Project. The CP relates to the proposed re-issuing of the Commission’s codes and guidance due to the revised supervisory laws arising from the Revision of Laws Project. The draft codes and guidance do not implement...

Commission’s 2020 Annual Report

13th May 2021
The Commission has today published its 2020 annual report and financial statements. Talking about the report, the Commission’s Director General, William Mason noted that: “Last year, in common with the rest of the world, the Bailiwick had to deal with the effects of the global pandemic. During that period, the Commission faced a number of additional challenges as did our licensees. I was therefore...

Commission to deregulate Non-Guernsey Scheme regime

11th May 2021
The Commission has today announced that following consultation with industry, it has revoked the Non-Guernsey Scheme regime and the associated rules. A Non-Guernsey Scheme is a collective investment scheme that is not established or incorporated in the Bailiwick of Guernsey and is not authorised or registered by the Commission. Commenting on the decision, the Commission’s Director General, William...

Ms Sarah Jayne Sarre

27th April 2021
On 16 April 2021 the Commission imposed a discretionary financial penalty on Ms Sarah Jayne Sarre of £13,500. The above sanction was imposed on Ms Sarre as a result of her failure to meet the minimum criteria for licensing. More details to follow in due course.