General

The Guernsey Financial Service Commission has signed a Memorandum of Understanding (MoU) with the European Central Bank (ECB), the authority responsible for monetary policy and the supervision of significant banking institutions across the Eurozone. The MoU provides a framework for cooperation and information sharing between the two authorities. Speaking about the MoU, the Commission’s Director...

The Commission has today issued a feedback paper following the consultation on disclosure rules for insurance intermediaries issued in 2023. The Commission is grateful for the responses received. The feedback paper, along with the Insurance Intermediaries (Amendment) Rules, 2024, can be found on the Commission’s Consultation Hub . The amendments to the rules will come into effect on 1 st January...

The Guernsey Financial Services Commission has today issued a Consultation Paper seeking views from interested parties on the creation of a new policy regarding Unclaimed Money under the Protection of Investors (Bailiwick of Guernsey) Law, 2020. This Consultation Paper follows on from the Thematic Review regarding Unclaimed Money The Thematic Review identified that Unclaimed Money is not dealt...

The Commission is hosting an event for current and prospective Skilled Persons from 9am to 10am on Friday 12 April at the Commission's offices at Glategny Court, Glategny Esplanade. A Skilled Person explanatory note can be found here . The event will be an opportunity for Skilled Persons to learn about the Commission’s Skilled Person process, including discussing the Commission’s expectations and...

Fourth Quarter 2023 Guernsey Funds The total net asset value of Guernsey funds at the end of the quarter was £289.9 billion, an increase over the quarter of £1.1 billion (+0.4%). Over the past year, total net asset values have decreased by £1.7 billon (-0.6%). Closed-ended Schemes Within these totals, Guernsey closed-ended funds increased over the quarter by £0.7 billion (+0.3%) to £240.1 billion...

The Commission invites firms and individuals to sign up to receive its new newsletter, The Leopard , which will provide a digest of recent news and updates, share upcoming events, and help to keep firms and individuals up-to-date with Commission priorities. The newsletter will complement rather than replace the RSS (or Really Simple Syndication) feeds, which are available to subscribe to on the...

The Commission has become aware of a possible phishing attempt being sent purporting to be from the Commission. If you have received an email from the Commission and you are unsure of its authenticity, please do not click on any links or attachments and instead forward it to [email protected] . The Commission sends its emails from the domain ending “gfsc.gg” and the email domain that the phishing...

Policyholders are advised that a replacement coverage solution through an arrangement with an insurance carrier rated A (Excellent) by A.M. Best Company is currently being finalised. If you are a TieCare International policyholder and have any questions or concerns, please call GBG Assist at +1.786.814.4125 or U.S./Canada toll-free at +1.866.914.5333. Or you can email your TieCare regional...

Unfortunately, GBG Insurance Limited has failed and its directors have decided to place it into administration. The situation is complicated and not completely certain as the firm enters administration. Whether or not a policyholder is affected by GBG’s insolvency will depend on whether or not the policyholder is directly insured by GBG. The Commission is encouraging policyholders to review their...