General

The Commission has announced the appointment of Ms Leigh-Ann Mulcahy QC to succeed Mr Michael Blair QC as President of its Panel of Senior Decision Makers. Mr Blair QC is retiring from that position at the end of this year – a position he has held since its inception in 2014. The Commission would like to place on record its appreciation for the manner in which Mr Blair QC has undertaken the role...

The Commission became the regulator of pensions in Guernsey at the request of the States of Guernsey in June 2017. Since that time it has gathered and analysed information from pension providers as part of its regulatory oversight function. This work helped inform the Commission’s initial review of pension regulations which it conducted between 1 December 2017 and 28 February 2018. Following this...

Licensees and registrants are advised that the Commission is changing the way it distributes its annual license fee invoices, commencing with the 2021 annual fees which are due to be sent out next month. Generic email addresses for all regulated and registered entities have been prepared which will be used to send out the annual fee invoices for 2021. If you wish to check which email address the...

The Commission has today announced that it has signed a new Memorandum of Understanding (“ the MOU”) with the Board of the Guernsey Banking Deposit Compensation Scheme (GBDCS). The MOU provides a formal basis for co-operation, including for the exchange of information and provides a framework for the working relationship between the Commission and the Board which are both independent bodies. In...

10th Annual Conference 2021 - Save the date flyer

Over the course of this year, licensees had to change their business working practices rather rapidly due to Covid-19 and for most licensees and their staff this involved moving to home working. Many licensees have since returned to office working although the Commission is aware that a number are continuing to operate some form of home working. The Commission is also aware that one or two...

Introduction On the 30 th 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...

The GFSC is Participating in the GFIN’s Cross-Border Testing. The GFSC is pleased to be participating in the GFIN’s Cross-Border Testing which launches today, 29 th October 2020. The Global Financial Innovation Network (GFIN) – a group of over 60 international organisations committed to supporting financial innovation in the interests of consumers – is inviting applications from firms to test...

On 12 th October 2020 The Bank of England (“BoE”) published a letter that it had sent to a selection of UK financial services firms. This letter requested feedback in relation to any possible operational implications that firms would encounter if the Bank of England’s Monetary Policy Committee (“MPC”) implemented a zero or negative policy rate. A copy of the letter is available here. Although the...