General

The Commission’s Director General, William Mason, was the guest speaker at today’s lunchtime event held by the Chamber of Commerce. Mr Mason explored the positive relationship that can exist between regulation and economic growth. He posited that the key issue is not whether growth and regulation can co-exist but rather what level and type of regulation is optimal for economic growth. He suggested...

Second Quarter 2018 Investment Funds The net asset value of total funds under management and administration has increased in Sterling terms over the quarter ended 30 June 2018 by £13 billion (4.94%) to £276 billion. For the year since 30 June 2017, total net asset values increased by £5 billion (1.9%). Open-ended Funds Within these totals, Guernsey domiciled open-ended funds increased by £1.4...

Following the appointment of Dr Andy Sloan, as Deputy Chief Executive, Strategy at Guernsey Finance, the Commission has made some alterations to its senior management structure. To ensure more integrated supervision, Fiduciary, Investment and Pensions firms will be supervised for conduct and prudential purposes by one division. This will be known as the Investment, Fiduciary and Pension Division...

The Guernsey Financial Services Commission (“GFSC”) has, in collaboration with 11 financial regulators and related organisations, today announced the establishment of the Global Financial Innovation Network (GFIN), building on a proposal earlier this year to create a ‘global sandbox’. Recognising the global nature of today’s financial services the network will seek to provide a more efficient way...

Introduction On 30 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 had previously indicated their support for the proposals which followed a public consultation process. The Law Officers of the Crown together...

The Commission has published a survey and is looking for members of the public to contribute their personal experiences in purchasing insurance products and when making claims on their insurance policies. The survey is available on the Commission’s website - 2018 General Insurance Survey It is anticipated that responses to the survey will identify common trends, which will be explored by the...

The Guernsey Green Fund Rules The Commission is pleased to announce the publication of the Guernsey Green Fund Rules following the closing of the consultation on 1 June 2018. The Rules create a new description of a scheme known as a Guernsey Green Fund that has the objective of seeking a return for investors whilst mitigating environmental damage. The rationale for developing the Green Fund Rules...

Last Friday, the Commission hosted a one-day event which challenged participating teams to develop digital solutions for one or more of the three pre-set challenges showing how technology could be used to: 1. Optimise efficient and effective client due diligence (and hence reduce costs for Bailiwick businesses). 2. Improve administration. 3. Help the financially excluded. The event was a...

The Commission has today issued a guidance note in respect of the provision of registered office services by unregulated persons. The aim of the guidance note is to act as a reminder that the provision of registered office is a regulated activity and explain why that is the case.