General

Guernsey Funds The total net asset value of Guernsey funds at the end of the quarter was £286.0 billion, a decrease over the quarter of £2.7 billion (-0.9%). Over the past year, total net asset values have decreased by £16.8 billon (-5.5%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £1.0 billion (-2.1%) to £48.9 billion. This...

On 22 August 2023, the Guernsey Court of Appeal handed down its judgment in the case of John Adam Robilliard and the Chairman of the Guernsey Financial Services Commission. The Guernsey Court of Appeal heard an appeal brought by Mr Robilliard against a decision of the Deputy Bailiff in the Royal Court who had dismissed Mr Robilliard’s previous appeal against a decision of one of the Commission’s...

The Financial Services Com mission (Bailiwi ck of Guernsey) Law, 1987 (the “ Financial Services Commission Law”) The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “ Fiduciaries Law”) The Protection of Inve stors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”) The Insurance Managers and Insurance Intermediaries (Bailiwick of...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”) The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”) The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”) The Insurance Managers and Insurance Intermediaries (Bailiwick of...

Following publication by the Royal Court, we are making available the anonymised judgment of the Deputy Bailiff in X, Y and Z and the Guernsey Financial Services Commission. The Deputy Bailiff heard an appeal against the sanctions imposed on three individuals by one of the Commission’s Senior Decision Makers. The Deputy Bailiff found that the sanctions imposed on the three individuals were within...

On the 4th day of August 2023, the Commission imposed a discretionary financial penalty as follows: Mr Paul Conway (“Mr Conway”) a financial penalty of £30,000. Further, on the above date, the Commission imposed a prohibition as follows: Mr Conway is prohibited from holding the position of shareholder, controller, director, partner, manager, money laundering reporting officer and money laundering...

The Commission has been granted leave to appeal the judgment of LB Marshall KC in the case of Domaille, Clarke & Hannis and the Guernsey Financial Services Commission. A copy of the judgment is available on the Guernsey Legal Resources website. After careful consideration, the Commission decided to appeal the decision of LB Marshall KC because some of the reasoning and interpretation of the law...

Following the full implementation of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the LCF Law), the Commission has amended the Finance Sector Code of Corporate Governance (the Code) so that it is clear that it applies to firms licensed under the LCF Law. The application of the Code to LCF licensees was highlighted during the Commission’s LCF consultation. The list of...

The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 20 September. The Commission is consulting on an overall increase in fees of 7.3%. Other specific proposals relating to fees that are outlined in the consultation paper are: a rebalancing of fees within the insurance sector on request of the...