General

The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 14 September. The consultation paper is available on the Commission’s Consultation Hub . The Commission is consulting on an overall increase in fees of 9%. Other specific proposals to change fees are outlined in the consultation paper and...

ITI Trade Limited (trading as ITI Trade LTD.) (“the Company”) On 18 July 2022, the Guernsey Financial Services Commission, acting pursuant to powers granted to it under the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 , made an application to the Royal Court for an administration management order in relation to the Company, a company licensed under the...

ITI Trade Limited (“the Company”), Registration No. 59198 NOTICE IS HEREBY GIVEN pursuant to section 82(5)(b) of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 that at 10am on the 18th day of July 2022 application will be made to the Royal Court for an administration management order in relation to the Company.

On 24 June 2022 the Commission imposed a discretionary financial penalty on Artemis Trustees Limited of £450,000. The above sanction was imposed on Artemis Trustees Limited as a result of their failure to meet the minimum criteria for licensing under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020. More details to follow in due...

The Commission has become aware of a possible phishing attempt being sent to some of its licensees 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...

Feedback and Final Consultation on Professional Indemnity Insurance for Fiduciary, Investment, Insurance Intermediary and Insurance Manager Sectors The Commission has issued today two feedback statements on the previous Consultation Papers (“CPs”) on Professional Indemnity Insurance (“PII”), one in relation to the Fiduciary and Investment sectors and the other relevant to the Insurance...

The Commission has today published a Thematic Review of the Pension Transfer Landscape in the Bailiwick The Thematic Review highlights our findings for both the local pension sector and for pension members and illustrates our expectations in this area together with examples of good practice and areas for improvement. If a pension transfer request is not completed within 60 days from the date the...

Following completion of its recent consultation on mind and management requirements for the Fiduciary and Investment sectors the Commission has today issued updated consolidated versions of the Fiduciary Rules and Guidance, 2021 and the Licensees (Conduct of Business) Rules and Guidance, 2021. Both sets of Rules have been amended with the addition of a new rule requiring fiduciary and investment...

The Commission has today published its 2021 annual report and financial statements . The report notes that the combination of the vast quantitative easing undertaken across the developed world to combat Covid restrictions and the war in the Ukraine have crystallised the inflationary risk the Commission had previously highlighted. The fiscal and monetary responses to this inflation are likely to...