Insurance

​ Following a request by the Commerce and Employment Department (“C&E”) the Commission released a consultation paper last September on the steps required to implement the new Guernsey Financial Advice Standards (“GFAS”). C&E had identified that the introduction of GFAS would protect and enhance Guernsey’s reputation as a leading International Financial Centre, provide better value service from...

​The Financial Services Business (Bailiwick of Guernsey) Law, 1987, as amended (“the Financial Services Commission Law”) The Insurance Business (Bailiwick of Guernsey) Law, 2002, as amended (“the Insurance Law”) The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007, as amended (“the Regulations”) The Handbook for Financial Services...

The Commission would remind all companies which hold a licence from the Commission, issued after 31 July 2012 under the regulatory laws or which are registered or authorised as collective investment schemes (“funds”) under 1. below that an assurance statement under the Finance Sector Code of Corporate Governance ("the Code") must be submitted to the Commission on the first anniversary of the date...

Further to the news item posted on the Commission's website on 10 April, the Policy Council has made the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) (No 2) Regulations, 2013 and the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) (Amendment) (No 2) Regulations, 2013...

The Commission has noted that the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2013 have resulted in an inaccurate cross-reference in regulation 5(1)(d) of the regulations being amended. In regulation 5(1)(d) the reference to regulation 3(1)(c) should now be to regulation 3(2)(a). The making of the Criminal Justice (Proceeds...

The Policy Council has signed the following amendment regulations, which came into force today: The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2013 The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 (Amendment of Schedules 1 and 2) Regulations, 2013 The Criminal Justice (Proceeds of Crime) (Legal...

​On 4 March the Commission issued: Instruction (Number 18) for Financial Services Businesses and Instruction (Number 16) for Prescribed Businesses For other Instructions and repealed Business from Sensitive Sources, see Instructions page on this website.

In advance of most of the changes to the AML/CFT framework referred to in our media release of 12 November 2012, the Commission has today amended Appendix C to the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing and the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing. A version of...

In September 2011 the Commission issued the Finance Sector Code of Corporate Governance. The introduction states that from 2012 we will require an assurance statement from companies subject to the Code, confirming that the directors have considered the effectiveness of their corporate governance practices and are satisfied with their degree of compliance with the Principles set out in the Code or...