Insurance

​The regulatory laws provide that a licence or registration application shall contain or be accompanied by such other information or documents as the Commission may reasonably require, for the purpose of determining the application. Business Risk Assessments (“BRAs”) The Financial Action Task Force (“FATF”) 2012 Recommendations (“the Recommendations”) place even greater emphasis on the importance...

​The Commission is today issuing Instruction (Number 04/2014) for both financial services businesses and prescribed businesses. The instruction has been issued as a result of amendments made to the legislation surrounding the reporting of suspicion. The existing Handbooks are in the course of being reviewed and therefore to minimise the impact, and to avoid reprinting the full Handbook while the...

​The Commission is today issuing Instruction 03/2014 for both financial services businesses and prescribed businesses. The instruction has been issued as a result of amendments made to the sanctions measures against Afghanistan and Al-Qaida to impose a reporting requirement on businesses. The existing Handbooks are in the course of being reviewed and therefore to minimise the impact, and to avoid...

​ Second Consultation on the implementation of Guernsey Financial Advice Standards (“GFAS”) and changes to conduct of business rules and codes of conduct Background This is the second consultation paper to be issued by the Commission following a request by the Commerce and Employment Department (“C&E”) for the Commission to take appropriate steps to implement the new Guernsey Financial Advice...

The Commission is today issuing Instruction (Number 02/2014) for Financial Services Businesses and Prescribed Businesses, copies of which can be accessed on the FC&A Section of the Commission's website. The log of Business from Sensitive Sources & Notices document has been updated to enable identification of the changes applied. Instruction (Number 02/2014) for Financial Services Businesses...

A Thematic Report on Sales Practices within the Long-term Insurance and Investment intermediary Sector of the Bailiwick of Guernsey is now available on both the Insurance and the Investment Thematics pages of the Commission's website. The report should be read by anyone who provides investment or long-term insurance advice to retail customers.

​The Commission is today issuing Instruction Number M 01/2014 for Financial Services Businesses and Instruction Number M 01/2014 for Prescribed Businesses, copies of which can be accessed from the FC&A section of the Commission's website: Instruction M 01/2014 for Financial Services Businesses and Instruction M 01/2014 for Prescribed Businesses 3 June 2014

​ 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...