Insurance

The Guernsey Financial Services Commission has issued today a consultation paper (“CP”) seeking views from interested parties as part of the implementation of the Revision of Laws Project. The CP relates to the proposed re-issuing of the Commission’s codes and guidance due to the revised supervisory laws arising from the Revision of Laws Project. The draft codes and guidance do not implement...

The Commission has today published the amended Finance Sector Code of Corporate Governance which asks Boards to consider the impact of climate change on their strategy and risk profile and, where they judge it appropriate, make climate change related disclosures. A copy of the new Code can be found here. This amendment was consulted on as part of the Commission’s Spring Green Consultation, issued...

The Commission has today published its 2020 annual report and financial statements. Talking about the report, the Commission’s Director General, William Mason noted that: “ Last year, in common with the rest of the world, the Bailiwick had to deal with the effects of the global pandemic. During that period, the Commission faced a number of additional challenges as did our licensees. I was...

The Guernsey Financial Services Commission has issued today three consultation papers (“CPs”) seeking views from interested parties as part of the implementation of the Revision of Laws Project. The first CP provides for revision to regulations and rules made under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “new...

The Commission is aware that there has been a recent increase in phishing attempts targeting local businesses. Firms are reminded of the guidance available to them in the Commission’s Cyber Rules and Guidance, 2021 and in particular the need to ensure the Firm: has appropriate cyber security software in place; implements IT systems updates in a timely manner; and its staff exercise caution and...

The Commission has today published a Spring Green Consultation Paper - please click here and its Thematic Review of the Guernsey Green Fund Regime - please click here. Both documents underline the Bailiwick’s ongoing commitment to this important area. The Spring Green Consultation Paper proposes an addition to the Finance Sector Code of Corporate Governance, to take specific account of climate...

The Commission is today stating that late filing fees will not be applied in respect of all regulatory returns that are due to be submitted between now and the end of June provided they are submitted within two months of the original deadline. Although the timelines on the Commission’s Online returns portal for returns will not be altered so the original dates will still show, the Commission will...

The Commission confirms that with effect from Monday 25 January 2021, the vast majority of its staff will be home working. The Commission’s Authorisations team remains open for business. The switchboard will continue to operate during normal office hours and callers will be asked by the receptionist to provide their contact details in order that a member of staff can call or email them back. Firms...

Introduction On the 30th of 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 has previously indicated their support for the proposals which followed a public consultation process, together with the Law Officers of...