Insurance

The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms (please click here for a copy of the consultation paper). The consultation period will close on Tuesday 15 September. The proposals are for an increase of 2.1% across all sectors, based upon Guernsey’s RPI, together with the introduction of a modest fee for fast track applications of £500...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”) The Insurance Business (Bailiwick of Guernsey) Law, 2002 (the “Insurance Law”) Stephen Paul Dewsnip (“Mr Dewsnip”) On 27 July 2020, the Guernsey Financial Services Commission (the “ Commission ”) decided: 1. To impose a financial penalty of £7,000 under section 11D of the Financial...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”) The Insurance Business (Bailiwick of Guernsey) Law, 2002 (the “Insurance Law”) Global Insurance Group Limited (“GIGL”) Shane Younger (“Mr Younger”) Christopher Percival (“Mr Percival”) On 10 July 2020, the Guernsey Financial Services Commission (the “ Commission ”) decided: 1. To impose a...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”) The Insurance Business (Bailiwick of Guernsey) Law, 2002 (the “Insurance Law”) Global Insurance Group Limited (“GIGL”) Christopher Schofield (“Mr Schofield”) Andrew William Robert (“Mr Robert”) On 8 June 2020, the Guernsey Financial Services Commission (the “ Commission ”) decided: 1. To...

On the 10th day of July 2020 the Commission has imposed discretionary financial penalties on the following parties:- £48,650 on Shane Younger; and £30,100 on Christopher Percival As a result of failures to meet the Minimum Criteria for Licensing in respect of Schedule 7 of The Insurance Business (Bailiwick of Guernsey) Law, 2002. More details to follow in due course.

The COVID 19 pandemic resulted in many licensees being unable to operate in their usual office environments. Entering Phase 5, a return to normal activity in the Bailiwick, has seen many licensees return to their offices but we are conscious that adoption of home working has accelerated. Information security risks can increase with home working and therefore we are highlighting a non-exhaustive...

Over the last three months, various international supervisory bodies have reaffirmed the planned timelines for transition away from LIBOR to alternative reference rates, such as SONIA (Sterling Overnight Index Average) or SOFR (Secured Overnight Financing Rate). Firms should therefore continue to assume that they will be unable to rely on LIBOR being published beyond the end of 2021 and should...

The Financial Crime Risk Return for the reporting period 1 July 2019 to 30 June 2020 (the “Return”) will be available for completion on the Online Submissions Portal in July 2020. The submission deadline is 31 October 2020. Following the Commission's previous announcements, updates made to the 2020 Return include additional questions regarding the different classifications of politically exposed...

The Commission has today, issued in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing (“the Handbook”). The Commission has made these amendments, to the Handbook, in order to take into account the Bailiwick of Guernsey’s National Risk Assessment (“NRA”) on money laundering (“ML”) and the financing of terrorism (“FT”) which was published in January 2020. These...