News

Spoof emails

30th June 2022
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...

Sanctions Notice - Syria

29th June 2022
Please be advised that 4 individuals and 3 entities have been designated under the Syria (Sanctions) (EU Exit) Regulations 2019 (the UK regulations). The names of these individuals and entities are available here- Notice_Syria_290622.pdf (publishing.service.gov.uk) The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey)...

Sanctions Notice - Russia

29th June 2022
Please be advised that 8 individuals and 5 entities have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations). The names of these individuals and entities are available here: Notice_Russia_290622.pdf (publishing.service.gov.uk) The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey)...

Sanctions Notice - Myanmar

16th June 2022
Please be advised that: JSC GORIZONT MYANMAR NEW ERA TRADING COMPANY LIMITED SINS AVIA TRADING HOUSE LLC SKY AVIATOR COMPANY LTD SYNPEX SHWE COMPANY LTD URAL AVIA LLC have been designated under the Myanmar (EU Exit) Regulations 2021 (the UK regulations). The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit)...

Sanctions Notice - Russia

16th June 2022
Please be advised that 12 individuals have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations). The names of these individuals are available here: Notice_Russia_160622.pdf (publishing.service.gov.uk) The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020...

Feedback and Final Consultation on Professional Indemnity Insurance for Fiduciary, Investment, Insurance Intermediary and Insurance Manager Sectors

10th June 2022
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...

Thematic Review of the Pension Transfer Landscape in the Bailiwick

9th June 2022
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...

Mind and Management Requirements for the Fiduciary and Investment Sectors

7th June 2022
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...

2021 Annual Report

31st May 2022
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 see...

First Quarter 2022 Investment Statistics

20th May 2022
Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £6.0 billion (2.0%) to £309.6 billion. Over the past year, total net asset values have increased by £45.9 billon (17.4%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £0.1 billion (-0.2%) to £54.4 billion. This represents...