News

Second Quarter 2004 Investment Statistics

18th August 2004
The value of Guernsey domiciled funds continued to grow during the quarter ended 30 June 2004, both open and closed-ended sectors recording new highs. The value of open-ended funds reached a new record total of £28.4 billion, an increase of £2.7 billion (+10.3%) over the quarter, and £10.0 billion (+54.3%) over the year to 30 June. Closed-ended funds increased in value by £0.6 billion (+3.2%) to...

New Director of Fiduciary and Intelligence Services

8th August 2004
The Guernsey Financial Services Commission today announced that it has appointed Stephen Trevor as the new Director of Fiduciary and Intelligence Services. He takes over from Talmai Morgan who has moved to head the Guernsey Promotional Agency. Stephen Trevor is currently the Deputy Director in the Fiduciary and Intelligence Services Division. Peter Neville, Director General of the Commission, said...

GFSC to Head International Initiative on Captive Insurance

5th July 2004
​During a recent meeting of the International Association of Insurance Supervisors in Oslo, the Guernsey Financial Services Commission was tasked with the responsibility of raising the international profile and understanding of the captive insurance industry. Alan Fleming, Director of Insurance at the Commission, said: "It was very encouraging that the Technical Committee of the IAIS recognised...

Statement on Anti-Money Laundering Standards for Existing Customers

30th June 2004
​Press Release - Anti-Money Laundering Standards for Existing Customers 30 June 2004 Following the issue of revised Recommendations by the Financial Action Task Force in 2003, the Commission has issued a statement on anti-money laundering standards for existing customers (available here as a PDF document). The statement requires financial services businesses to assess the risk of each business...

First Quarter Investment Statistics 2004

10th May 2004
Strong inflows of new business during the quarter ended 31 March 2004 resulted in total funds under management and administration reaching £60 billion for the first time. This represents an increase of £4.3 billion (+7.7%) over the position at end-December 2003, and £17.2 billion (+39.6%) over the position at end-March 2003. Within the overall total, the value of open-ended funds increased during...

Statement - Castle Company Management LLC

8th April 2004
Subsequent to the judgment of the Court of the Seneschal dated 10 February 2004, the Commission now makes available the Judgment of the Deputy Seneschal of Sark in the above case. Please direct any queries concerning the judgement to the Fiduciary and Intelligence Services Division of the Commission. Judgment of the Deputy Seneschal of Sark in Castle Company Management LLC and Guernsey Financial...

Statement on Interviews

2nd April 2004
​The Commission has today published a statement on interviews conducted under section 21B(1) of the Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended. The purpose of the statement is to set out the Commission's policy on the conduct of interviews under the Financial Services Commission Law to assist a foreign authority to carry out its functions. The statement on...

Equitable Life Assurance Society Limited

9th March 2004
Peter Neville, Director General of the Guernsey Financial Services Commission, today made the following statement: "The Commission is presently reviewing the report compiled by Lord Penrose which we obtained today. We have also noted the contents of the letter sent by Callum McCarthy, Chairman of the Financial Services Authority, to Ruth Kelly the Financial Secretary to the Treasury. The...

Hedge Funds Flexible Approach to Authorisation Policy

23rd February 2004
​The Guernsey Financial Services Commission conducted a consultation exercise between November 2003 and January 2004 on certain aspects of hedge fund operation. It has today published a document - Hedge Funds: Flexible Approach to Authorisation Policy - setting out the main policy conclusions it has reached from that consultation exercise. The full text of the framework policy document can be...