News

Woodlock Financial Services (1998) Limited

26th November 2012
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (the "Financial Services Commission Law") The Banking Supervision (Bailiwick of Guernsey) Law, 1994 (as amended) The Guernsey Financial Services Commission (the "Commission") issues this notice pursuant to section 2(2)(e) of the Financial Services Commission Law. The Commission wishes to inform the public that the 6.75...

Revisions to Anti-Money Laundering Framework

12th November 2012
As part of its continuing commitment to ensuring that supervisory standards are up to date and appropriate, the Commission is preparing revisions to the regulations and rules governing anti-money laundering (AML) standards for financial services businesses ‘the Handbook’ and for prescribed businesses (firms of lawyers, accountants and estate agents). These revisions largely arise from the...

Stress Testing - October 2012

5th November 2012
​ Stress Testing of the Guernsey Insurance Sector In 2011 the Commission conducted and reported upon a stress testing exercise in which the 28 largest insurers in Guernsey participated. The report published in December 2011 entitled “Stress Testing of the Guernsey Insurance Sector” is available on the Commission’s website. It had been the Commission’s intention to repeat that exercise in 2012...

GFSC to centralise business functions

23rd October 2012
As the result of the implementation of Ernst & Young LLP’s review of the Guernsey Financial Services Commission two regulatory/supervisory functions are being centralised to improve efficiency and consistency. An Authorisations Unit and an Anti-Money Laundering Division have been established. Previously these were undertaken separately by and within each of the Divisions. Owners, directors and...

Director General to retire in June 2013

19th October 2012
​ The Director General of the Guernsey Financial Services Commission, Nik van Leuven, aged 65, will retire in June 2013. He was originally appointed under a contract expiring in December 2012, which has been extended to facilitate his successor to be appointed. Cees Schrauwers, the Chairman of the Commission, said: “We are grateful to Nik van Leuven for directing the GFSC during a period of...

GFSC makes recommendations on Retail Distribution Review

19th October 2012
​ The Guernsey Financial Services Commission (GFSC) is proposing that Guernsey should not immediately follow the UK by introducing the proposals of the UK Financial Services Authority’s (FSA) Retail Distribution Review (RDR), but instead wait and see what happens in the UK and elsewhere. The RDR examined long-standing problems in the UK retail investment sector, particularly around professional...

Eon Finance Brokers

4th September 2012
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (the "Financial Services Commission Law") The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 as amended (the "Insurance Managers and Intermediaries Law") EON Finance Brokers ("Eon") The Guernsey Financial Services Commission (the "Commission") issues this notice pursuant to its powers...

Fast Track Warranties

20th August 2012
​The Commission has updated the warranties on the Form REG, Form QIF and Form FTL to take into account the Commission’s Guidance Notes on Personal Questionnaires and Personal Declarations. In particular, the following warranty (varies slightly dependent on the application) has been inserted in the aforementioned forms, “I confirm that we, the proposed designated manager/administrator/principal...