News

27 April 2005 Representatives of the finance sector in Guernsey have requested clarification of the Commission's policy on certain aspects of introduced business. Accordingly, following consultation with the Joint Money Laundering Steering Group, the Commission has today issued Statement No. 2 on introduced business to the finance sector . Enquiries should be made to: Sylvia Sirett Senior Analyst...

​Please click here for a copy of the press release.

​In the second half of 2004, the Guernsey Financial Services Commission announced that it was consulting on proposals to streamline the approval process for both open and closed ended funds aimed at professional, experienced and knowledgeable investors. Following wide spread support for the proposals set out in the Commission's paper, the Commission has today introduced the new regime with...

​"Recently the Parliamentary Ombudsman (PO) has reopened her enquiry into Equitable. The Commission is currently in correspondence with the PO to clarify the position of Guernsey policyholders in relation to this enquiry." Peter Neville, Director General, GFSC The Commission will advise of any further developments via this Website.

INTRODUCTION The GFSC has been conducting an investigation into the activities of certain Guernsey-based fund managers and brokers within the split capital investment trust ("splits") sector between September 2000 and February 2002. The United Kingdom Financial Services Authority ("FSA") and the Jersey Financial Services Commission have also been conducting their own investigations into the splits...

Following the Decision of the Court of the Seneschal, Castle Company Management LLC made an Appeal to the Ordinary Division of the Royal Court of Guernsey. The Bailiff delivered his judgment on 27 August 2004. This decision is subject to a further Appeal. Judgment of the Bailiff of Guernsey in The Royal Court of Guernsey Ordinary Division on Appeal from the Court of the Seneschal between Castle...

​The document can be accessed here .

​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...

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...