News

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 Dan...

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...

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 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...

​On 30 October the Commission issued: Instruction (Number 17) for Financial Services Businesses and Instruction (Number 15) for Prescribed Businesses For other Instructions and repealed Business from Sensitive Sources, see the Instructions page on this website.

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...

​ 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...

​ 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...

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...