Aspida Insights

Changes to PII Coming Into Force at Your Next Renewal

Changes in relation to the PII requirements have been made to the Fiduciary Rules, the Capital Adequacy Rules, the Insurance Managers Rules and the Insurance Intermediaries Rules following feedback from recent consultation papers.


Licensees in the Investment, Fiduciary and Insurance sectors should be aware that the GFSC has updated the following rules.

What is the purpose of the revisions?

The revisions have taken place in response to firms being offered the chance to comment on fatal flaws within two recent consultation papers.

The recent changes to the final rules provide consistency of drafting, however no changes to the substance of the requirements have been made.

What should you be aware of?

These amendments enable licensees to make any necessary changes to comply with the amended rules at the point their insurance renewal falls due.

Licensees should be aware that the amendments include updated sections on the transitional provisions concerning insurance arrangements. The sections updated are listed below.

The Fiduciary Rules and Guidance – Section 7.1.A

The Licensees (Capital Adequacy) Rules and Guidance – Section 6.1 

The Insurance Intermediaries Rules and Guidance – Section 9.2A

The Insurance Managers Rules and Guidance – Section 9.2A

If you have any queries in relation to the recent guidance updates please contact us. Our team of Compliance & Regulatory Professionals at Aspida will be glad to support you.

The Importance of Breadth and Depth in your AML/CFT Compliance Resource

Recently, there has been a series of regulatory fines and public statements across Guernsey, Jersey and Malta primarily for shortcomings in respect of Corporate Governance, including the application of timely and effective compliance monitoring and appropriate AML/CFT controls

Read More »

The Regulatory Compliance Challenges for 2023: The Importance of Horizon Scanning

Our Compliance Associate, Alexander Richards, provides a summary on the importance of Horizon Scanning for organisations

Read More »

Data Protection – Registration and Renewal Reminder

Our Compliance Associate, John Le Noury provides a summary on the latest ODPA reminder details.

Read More »

Your partner in protecting and growing your business

Subscribe to receive our latest news, views and event information