The Commission is changing the way it distributes its annual license fee invoices, starting with the 2021 fees. Email addresses for all regulated and registered entities have been prepared and if you wish to check which email address the Commission holds for your firm please contact accounts@gfsc.gg. The Commission will no longer be distributing annual …
On the 30th of October 2015 the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Following approval of this, the Law Officers and the Commission, with the assistance of members of industry, have now produced an Ordinance amending the Insurance Business Law …
The GFSC has issued a consultation paper seeking views from interested parties on proposed amendments to the Insurance Business (Solvency) Rules, 2015. The proposed amendments would introduce a “Green Discount”, which would reduce the capital requirements applicable to the green fixed income assets of life insurers. Additional measures would be put in place to ensure …
The Commission has launched a consultation paper on proposals for increasing the licence fees paid by firms. The proposals are for an increase of 2.1% across all sectors, based upon Guernsey’s RPI, together with the introduction of a modest fee for fast track applications of £500. The consultation period will be from the 4th of …
On 10 July 2020, the Guernsey Financial Services Commission (the “Commission”) decided to make a public statement under section 11C of the Financial Services Commission Law & to impose a financial penalty of; £48,650 under section 11D of the Financial Services Commission Law on Mr Younger; and £30,100 under section 11D of the Financial Services …
On 8 June 2020, the Guernsey Financial Services Commission (the “Commission”) decided: To make a public statement under section 11C of the Financial Services Commission Law & to impose a financial penalty of; £42,000 under section 11D of the Financial Services Commission Law on GIGL; £17,500 under section 11D of the Financial Services Commission Law …
Global Insurance Group Limited (“GIGL”), Christopher Schofield, Andrew William Robert Read More »
On 10 July 2020, The GFSC imposed the following fines; £48,650 on Shane Younger; and £30,100 on Christopher Percival As a result of failures to comply with the Minimum Criteria for Licensing in respect of Schedule 7 of the Insurance Business (Bailiwick of Guernsey) law, 2002. To view this notification in full, please click here. …
The restrictions imposed upon the Bailiwick as a result of the Covid-19 pandemic has seen an acceleration in the adoption of home working. Due to the potential increase in information security risks incurred as a result home working, the GFSC have published a non-exhaustive summary for licensees to consider. The summary is intended as a …
International supervisory bodies have reaffirmed plans to transition away from LIBOR to alternative reference rates (for example; SONIA or SOFR) and, advise that firms should assume that LIBOR will no longer be published beyond the end of 2021. Provisions to transition to alternative rates should be made well in advance of this date. Guernsey regulated …
The Financial Crime Risk Return (“the Return”) for the reporting period 1 July 2019 to 30 June 2020 will be available for completion on the Online Submissions Portal in July 2020. The submission deadline is 31 October 2020. All firms required to complete the Return should consult the following documents before submission: Financial Crime Risk …
