The revised document is driven by international standards issued in 2012 by the Financial Action Task Force (“FATF”) and recommendations from MONEYVAL’s mutual evaluation of Guernsey, published in 2016, for pan-island businesses, that have already implemented Jersey standards, will see few differences. These enhancements will create the basis for the new Handbook, and COMSURE recommend that […]

The Guernsey Financial Services Commission, acting to protect the interests of investors and pursuant to powers granted to it under the Protection of Investors (Administration and Intervention) (Bailiwick of Guernsey) Ordinance of 2008, today made an application to the Court to have administrators appointed to a number of Guernsey authorised investment schemes. As a result […]

Jersey’s financial institutions are now able to register in Jersey in preparation for US FATCA, which commences this year. The Foreign Account Tax Compliance Act (FATCA) requires financial institutions outside the USA to report information on financial accounts held by their US customers to the Internal Revenue Service (IRS). A test platform has been available […]

Earlier this year it was finally reported that the government in Jersey and Guernsey had cooperated in creating a joint financial ombudsman scheme (the “Scheme”). Since the announcement we are now “full steam ahead” and the Scheme will operate from an office in Jersey from 2015. David Thomas, a lawyer, who was the UK Banking […]

A DIRECTOR of a local insurance broker has been fined £200,000 by the regulator – the maximum financial punishment with in the Guernsey Financial Services Commission’s power.  David Merrien, of Guernsey Insurance Brokers Ltd, has also been banned from carrying out any functions within the regulated sectors of the Bailiwick. The punishments were imposed after […]

With European legislation affecting the industry, and managers looking for talent and tax efficiencies, could hedge funds start relocating to the Channel Islands in their droves? Orlando Crowcroft investigates Ever since Jersey and Guernsey began to actively seek diversification in their respective financial services industries, attracting a portion of the multi-billion-dollar hedge fund sector to […]

On 30 October 2014 the Guernsey Financial Services Commission (“the Commission”) imposed a financial penalty of £70,000 under Section 11D of the Financial Services Commission Law on Ahli United Bank (UK) PLC, Guernsey Branch (the Licensee) and made a public statement under Section 11C of the Financial Services Commission Law. The background to these decisions […]

Accelus World-Check has been adopted in order to provide the GFSC with an ongoing monitoring tool with respect to those individuals and entities required to comply with the Commission’s minimum licensing criteria and in particular, the ‘fit and proper’ requirements of that criteria. World-Check intelligence has been deployed in the GFSC on a purpose built […]