Categories for Industry News

April Industry News Round-Up

GIBA’s monthly news round-up keeps you abreast of Guernsey’s latest news affecting the finance sector and our member organisations.

The Guernsey Financial Services Commission Signs MoU with Bank of England

The Guernsey Financial Services Commission (GFSC) and the Bank of England’s Prudential Regulation Authority (PRA) have signed a Memorandum of Understanding as they look to reaffirm their long-standing relationship.

Through the agreement, both parties will be able to share confidential information about regulated entities and formally co-operate on other supervision activities. The move is seen as a positive step for the Bailiwick, underpinning its reputation as a credible operator amongst its associates.

Read more

Guernsey Finance to Boost City Connections with London Appointment

A new London representative has been appointed by Guernsey Finance as it steps up its work in the capital and looks to expand its network.

Adrian Norman will be permanently based in London and is tasked with further promoting awareness of Guernsey’s finance offering in addition to educating about the island’s financial services and connecting London professionals with local practitioners.

Read more

Insurance Sector Looks to Grow Green Credentials

The Guernsey Financial Services Commission is looking to work with the global insurance industry and other partners as it looks to facilitate green investments and position Guernsey as a leader in the field.

The regulator is examining how it could adjust its approach to regulatory life insurance solvency requirements and is keen to identify how it can enable firms to access long-term investments, which in turn helps insurance companies offer sustainable returns to policyholders.

Read more

Guernsey’s Fund Sector Expected to Benefit from Legislative Change

Increased interest in Guernsey’s Private Investment Fund (PIF) is anticipated following a change in its rules and guidance notes.

The PIF is based on a close relationship between investors and managers. The Guernsey Financial Services Commission recently announced the removal of a need for a licensed investment manager to warrant an investor’s ability to sustain a financial loss, replaced by a declaration, which eases the burden on the manager.

Read more

GFSC requests feedback on Regulation of Fiduciaries Law

The GFSC is seeking feedback on the provisions of the draft Regulation of Fiduciaries Law, specifically whether the amendments may have any unintended consequences or contain fatal flaws.

The engagement paper, published by the Commission, sets out the topics under consultation, asks questions regarding unintended consequences and whether there are any significant issues in relation to specific provisions or proposed definitions.

The consultation period for the draft Regulation of Fiduciaries Law runs until midnight on Friday, 11 May 2018.

The GFSC is also requesting feedback on the following consultations:

Insurance Regulation Omnibus Consultation – responses due by 29 May

Consultation on Guernsey Green Fund – responses due by 1 June

Consultation on Code of Market Conduct – responses due by 12 June

Read more

March Industry News Round-Up

GIBA’s monthly news round-up keeps you abreast of Guernsey’s latest news affecting the finance sector and our member organisations.

Guernsey marks third consecutive year of funds growth

Figures released by the Guernsey Financial Services Commission have confirmed a £1 billion funds growth in the three months to the end of 2017. The latest figure of £270 billion also represents an increase of approximately £14 billion (5.6%) over the previous 12 months and a third consecutive year of growth for Guernsey’s fund sector.

Paul Smith, Chairman of GIFA, welcomed the figures: ‘I am optimistic about 2018. The mood in the industry has been positive in the early part of the year and I look forward to seeing that coming through in the statistics throughout the year,’ he said.

Read more

Finance sector strategy gathers momentum
A short-term strategy to boost Guernsey’s financial services sector is taking firm steps forward as it looks to build on current strengths and develop new products to highlight Guernsey’s proposition.

The strategy, being developed by Dr Andy Sloan, Acting Director of Strategy at Guernsey Finance, is currently focused on securing industry buy-in. Campaigns on two of five workstreams, comprising green investment, global funds distribution, private wealth and family office, wealth management and brokerage, and technology will launch in the next couple of weeks.

Read more

Bond issuers attracted by Crown Dependencies’ service levels

The International Stock Exchange (TISE) registered 44% growth last year, which has been attributed to an increase in the listing of high-yield bonds that are frustrated by new European legislation.

It is now estimated that 85-90% of all new high-yield bonds issued come to TISE, which has offices in Guernsey, Jersey and the Isle of Man, rather than EU centres. The Association of Financial Markets in Europe found that the quality of service in the Crown Dependencies was comparable to other jurisdictions and the standards equally high.

Read more

Annual dinner heralded a success
Over 450 guests attended GIFA’s Annual Dinner, which was held on 3 March. GIFA’s Chairman Paul Smith presented a positive outlook for the Guernsey funds industry while highlighting both local and international challenges, including infrastructure, Brexit and regional transport links.

The annual event offers a welcome boost to local charities; the last three consecutive annual dinners have raised over £12,000 for the Priaulx Premature Baby Foundation, the Eleanor Foundation and Help a Guernsey Child. This year’s dinner, which was once again a sell-out, raised over £4,700 for Help a Guernsey Child, which assists disadvantaged local children, young people and youth organisations.

Read more