The Guernsey Financial Services Commission currently has a discussion paper circulating on Proposals to Revise the Bailiwick’s Financial Regulatory Infrastructure for Lending, Credit and Finance that, in all likelihood, will be followed in hot pursuit by a consultation paper.

The purpose of the paper is;

1. to put forward the proposal to repeal the Non-Regulated Financial Services Business (Bailiwick of Guernsey) Law, 2008, (NRFSB Law) and
2. to introduce a new Lending, Credit and Finance Law, the regulator’s concern being that the NRFSB Law does not include specific provisions for prudential stability, consumer credit or supervisory oversight.

The Commission sets out the rationale for this change is to reform the current regulatory framework in favour of one which enhances both the interests of consumers and the competitiveness of the Bailiwick, a rationale that in principle is well founded and makes sense.

The Commission has raised some specific questions that it invites replies to by Monday 24 October 2016, should you wish to share you view on the implementation of this proposed new law.

The full paper can be found on the GFSC website:  http://bit.ly/2bEdlxU

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