On the 1 January 2015, the Guernsey Financial Advice Standards (“GFAS”) are proposed to come into force.

GFAS will introduce a minimum qualification level for relevant financial advisers equivalent to Of qual level 4.

Those individuals providing advice to retail clients prior to 31 December 2014 will have until 31 December 2015 to obtain a qualification acceptable to the Commission.

Any individual appointed as a financial adviser from 1 January 2015, and who is intended to provide advice on relevant products, will need to hold, or be working toward an acceptable qualification.

The Commission has published a table of acceptable qualifications for financial advisers subject to GFAS which is available through the following link:

• Proposed Table of Acceptable Qualifications = http://bit.ly/1ogSOru

The Commission has also published a guidance note on financial adviser supervision schemes:

• Guidance Note on Financial Adviser Supervision Schemes = http://bit.ly/1qykJ9B