Guernsey puts RDR plans on ice 5 Sep 2012 Guernsey will not be introducing its own version of the Retail Distribution Review until assessing its impact on the UK, Money Marketing understands. The Guernsey Financial Services Commission, which regulates Guernsey’s financial services industry, consulted on the disclosure of commission and professional qualifications last year and […]

The Puppet Masters Anti-Corruption Conference – Guernsey’s Anti-Bribery and Corruption Committee has hosted a conference on anti-corruption, which was attended by over 450 delegates. This committee comprises representatives of the Law Officers’ Chambers, Guernsey Law Enforcement and the Guernsey Financial Services Commission. The reference in the conference title to the “Puppet Masters” was taken, by […]

Tax crackdowns threaten Channel Islands’ haven statusThe Jimmy Carr tax avoidance case has thrown the spotlight on Jersey and Guernsey, where the days of aggressive tax loopholes may be numbered – Only in private will a small number of Channel Islands politicians and businessmen betray any trace of personal misgivings about the manner in which […]

Guernsey Code of Corporate Governance – GFSC assurance statement deadline of 31 July 2012 – The Guernsey Financial Services Commission’s (GFSC) “Finance Sector Code of Corporate Governance” (Guernsey Code) came into effect on 1 January 2012. The introduction to the Guernsey Code states that companies which report against the UK Corporate Governance Code or the […]

FSA FINE for failing to manage a conflict of interest – The Financial Services Authority has fined Martin Currie Investment Management and Martin Currie £3.5m for failing to manage a conflict of interest between two of its clients. This is the largest fine ever imposed by the FSA in a conflict of interest case. In […]

GSY – New Sanction Measures against Iran – The States of Guernsey has adopted new sanction measures against Iran. The new sanctions carry forward the existing sanctions, introduce additional categories or persons as being subject to asset freezing provisions, and extend certain restrictions to the provision of insurance or reinsurance. Financial services businesses and prescribed […]

FEEDBACK AND TYPOLOGIES 2008-2011 – Simon Gaudion- Senior Investigation Officer, Financial Intelligence Service publishes the Feedback and Typologies report, which is the Financial Intelligence Service’s (FIS) review of the STR regime from 1st January 2008 up until year end 2011. In the introduction to the repot he says: To start 2012 off there has been […]

Guernsey ‘looks at FATCA partnership with US’ – Guernsey’s income tax authorities are looking at whether the island should join the UK, France, Germany, Italy and Spain by joining forces with the US to exchange information on individuals with accounts within its borders, a Guernsey newspaper reported yesterday. News that Guernsey was considering such a […]