The Guernsey Financial Services Commission has this week issued a discussion paper seeking feedback from all interested parties on potential enhancements to the regulatory framework under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000.
Responses to the discussion paper – which seeks to ensure that the regime continues to be both compliant with international standards and appropriate for the Guernsey market – will be considered by the Commission with a view to consulting on detailed policy proposals.
The paper makes proposals for the revision and consolidation of elements of the policy framework underlying the fiduciaries law:
• Strengthening and reframing Codes of Practice as a single Fiduciary Rulebook, in line with the GIFCS Standard
• Revising the pension rules to reflect industry feedback and consolidate the Conduct of Business elements of existing pension rules within the new single Fiduciary Rulebook, eliminating elements of duplication.
The first part of the paper is in the format of a discussion paper on the proposal for a fiduciary rulebook, while the second provides feedback on industry comments on the existing pension rules. Responses are sought by 30 April.
• A copy of the combined consultation paper can be found here
• Respondents are encouraged to submit their comments online using the GFSC's Citizen Space Consultation Hub