The Guernsey Financial Services Commission has issued two consultation papers seeking feedback on potential changes to the regulatory framework under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000.
The aim is to ensure that the regime continues to be compliant with international standards and appropriate for the Guernsey market.
The consultation papers, accompanied by proposed draft rules, make detailed proposals for the revision and consolidation of elements of the policy framework underlying the Fiduciaries Law, including:
• The reframing of codes of practice as a single Fiduciary Handbook in line with the GIFCS Standard simplifying the rules framework from six separate documents into one, including consolidation of the conduct of business elements of the existing pension rules within this new single Fiduciary Rulebook
• Revision of the current pension rules to reflect industry feedback
The consultation on the Fiduciary Handbook is relevant to all licensed fiduciaries, including pension providers. The consultation on revised pension rules is primarily of relevance to licensed pension providers, who should consider these proposals in addition to the Fiduciary Handbook consultation paper.
The consultation papers can be found on the Commission's website by clicking here
Respondents can submit comments online using the Commission's Citizen Space Consultation Hub
All interested parties are requested to provide responses by 7 November.