GFSC releases 2017 Annual Report

Posted: 15/05/2018

The Guernsey Financial Services Commission has published its 2017 annual report and financial statements.

Among the themes explored in the report is 'green finance', with a regulatory initiative, known as the Guernsey Green Fund, expected in June. In addition, the Commission has announced its intention to work with the global insurance industry to make it easier for insurance companies to invest in long-term green assets. 

As to its financial position, the Commission has moved from a negative net assets position at the end of 2016 of about £2.3 million to an operating surplus before exceptional items of £579,000 at the end of 2017. 

Director General William Mason commented: “The most noticeable change from previous years is the elimination of the Commission’s liability for employees who were historically members of the States of Guernsey’s Public Sector Pension Scheme (PSPS). 

"During 2017, an agreement was reached that saw the States of Guernsey formally adopting the Commission’s liabilities in relation to members of the PSPS on the basis of a realistic valuation of the liabilities. This has resulted in a large, albeit technical, surplus on the Commission’s Statement of Comprehensive Income.”

The Commission says it will be taking into consideration its improved financial position when deciding later this year whether or not to seek any increase in the current level of fees which it charges licensees.

• To view the document, click here

Financial crime review

The Commission has also published a report on its thematic review of the financial crime governance, risk and compliance frameworks within smaller firms within the fiduciary sector. 

The Financial Crime Supervision and Policy Division report, which focused on the controls in place to manage and mitigate money laundering and terrorist financing risks,confirms that most fiduciaries surveyed understand the importance of financial crime governance, risk and compliance.

However, it also reflects that a minority failed to factor into their compliance frameworks the risks specific to their business.

• To view the report, click here

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