Following the recent publication of its consultation paper on the draft rules and approach for regulating sectors covered by The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022, the Guernsey Financial Services Commission will be hosting a series of meetings with sectors affected by the legislation.
The meetings will be held at the Commission's offices on Glategny Esplanade on the following dates:
• Tuesday 23 August, 4pm – for motor traders and garages that provide or arrange motor finance for their customers; in future this will require a licence under the new law.
• Wednesday 24 August, 8.30am – for non-bank lenders, businesses registered as Non-Regulated Financial Services Businesses under the existing NRFSB Law or carry out activities classified as 'Financial Firm Business' under the new law and are not already licensed by the Commission, including those not already supervised by the Commission.
• Wednesday 24 August, 12.30pm – for firms that act as credit or home finance brokers or arrangers and firms providing other services ancillary to the provision of credit who may potentially require a licence under the consumer finance provisions within the new law.
Invitations have been extended to a range of businesses, but others who may be affected by the new legislation are invited to attend.
At the meetings, attendees will be able to ask the Commission to clarify any aspect of the consultation paper and express any preliminary thoughts or views on the proposals. To view the consultation paper and associated documents click here
• Anyone who wishes to reserve a place to attend should contact the Commission by Wednesday 17 August at LCF@gfsc.gg