12 September 2019
Guernsey Financial Services Commission publishes consultation papers on proposals to create a single Fiduciary Handbook and revise pension rules
The Guernsey Financial Services Commission (the "Commission") following consultation with stakeholders has today published two consultation papers soliciting responses from interested parties on potential changes to the regulatory framework undergirding the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000 (the "Fiduciaries Law”).
The first consultation paper proposes consolidating the various codes of practice previously issued by the Commission in respect of the Fiduciaries Law into one "Fiduciary Handbook", which would contain in one place all relevant rules (including pension rules) and standards of practice applicable to Guernsey licensed fiduciaries. Notably, the new Fiduciaries Handbook would need to be read alongside (and is not intended to supplant) The Commission's existing Handbook on Countering Financial Crime and Terrorist Financing.
The second consultation paper on revised pension rules proposes a number of changes to the Commission's existing pension rules, which are designed to simplify and clarify provisions of the rules that stakeholders have identified as being redundant, confusing or of doubtful utility.
Interested parties are requested to provide responses to the Commission by 7 November 2019.