The Guernsey Financial Services Commission has issued final rules and guidance under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, which will ensure the bailiwick’s regulatory regime continues to be compliant with international standards.
The new Fiduciary Rules and Guidance will replace existing codes of practice in a single rule book and bring the regime into compliance with the Group of International Finance Centre Supervisors (GIFCS) Standard.
In addition, the Pension Scheme and Gratuity Scheme Rules and Guidance represents a revision of the framework based on experience and ongoing engagement with industry since the introduction of pension rules in 2017.
The rules also reflect the consolidation of the conduct of business elements of current pension rules into the updated fiduciary rules, and remove elements of duplication.
Both sets of rules come into operation on 31 December 2020. The Fiduciary Rules and Guidance can be downloaded here, and the Pension Scheme and Gratuity Scheme Rules and Guidance can be downloaded here.