Guernsey update - GFSC issue new fiduciary & pension scheme guidance
The Fiduciary Rules and Guidance, 2020 & The Pension Scheme and Gratuity Scheme Rules and Guidance, 2020 - Acting with Integrity.
The GFSC [Commission] has issued its final rules and guidance under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the "Fiduciaries Law")
The new Fiduciary Rules and Guidance will
- ensure that the Bailiwick’s regulatory regime continues to be compliant with international standards and appropriate for the Guernsey market.
- replace and strengthen existing Codes of Practice in a single rule book and bring the regime into compliance with the GIFCS Standard.
The Pension Scheme and Gratuity Scheme Rules and Guidance
- represent a revision of the framework based on experience and a process of ongoing engagement with industry since the introduction of Pension Rules in 2017.
- also reflect the consolidation of the conduct of business elements of current Pension Rules into the new Fiduciary Rules and remove elements of duplication.
Both sets of Rules come into operation on 31 December 2020. Copies of both sets of Rules and guidance can be found at the following link:
The making of the rules and guidance follows a period of extensive public consultation. The consultation and copies of feedback statements can be found on the Commission’s Consultation Hub at the following links: