Welcome to your September Newsletter |
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Our monthly roundup of news, events and sponsor reading material. |
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GAT is generously sponsored by: If your member firm is interested in sponsoring GAT, please contact us. |
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Members' Area The Members' Area will develop over time, and will be populated with consultation responses and papers / advice issued by GAT and / or the Technical Committee. |
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Dear Members, Welcome to the September edition of the GAT monthly newsletter. Thanks to our sponsors Lloyds Bank International, Carey Olsen, KPMG, Ruffer and Aspida Group for their continued sponsorship and support. The GAT/STEP Joint Technical Committee continue to work alongside other industry associations to ensure industry-wide engagement with the Guernsey Registry, the Commission and the States of Guernsey on an on-going basis to raise concerns about proposed changes. |
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You may view the most recent consultation paper, on the proposed 2024 GFSC fees below and all our responses via the Members' Area. If there are any consultations which you would like to feedback on, we always welcome your thoughts. Please email info@guernseytrustees.org. Following the summer break, September has certainly started with a busy schedule of industry events. We hosted a Luncheon on 13th September at which Jeavon Lolay of Lloyds provided an insightful economic overview and in addition, an event to complement Sustainable Finance Week on 22nd September when John Pepin, CEO of Philanthropy Impact presented "Intergenerational Investment and Philanthropic Drivers: Money for Good". The next GAT Luncheon is due to take place on Wednesday 15th November in the Regency Room of the OGH Hotel and will be presented by our sponsors, Ruffer. Further information and an invitation to book will follow. The dates of future luncheons can be viewed and/or booked (when live) via our interactive calendar at http://www.guernseytrustees.org/calendar As always, I would be pleased to hear from members to understand any general frustrations or concerns you may have. Please do contact me. With warmest wishes from GAT, enjoy your September newsletter. Kind regards Rhona Humphreys GAT Chair |
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The Guernsey Financial Services Commission (the “Commission”) issued this Consultation Paper on 26 July, outlining proposals for the fee rates and administrative penalties to apply from 1 January 2024, including: • an overall proposed increase in fees of 7.3% (1% lower than current Guernsey inflation) for all fees except those introduced in 2023, to maintain the real value of our income considering current inflation rates, • A rebalancing of fees within the insurance sector on request of the industry body with an aim to provide greater competition with other jurisdictions, • An increase in the regulatory fee when operating an exchange within the Bailiwick, and • An update to the fees for VASPs within an Actively Managed Certificate (‘AMC’) structure. Please view and/or download the Consultation Paper and the Joint GAT/STEP Technical Committee response by clicking the buttons below. |
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Reminder - Director Registration Regime |
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In July, the Commission launched a director registration regime for individuals holding certain categories of directorships and the Commission wishes to remind individuals who qualify for registration that they have until 1 October 2023 to register. Details on the regime including an explanation of who should register, the application process for registering and the regulatory obligations on registered directors are available through the Director Registration Regime page. Please click the button below to download a useful flowchart that may help individuals establish whether or not they to register. |
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Identifying & Mitigating Risk: Business Risk and PEP Risk Thematic Presentations |
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On Monday 25 September and Tuesday 26 September the Commission delivered six presentations regarding the findings from its thematic reviews of Business Risk Assessments and Politically Exposed Persons published on 15 December 2022 and 27 July 2023 respectively. Over 400 people attended the six sessions which spanned two days. Please click the button below to view the slides from the presentations. |
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States' 2023 financial position likely to be better than expected |
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Based on performance in the first seven months of the year and forecasts to the end of the year, it is now expected that the States will end the year around £18m ahead of budget. This is partly because of better than expected ETI (individual income tax from employment). This increase in outturn is a result of both median earnings rising faster than anticipated and employment levels increasing. The improvement in ETI income alone is likely to mean an additional £10m against the budgeted position. Other categories of income tax are also doing better than previously expected, with interest rate rises positively impacting banking profits. Document duty is likely to finish the year £7m below the budgeted figure, due to a slow down in the housing market following extremely buoyant years since COVID. Other areas of income are largely in line with budget expectations. With regard to expenditure, the States' costs, excluding pay, have been heavily impacted by inflation, with the cost of most goods and services rising. This is leading to several Committees forecasting small overspends. |
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Policy & Resources Committee responds to comments regarding revenue raising potential of wind power exportation |
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The Policy & Resources Committee's recent letter of comment on the Electricity Strategy (debated and approved by the States Assembly earlier this month) clarifies that it is taking forward work on the seabed leasing arrangements which will enable the potential exploitation of wind power. The work is progressing, but is at an early stage, and engages multiple stakeholders such as the Crown, potential energy partners and other jurisdictions, including Alderney, Jersey and the United Kingdom. Whilst there is significant potential, it would be wrong at this stage to guess at possible future income streams. This is a long-term project that will rely on multiple factors falling into place, and any income stream for the States is impossible to predict from current circumstances. |
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Contributory benefit and contribution rates for 2024 |
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The Committee for Employment & Social Security has submitted a Policy Letter recommending an increase to the contributory benefits funded from the Guernsey Insurance Fund and the Long-term Care Insurance Fund. If the proposals are agreed by the States, contributory benefit rates will increase by 6.8% from 1st January 2024, which is in line with the annual rate of 'core' inflation (RPIX) for the year to 30 June 2023. In addition, the Committee is recommending a continuation of the planned gradual increase of contribution rates that was approved, in principle, by the States in October 2021. This plan has subsequently been reviewed annually, in consultation with the Policy & Resources Committee, to ensure that the need for increased contribution rates remained and that it aligned with the outcome of the debate on the Tax Review. The Committee is also seeking direction from the States to develop detailed policy proposals for a progressive restructuring of the social security contributions system. These policy proposals will be based on a number of principles set out in the Tax Review and will take into account any relevant decisions arising from the States' consideration of the Funding and Investment Plan in October. |
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Upcoming dates to note for your diary are included below. Remember to check our interactive events calendar to book industry presentations and other events that may be of interest. |
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Opportunity to discuss the sustainability of public finances with the Chief Minister |
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The President of the Policy & Resources Committee, Deputy Peter Ferbrache, is inviting islanders to an opportunity on Thursday 5 October, to raise questions and discuss the challenges facing Guernsey's public finances and the potential solutions before the States. In October, the States will debate the Funding & Investment Plan and Capital Portfolio (and more information on this, including the full policy letter is available HERE. The debate is an opportunity to address the unsustainability of public finances which face a growing annual shortfall as demand rises for essential services, in particular health care and pensions. At the same time it is also an opportunity to agree a plan for investing in Guernsey's essential public infrastructure, including housing, the hospital and education facilities, following years of under-investment. Deputy Ferbrache will give a short presentation followed by an open Q&A on Thursday 5 October, from 7pm - 9pm, at Les Cotils. |
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Members are warmly invited to the next GAT Luncheon taking place on Wednesday 15th November at 12.30pm in the Regency Room of the OGH Hotel. Our guest speaker will be our sponsor Ruffer, topic to be advised. Further information and an invitation to book will follow. A short talk from Lawrence Malcic of the Victor Hugo Centre will precede the main presentation, within which opportunities for Trustees to be involved in this philanthropic project will be outlined. GAT Chair, Rhona Humphreys will also deliver the latest industry update. |
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STEP Guernsey Lunchtime Lecture 2023/2024 Series |
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Venue: The Colborne Room, OGH Hotel Date/Time: Tuesday 12th September, 11.30am Topic: Investment attitudes seen amongst US connected clients Speakers: Nick Blogg and Sean McCrory, LGT Wealth Management US Nick Blogg, Partner and Wealth Manager at LGT Wealth Management US and Sean McCrory Wealth Manager at LGT Wealth Management US will be hosting a coffee table discussion on the differences in investment attitudes seen amongst their US connected clients. They’ll be providing their thoughts on alternative investment classes, impact investing and more. |
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A selection of upcoming courses through the GTA Practical Board Meetings This course is designed to provide essential skills to those who are required to arrange and attend board meetings, produce agendas, board packs and board minutes. Cost: £215
Date: 2 October 2023
Venue: GTA University Centre
Times: 09:30 to 13:00
Further details and registration here Time Management for Busy Professionals Do you want more time? This practical course is designed to provide busy professionals with the opportunity to take a focused look at their current operating style and approach to their work. The aim of the course is to enable you to identify areas where you may be able to work more effectively and efficiently and in doing so create more time. Cost: £225
Dates: 4 October 2023
Venue: GTA University Centre Times: 09:00 to 13:00
Further details and registration here Responsibilities of a Guernsey Director For those new to the role of a director or those working towards a directorship position. This course will cover roles and responsibilities of a director of a Guernsey company, including how to remain fit and proper and remain focused on the duties and risks associated with the role. Cost: £215
Start Date: 6 October 2023
Venue: GTA University Centre
Times: 09:00 to 12:30
Further details and registration here Media Training for Senior Management Through attending this course delegates will develop a deeper understanding of the media, learn the support tools needed to deal confidently with the media and be able to put these tools into practice. Cost: £695
Date: 11 October 2023
Venue: GTA University Centre Course Length: 09:00 to 17:00 Further details and registration here FATCA and CRS Visits – Preparation and Practical Tips The AEOI Team of the Revenue Service is commencing a program of oversight visits to reporting financial institutions. Routine inspections in a similar vein to those other regulators carry out will become par for the course. This course will let you know what to expect and how to best prepare. Cost: £110
Date: 24 October 2023
Venue: GTA University Centre Course Length: 09:30 to 11:00 Further details and registration here Please contact steve.lasenby@gta.gg, GTA Programmes Manager, for further details on any of the above courses. |
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Guernsey Private Wealth Forum 2023 - Thursday 02 November 2023 |
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Broadcasting legend Sir Trevor McDonald has confirmed his appearance at Guernsey Finance’s Private Wealth Forum in November. One of the most recognisable figures in British journalism, Sir Trevor has worked for the BBC, ITN and Channel Four News during a career which has seen him covering the biggest stories of the twentieth century. Sir Trevor will take part in a fireside chat with Guernsey Finance Chief Executive Rupert Pleasant at the forum, which is the flagship event for Guernsey’s Private Wealth sector. Titled Changing Families in a Changing World, this year’s forum will explore the nature of change and explore changing cultural dynamics, examine the non-nuclear family, and the discuss importance of the next generation. Registration will open soon and more information on speakers and content will follow. Should you have any questions, please contact Emily Wild. |
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The Bank of Japan has been marching to a different beat to other central banks. While the Federal Reserve, ECB and Bank of England hurried to ramp up rates in a battle against inflation, a deflationary mist lingered over Japan. Until now… Read our article by clicking the button below to understand how we are positioned to make the most of a change of heart on the yen Please contact Rachel Holdsworth if you have any questions. |
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We believe that strong relationships are the key to good business. That’s why our Islands Commercial team are by your side to support you and your business every step of the way. We’re here for your business whenever you need us. Contact us or visit our website for more information. |
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