Welcome to your June Newsletter |
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Our monthly roundup of news, events and sponsor reading material. |
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GAT is generously sponsored by: We have capacity for ONE additional sponsor. 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 June edition of the GAT monthly newsletter. We extend thanks to our sponsors for the 2024/2025 term, Lloyds Bank International, Carey Olsen, Grant Thornton and Aspida Group for their continued support. We have the space for one sponsor - if your member firm is interested in sponsoring GAT, please contact us. |
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The GAT/STEP Joint Technical Committee continue to work to ensure industry-wide engagement with the Guernsey Registry, the Commission and the States of Guernsey on an on-going basis and raise concerns about the ongoing changes. All consultations and responses where relevant, can be found in the Members' Area. If there are any future consultations which you would like to feedback on, we always welcome members' input. Please email info@guernseytrustees.org The next GAT Luncheon will take place on Thursday 11th July when Nigel Cheesley of Lloyds Bank International will present "The Role of Governance in Sustainable Organisations." The 2024 Annual General Meeting will also take place within this Luncheon which is taking place in the Conservatory at Moores Hotel. We warmly encourage all members to attend. Further information with regard to the AGM and election please see the events section below. 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. Kind regards Rhona Humphreys GAT Chair |
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Investec Bank (Channel Islands) Limited |
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Investec Bank (Channel Islands) Limited is a wholly owned subsidiary of Investec Bank plc and is regulated by the Guernsey Financial Services Commission. It has been noted that criminals have been using the company’s details in an attempt to commit fraud. The fraud scheme has included posting adverts on social media sites offering fraudulent and misleading offers not connected to the genuine bank. We have been advised that the adverts have now been removed. Anyone who has sought to conduct business with Investec Bank (Channel Islands) Limited through links on social media is encouraged to take steps to ensure that they are dealing with the genuine firm. |
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CST-Efinancien / Credit Suisse |
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Credit Suisse Trust Limited is a Guernsey registered company and is licensed by the Commission. However, it has been noted that criminals have been using the company’s details in an advance fee fraud. The fraud scheme has included the setting up of a fake website in the name of CST-Efinancien and falsely claiming that it is part of Credit Suisse Trust Limited. Anyone seeking to conduct business with the entity using the name CST-Financien is encouraged to contact the Commission’s Intelligence Team for further guidance. |
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Commission publishes 2023 Annual Report |
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The Guernsey Financial Services Commission published its 2023 annual report and financial statements on Thursday 6th June. In the annual report, the Commission discusses: its preparations for the Bailiwick’s 2024 MONEYVAL inspection; its continued development of digital technology to enhance performance and streamline processes for industry; and the introduction of the new Lending, Credit and Finance Law which introduced internationally compliant financial crime regulation for virtual asset services providers (crypto), as well as consumer credit protection for citizens. A central focus for the Commission in 2023 was preparing for the Bailiwick’s MONEYVAL evaluation. The onsite inspection took place in April 2024. The Commission worked closely with other authorities, including providing significant input into the Bailiwick’s second national risk assessment, or NRA2, and the Bailiwick’s first proliferation financing national risk assessment. |
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States of Guernsey Accounts 2023 |
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The States of Guernsey Accounts for the year ended December 2023 were published on Wednesday 29th May, showing a positive performance for the year for several reasons, including higher wages in the Island, increased banking profits, and cost control in a high inflation period. At the same time the Accounts reflect the continuing pressure on health and social care costs. In 2023, the States saw an operating surplus - the difference between annual revenues and expenditure - of £10.2m. After taking into account other factors, including fixed asset depreciation and the largely unrealised investment returns, the net surplus was £63.7m. That compares to both operating and net deficits in 2022. |
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DPA publishes proposed changes to IDP in focused review |
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The Development & Planning Authority (DPA) has published its proposed changes to the Island Development Plan (IDP) to supply enough land to meet the island's housing and employment needs for the next five years and to help accelerate the delivery of both private market and Affordable Housing. The DPA's proposals will make sure there is a land supply for the next five years to develop 971 units for private market housing and 901 units for Affordable Housing. This would exceed the amount set out in the States Strategic Housing Indicator (SSHI) by 15% in the case of private market housing, and by 25% for Affordable Housing. The 15% and 25% increases on the SSHI are being proposed to accommodate potentially higher population trends and therefore housing requirements since the latest SSHI was agreed and, for Affordable Housing, to account for Key Worker and Specialised Housing accommodation which are not included in the SSHI. |
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The Parole Review Committee seeks two new members |
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The Parole Review Committee (PRC) is seeking two dedicated people to join its ranks. This is an exciting opportunity for those interested in contributing to the justice system and making a difference in our community. The PRC is the independent body that protects the public by reviewing applications for early release and deciding whether prisoners can be safely released into the community, with conditions. The PRC is committed to maintaining public safety while supporting the rehabilitation and resettlement of offenders. Members are required to read and consider complex information produced by relevant and experienced professionals before making decisions in a structured way. The Committee's decisions are made in small teams, and members are appointed for the qualities and experience they can bring to the role from their own lives. |
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Secondary pensions enrolment |
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From 1 July, employers in Guernsey and Alderney will be required to automatically enrol eligible employees into an approved pension scheme. This duty will initially apply to employers with 26 or more employees and to smaller employers over the following 15 months. Most employees aged between 16 and State Pension Age will be eligible for automatic enrolment. It is estimated that approximately 65% of the employed working age population are not making any personal pension provision. The Secondary Pensions Law was introduced to ensure that Islanders have access to a good workplace pension, so that they have the opportunity to save for their retirement and won't have to rely solely on the States Pension and tax-funded welfare benefits later in life. |
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States of Guernsey Accounts 2023 |
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The States of Guernsey Accounts for the year ended December 2023 have been published, showing a positive performance for the year for several reasons, including higher wages in the Island, increased banking profits, and cost control in a high inflation period. At the same time the Accounts reflect the continuing pressure on health and social care costs. In 2023, the States saw an operating surplus - the difference between annual revenues and expenditure - of £10.2m. After taking into account other factors, including fixed asset depreciation and the largely unrealised investment returns, the net surplus was £63.7m. That compares to both operating and net deficits in 2022. Inflation was the largest factor driving both income and expenditure. Overall, revenues increased by 8.4% on 2022, driven by a combination of wage inflation across the Island, an increase in the numbers employed and self-employed, and the rising interest rate environment improving the tax paid on banking profits by over £10m. Public sector costs increased by about 6.5% in total. Non-pay expenditure made up almost two thirds of these costs and were contained in 2023, increasing by less than inflation at 5.2%. Expenditure on public sector pay increased by 8.7% in total, reflecting the three year pay deals agreed with all staff groups which saw pay increase in line with inflation (including in some cases the backdating of pay deals that were not finalised in 2022) as well as an overall increase in staff numbers of 142, or just under 3%. The increased numbers of staff were driven largely by increased demand on social care services and additional support provided in schools through the appointment of more learning support assistants. |
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Guernsey’s regulator becomes signatory to IOSCO Enhanced Multilateral Memorandum of Understanding |
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The Guernsey Financial Service Commission (GFSC), Guernsey’s regulator for the financial services sector, has formally become a signatory of the International Organization of Securities Commissions’ (IOSCO’s) Enhanced Multilateral Memorandum of Understanding (EMMoU). It becomes the sixteenth regulator to be permitted to become a signatory, after a rigorous multi-year evaluation process overseen by the US Securities and Exchange Commission. IOSCO's membership regulates more than 95% of the world's securities markets in some 130 jurisdictions. The EMMoU was designed by IOSCO to update information exchange between regulators, taking into account the vast advances in information technology since the first IOSCO Multilateral Memorandum of Understanding was created in 2002. Being permitted to sign this international agreement is a sign that the quality of the Bailiwick’s regulation is considered, by Guernsey’s peers, to be high. |
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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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Members are warmly invited to the next GAT Luncheon taking place on Thursday 11th July 2024 at 12.30pm in the Conservatory of Moores Hotel. Nigel Cheesley of Lloyds Bank International, will present "The Role of Governance in Sustainable Organisations". Nigel will cover purpose, culture, science-based targets, Paris alignment, the UN Sustainable Development Goals, disclosures and reporting, credible transition plans and the importance of nature as well as touching briefly on the minefield of offsetting. The Luncheon will include the 2024 Annual General Meeting. Please see the notice below for further details. GAT Chair, Rhona Humphreys will also provide an industry update and an overview of 2023. Our popular events give members the opportunity to network and to catch up on relevant news among peers on issues that affect the fiduciary community. The ticket price includes a buffet lunch served from 12.30pm. Please advise if you have any dietary requirements. |
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Notice of the GAT 2023 Annual General Meeting |
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MEMBERS ARE HEREBY FORMALLY NOTIFIED THAT THE GUERNSEY ASSOCIATION OF TRUSTEES ANNUAL GENERAL MEETING WILL TAKE PLACE ON THURSDAY 11th JULY 2024. AGM Agenda Minutes of the 2023 Annual General Meeting, held 27th June 2023 Approval of Amendments to the Constitution Chair's Report Treasurer's Report, draft Financial Statements for the year ended 31st December 2023 Committee Members' election Any Other Business
Current Committee members: Rhona Humphreys – Chair Rupert Morris – Co-Deputy Chair Kerrie Le Tissier - Co-Deputy Chair Peter Mills - Treasurer Jodi Langlois - Secretary Neil Hoolahan - Committee member Greta Pender - Committee member Henry Smith - Committee member Stuart Sarre - Committee member Julie Coutu - Committee member Adele Perrot - Committee member (co-opted)
Members standing for election to the GAT Committee: Charisma Lyall Ryan Courtney Adele Perrot
Members standing for re-election: The following Committee members are elected en bloc and are eligible to continue their two year term: Kerrie Le Tissier Jodi Langlois Neil Hoolahan Peter Mills Julie Coutu Rupert Morris
Rhona Humphreys will continue as immediate past Chair for one year, as a non-voting Committee Member |
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STEP Guernsey warmly welcomes you to the final lecture of the 2023/2024 series. Venue: The Colborne Room, OGH Hotel Date/Time: Wednesday 3rd July , 12pm - 1pm Topic: The Art of Suspicion: How can the human brain outwit AI? Speaker: Gordon Malcolm, Investec Gordon, Chief Risk Officer, Chief Compliance Officer and Executive Director at Investec, will be exploring "The Art of Suspicion" and explaining how the human brain can outwit A.I. in the battle against financial crime. One of the fundamentals of any anti-money laundering, counter-terror financing and counter-proliferation financing program is the requirement for staff of regulated firms to report suspicion of any of these crimes. However, the concept of suspicion is not 100% clear cut. This presentation explores the origins of suspicion, how it develops in the human brain and why AI has its limitations in combatting financial crime. Gordon will also be talking about a unique superpower that all humans possess. |
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An exciting line-up of speakers has been confirmed for a technology conference jointly hosted by the Guernsey Financial Services Commission and Guernsey Finance. ‘Finovation: The Guernsey Edge’, taking place on Wednesday 11 September, will consider the opportunities for Guernsey to leverage its nimbleness, robust legal framework and approach to regulation to make financial services better with technology. The one-day conference will feature a keynote address from The Lord Sedwill KCMG, former UK National Security Advisor and Cabinet Secretary. Lord Sedwill will be joined by leading voices on cyber security, digital money and quantum computing. Speakers include Tim Jones CBE, executive director at Tata Ltd, and co-inventor of Mondex digital cash, who will talk about digital money, and Dr Dan Brown from University College London, who will talk about an innovative new algorithmic fund which recently launched in Guernsey. |
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SAVE THE DATE - Guernsey Private Wealth Forum 2024 |
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The 2024 Guernsey Private Wealth Forum will take place on Wednesday 16th October at 8 Northumberland Avenue, London. More information on sponsorships and how industry can support the event will be available in due course. Please contact Rosie Courtney with any enquiries. |
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A selection of upcoming courses through the GTA Introduction to the Finance Industry This course aims to offer an introduction to the Guernsey Finance sector for newcomers to the market. Participants will explore the fundamental features of Offshore Funds, Trusts Structures, Captives, and Banking through four interactive, informative and engaging sessions. Cost: £355 Date: 3 September 2024 Venue: GTA University Centre Course Length: 09:00 to 17:00 Further details and registration here Fund Overview Level 1 This course focuses on investigating the types of fund structures used in Guernsey and importantly why they are used. The review includes investment companies, unit trusts, limited partnerships, PCCs and ICCs. It also has relevance to those new to the finance industry who wish to gain a better understanding of funds. Cost: £355 Date: 11 September 2024 Venue: GTA University Centre Course Length: 09:00 to 17:00 Further details and registration here Board AML and CFT Updates This course offers a comprehensive and interactive refresher on AML (Anti Money Laundering) and CFT (Combating the Financing of Terrorism) and is aimed at directors and senior management of financial services businesses in Guernsey. Cost: £245 Start Date: 12 September 2024 Venue: GTA University Centre Times: 9:00 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 Date: 18 September 2024 Venue: GTA University Centre Course Length: 09:00 to 13:00 Further details and registration here Trust and Company Bookkeeping – Level 1 The session gives trust administrators and those new to client accounting a sound grasp of basic trust and company accounting; it will ensure that you understand debits and credits and the basics of preparing simple financial statements. Cost: £355 Date: 19 September 2024 Venue: GTA University Centre Course Length: 09:00 to 17:00 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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The Intersection of Technology and Regulation |
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Technology now plays a crucial role in solving Governance, Risk Management, and Compliance (GRC) challenges by providing tools that can streamline processes, enhance data analysis, and improve decision-making. Organisations can enhance their GRC management by integrating AI, shaping the future for efficiency and regulatory compliance. AI tools forecast events, understand trends, and anticipate occurrences by analysing massive volumes of data. Machine learning identifies patterns in risk events and recommends effective controls. Read our latest insight piece on some ways technology is being used to address GRC problems. |
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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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Did you know we have a LinkedIn page? |
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