Our monthly roundup of news, events and sponsor reading material.

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.

Message from the Chair

Standing down from the Committee were Paul Hodgson, Michael Betley, Alasdair McLaren, Stephen Trevor, and Mark Pattimore, who have successfully overseen the operation of GAT for over 12 years. The wider industry has been shaped by some of the valued contributions they have personally made and on behalf of GAT and our Members I would like to extend sincere thanks to them all.

Our next GAT luncheon is taking place on Monday 19th September when We Are Guernsey will be presenting "Green and Sustainable Finance." Speakers are Josephine Bush - Strategic Advisor for Green and Sustainable Finance, Stephanie Glover - Head of Sustainable Finance, Guernsey Finance LBG and Alex Cooper - Corporate/Finance and Climate Change Lawyer at the Commonwealth Climate and Law Initiative.  The presentation will be preceded by a short talk from GROW Director Mike Tidd and General Manager Jess Aughton, informing members of GROW's exciting future plans and the opportunities for trustees.

Booking is available now on Eventbrite or via the Events section below. As always, I would be pleased to hear from members to understand any frustrations or concerns please contact me.

Enjoy your July newsletter and warm wishes for an enjoyable summer.

Kind regards

Rhona Humphreys

GAT Chair

"Dear CEO" - reminder from GAT to send any questions or concerns

As you are aware, a "Dear CEO" letter was circulated by the Guernsey Financial Services Commission (“GFSC”) on Wednesday 4th May, which highlighted areas of good and poor practices observed from their onsite inspections to firms on the customer due diligence processes for applying enhanced measures.

The GAT Executive intends to work with the GFSC to compile a guidance document and would welcome any questions or concerns GAT members may have with regard to the letter and the information within it.

A copy of the letter can be downloaded by clicking the button below.

Please direct any questions or concerns via email to GAT

NEWS

Guernsey Financial Services Commission - 2023 Fees Consultation Paper

The Guernsey Financial Services Commission launched its 2023 fees consultation paper yesterday, Wednesday 20th July.  The paper is available on the Consultation Hub.

The aim of this consultation is to detail the Commission’s fee rate proposals for 2023 and to solicit feedback and comments from industry.  

The consultation will be open for an eight-week period ending on Wednesday 14th September 2022 and GAT members are encouraged to respond.  The paper can also be viewed via the button below.

Consultation Paper on The Lending, Credit & Finance Rules, Guidance and Implementation

On Thursday 21st July the Commission published a Consultation Paper setting out the Commission’s Rules and approach for regulating the sectors covered by The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022, and is seeking feedback on its proposed Rules and approach. 

The purpose of the new Law, which was passed by the States of Guernsey on 14th July 2022, is to protect customers in the Bailiwick who make use of consumer credit in all its forms, including individual loans, home finance and credit for the purchase of goods and services.

Firms offering or intermediating such services in or from within the Bailiwick will need to be licensed and will be regulated accordingly. 

Responses to the Consultation Paper, which can be downloaded vis the button below, are sought by 15th September 2022.

Financial Intelligence Unit sign MOU with counterparts in Bangladesh

Guernsey's Financial Intelligence Unit have signed a memorandum of understanding with their counterparts in Bangladesh.

This comes as the Head of the FIU attended the 28th EGMONT Plenary in Riga, Latvia last week, which was the first 'in person' plenary of the EGMONT Group - an international collective of financial intelligence units which facilitates cooperation and intelligence sharing to investigate and prevent money laundering, financing of terrorism and proliferation financing - since the pandemic began.

Adrian Hale, the Head of the Guernsey FIU, attended on behalf of the Bailiwick, and during his time there, signed an MOU following a bi-lateral meeting with Bangladesh's FIU. It was also an opportunity to have face to face meetings with other international FIUs to discuss current FIU intelligence development cases and ongoing money laundering investigations being undertaken by the newly formed Economic and Financial Crime Bureau.

Prevention of Discrimination Ordinance moves to next stage of review

The Committee for Employment & Social Security has approved the draft Prevention of Discrimination (Guernsey) Ordinance, 2022 for submission to the Legislation Review Panel in the latest step towards Guernsey introducing new anti-discrimination legislation.

Once the Ordinance has been reviewed by the Panel, subject to any amendments the Panel recommends, it is anticipated that the final Ordinance will be submitted to the States in mid-August in time for consideration at the States' meeting at the end of September this year.

It was previously agreed that the Ordinance would come into force six months after it was approved by the States. However, having listened to feedback from the business community, the Committee has drafted the Ordinance with a commencement date of 1st October 2023 to ensure businesses have more time to prepare for the new legislation.

The draft Ordinance is available at gov.gg/discrimination.

Reminder for selected employers to complete Economic Activity Return

During April, the States of Guernsey's Data and Analysis team sent notifications to over 500 employers in Alderney and Guernsey by post, to inform them that they had been selected to complete a 2022 Economic Activity Return. The return deadline is 5th August 2022 and those 500 employers that have been selected have a legal requirement to complete the Return by the deadline. So far, more than 100 have already submitted their return.

Helen Walton, Head of Data and Analysis said:

"We have received more than 100 completed returns and we can already see that these Returns will be invaluable for the improvement and accuracy of Guernsey and Alderney economic statistics."

If you are having trouble with the Return or would like further assistance please do not hesitate to contact the team by emailing dataandanalysis@gov.gg.

If you are a selected employer and have not yet submitted your Return, but are ready to do so, please click the button below to find background, detailed guidance notes and pdf, excel and online versions.

Sponsorship opportunities: Guernsey Private Wealth Forum, Wednesday 2nd November, London

Sponsorship opportunities for the 2022 Guernsey Private Wealth Forum, taking place in London on Wednesday 2nd November will be allocated at 10am on Tuesday 2nd August via Guernsey Finance. 

How to register your interest...

If you are interested in sponsoring the event, the allocation process for all packages will be as follows:

• Companies are asked to register their interest for their desired package(s) (Headline, Carbon Offset, Gold) with Cara-Leah McKay by Friday 29th July.
• Each package will be allocated using a random generator on Tuesday 2nd August and the company will be notified as to the result of their interest.

Any remaining packages will then be allocated on a first come, first served basis to those who email Guernsey Finance to book after Tuesday 2nd August.

Please email Cara-Leah McKay to register your interest and/or with any questions.

The available packages can be viewed by clicking the button below.

Association for Project Management launches in the Channel Islands

The Association for Project Management (APM) is the only chartered body for the profession and has recently established itself in the Channel Islands.

APM is keen to raise awareness of and promote the profession across the islands and their industries and would welcome any questions or interest from GAT members.

Further information and contacts can be found by clicking the button below.

EVENTS

Members are warmly invited to a bonus GAT Luncheon taking place on Monday 19th September at 12.30pm in the Conservatory at Moores Hotel.

Josephine Bush - Strategic Advisor for Green and Sustainable Finance, Stephanie Glover - Head of Sustainable Finance, Guernsey Finance and Alex Cooper, Corporate/Finance and Climate Change Lawyer at the Commonwealth Climate and Law Initiative will deliver a presentation to members.

The luncheon will also feature a short talk from GROW Director Mike Tidd and General Manager Jess Aughton, informing members of GROW's exciting future plans and the opportunities for trustees.

GAT Chair, Rhona Humphreys will deliver a welcome and industry update.

2022 KPMG Castle Nights series commences 

KPMG Castle Nights, the annual series of free entertainment for the whole family at Castle Cornet is one of Guernsey’s most popular summer events.

The gates of Castle Cornet will be open on four Friday evenings for KPMG Castle Nights featuring live music, singing and family fun. Come and enjoy the free entertainment and soak up the atmosphere at one of Guernsey’s most historic sites. Numbers within the Castle are controlled, please arrive early as queues do start early.

Further information can be found via the Guernsey Arts website or the Castle Nights Facebook page.

Families Investing in the Future - 15th September 2022

Guernsey has a long-established tradition of providing specialist wealth management services for sophisticated clients and their families.

Members are warmly invited to the Royal College of Physicians in London for WE ARE GUERNSEY's latest briefing in September, at which they will focus on the importance of the next generation, succession planning, new and innovative technologies, and the risk and opportunities behind the growing ESG and climate movement.

WE ARE GUERNSEY will host a panel session of UK and Guernsey-based specialists to explore the following:

• The challenges faced by the next generation, and how Guernsey private wealth practitioners can support these demands.
• The importance of internal good governance.
• How new and innovative technologies, products, structures and regulations are critical to overcoming the many issues faced by (U)HNW families, and their lawyers and advisors.
• The importance of ESG consideration as being inherent to fiduciary duty, and the investable opportunities that are making significant returns within sustainable and innovative technology thematic investing.
• How all of these key issues impact the choice of jurisdiction for (U)HNWs - and Guernsey's role in this.

Autumn Courses through the GTA

STEP Diploma in International Trust Management – NEW Modular Approach
The NEW modular approach allows you to build your own Diploma, selecting the four STEP Advanced Certificates most relevant to you and your specialist area.
Cost: £6,500
Start Date: Varied
Delivery: Online
Times: 4 months per Advanced Certificate
Further details and registration here.

STEP Advanced Certificate in Company Law and Practice
This course is designed to develop and enhance your understanding of how companies are used as offshore asset-holding vehicles.
Cost: £1,625
Start Date: Enrol by 9 September 2022
Delivery: Online
Times: 4 months
Further details and registration here.

Manage Like a Leader 
Learn how to become a top level manager, improving team communication and decision making so you can build great teams.
Cost: £295
Date: 14 September 2022
Venue: GTA University Centre
Times: 09:00 to 16:45
Further details and registration here.

Confidence Building
This half-day course will provide practical tools to help build confidence in a supportive and friendly manner, using a variety of interactive conversational exercises. 
Cost: £195
Date: 14 September 2022
Venue: GTA University Centre
Times: 09:00-13:00  
Further details and registration here.

Compliance CPD Series 2022 – Session Seven – Business Risk Assessment Essentials
In this session you will have a one hour run through of all the essential knowledge you need to understand the role of the Business Risk Assessment, what it needs to contain and how to ensure that it meets the regulatory requirements.
Cost: £45
Date: 15 September 2022
Venue: GTA University Centre
Times: 12:30-13:30
Further details and registration here.

Introduction to Trust Law and Administration
This course will provide you with an overview of the Guernsey trust law and its application to trust administration. Although the theory will be covered the main emphasis will be on the practical application within the workplace.
Cost: £295
Date: 21 September 2022
Venue: GTA University Centre
Times: 09:30 to 16:00
Further details and registration here.

Please contact Michelle Morley GTA Head of Programmes for further details on any of the above courses.

SPONSOR ARTICLES

Working in partnership with the Guernsey Fiduciary Sector

Your professional reputation is built on trust, and we take our responsibility to maintain that reputation seriously. That’s why Lloyds Bank International work with you to understand your clients’ business needs and provide a tailored service to help them find their ideal finance solution to achieve their goals.

Some of our services include:

• A range of lending options to support fiduciary clients, for example: term, partially amortising and interest only loans 
• Bespoke service with all risk and credit functionality supported ‘in house’
• Operational banking and cash-flow facilities available to the local fiduciary sector
• Property Lending against all UK, Channel Islands and IOM properties (residential, commercial or mixed property portfolios)
• Property investment, development and refinance all considered

We recognise the importance of absolute transparency as well as accurate planning so we keep you informed every step of the way and work with you to meet your clients’ timescales. This reflects our commitment to creating long term sustainable relationships that benefit you and your clients.

To understand how Lloyds Bank International could support you and your clients, please contact: 

Julie Ronaldson, Head of Commercial Banking, Guernsey
Janet Burt, Senior Relationship Manager, Guernsey
Heidi Peterson, Head of Financial Intermediaries
Allan MacKenzie, Corporate Real Estate Specialist

All lending is subject to status.

Listen to this quarters' Ruffer Round up with Duncan MacInnes and Rory McIvor

Duncan joins Rory for a review of the quarter, discussing the scale of wealth destruction across markets and how they see this rippling out into real world behaviour, and looking forward to what could be on the horizon and what that means for investors.

Listen to the round up here or click the button below.

Please contact Rachel Holdsworth with any questions.

The Benefits of Outsourcing – How GRC & Corporate Governance (People & Tech Solutions) is a Powerful and Dynamic Duo

Over the past couple of years we have seen the shift in the fiduciary sector of more focus on core operations and the services they best deliver.

Areas of expert skill and resource should consider appointing specialists who know the day to day functions and latest updates within their field. Thus allowing the business to focus on the most important revenue generating client activities and the beating heart of the business.

Read more by clicking the button below.

Did you know we have a LinkedIn page?