Welcome to your

August Newsletter

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

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GAT is generously sponsored by:

 

  • Carey Olsen

  • Aspida Group

  • Lloyds Bank International

  • Grant Thornton

 

We have capacity for one additional sponsor.

 

If your member firm is interested in sponsoring GAT, please contact us. 

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

Dear Members,

 

Welcome to the GAT August newsletter.

 

As mentioned in my last Chair's note, the next few months are critical to our industry as we await the outcome of Guernsey’s MONEYVAL inspection and their report in early 2025. I am aware that the authorities are currently responding to MONEYVAL’s requests for further information and data, which may require input from industry – I would urge you to cooperate with the authorities (including the Registry and the GFSC) where information is sought through thematic questionnaires and otherwise. Collaboration is key to ensuring the outcome of the inspection is positive for Guernsey.

I trust you have all had an enjoyable summer, during which we also largely see a break from industry events. As always, the schedule is very busy throughout September, with events from STEP Guernsey, GFSC/Guernsey Finance and our Members' GAT Luncheon on 18th September, presented by sponsors Carey Olsen. The talk will focus on structuring opportunities for the Guernsey fiduciary sector arising from non-dom changes in UK and the October budget.

 

For further details of all the events above, plus the upcoming Guernsey Private Wealth Forum which takes place in London on 16th October, please see the events section below.

 

I look forward to seeing you over the next few months and as ever, encourage all members to engage with the GAT Executive Committee with any concerns, suggestions or issues.

 

Kind regards

 

Kerrie Le Tissier

GAT Chair

NEWS

Updates to the AML/CFT/CPF Handbook

The Guernsey Financial Services Commission regularly updates the AML/CFT/CPF Handbook.

 

GAT encourages all members to check the Handbook Page on a regular basis to ensure you are informed. Current Notices, Instructions and Warnings can be found HERE.

Discussion paper on the future of sustainability reporting in the Bailiwick of Guernsey

A reminder that on 30 July the Guernsey Financial Services Commission issued a discussion paper seeking views on international sustainability reporting in the Bailiwick. Responses are sought by 25 October 2024. The paper is intended to enable the Commission, in discussion with the finance industry, to explore the next steps that the Bailiwick of Guernsey can take to meet the challenges presented by sustainability and climate change risk.

 

This discussion paper provides a summary of recent international developments in the area of sustainability reporting, including the work of the International Sustainability Standards Board (ISSB), and seeks to gather information and views from the finance sector on the potential impact the introduction of these standards could have.  The paper also seeks views on additional steps which might be taken to enhance licensees’ sustainability risk governance and management.

 

Commenting on the discussion paper, Co-Deputy Director General, Investment, Fiduciary and Pension Division, Gillian Browning, said: “This discussion paper is deliberately discursive because we are eager to receive feedback regarding what could be appropriate and proportionate regarding sustainability reporting for the Bailiwick. The Commission considers this to be an important topic but remains open minded regarding what the next steps should be”.

 

We would like to encourage your engagement on this issue. Members are invited to either participate directly and/or share any comments with our ESG Subcommittee which has been formed jointly with the local branch of STEP. The ESG Subcommittee is compiling a comprehensive response, and your feedback is an important part of this process.

 

Please send your comments to Greta Pender.

Read more and access discussion paper

New study to provide valuable insight on Guernsey's digital economy

On 20 August a new survey launched inviting input from Guernsey organisations on the island's digital economy.

 

The survey forms part of a study being carried out by PwC on behalf of the Committee for Economic Development, which will seek to provide up-to-date accurate detail on the size, role and opportunities of the digital economy.

 

The 'digital economy' is a term that describes not only organisations and individuals working specifically in the 'digital sector' but also all areas of the economy where digital technology, infrastructure, services and data play a significant role.

 

While data is already gathered and published on the size of the digital sector, including its employment levels, GDP and GVA contribution, the new analysis of the wider digital economy will inform policy decisions so Guernsey can maximise the potential and growth supported by digital technology across all local industries.

 

The study will support the States' existing Digital Framework, as well as other key objectives from providing the right skills in the workforce to enabling Guernsey's involvement in international trade agreements. The deadline for responses is Thursday 12 September.

Digital Economy Survey

FIU signs agreement with British Virgin Islands counterparts

Guernsey's Financial Intelligence Unit (FIU) has signed a Memorandum of Understanding with the Financial Investigation Agency in the British Virgin Islands ("BVI").

 

The aim of this MoU is to set out the arrangements around information and intelligence sharing with the BVI, with the aim of crime reduction and ensuring good criminal intelligence sharing. It will also further provide collective knowledge and experience to ensure Guernsey and the BVI work as effectively together as possible in tackling money laundering and in the identification of terrorist and proliferation financing.

 

Guernsey's FIU already works extremely close with its other counterparts in the Quad-Island Forum - Jersey, Gibraltar and the Isle of Man - however close working relationships with other finance centres across the world are key to its effectiveness.

 

Adrian Hale, the Head of the Guernsey FIU, said:

 

"The importance of international cooperation and collaboration in the fight against money laundering and financing of terrorism and proliferation cannot be overstated. This MoU will be another key vehicle for our team, through which criminal activity can be identified and tackled effectively. Guernsey already had a strong relationship with our partners in the BVI, but this MoU further strengthens that relationship, and formalises some essential tools for us in intelligence and information sharing. Effectively ensuring money laundering does not take place through Guernsey means effectively working with our international partners."

Read on

DPA seeks to give further consideration to significant and contrasting views raised in first round of representations

The Development & Planning Authority has reviewed all the comments received as part of the Island Development Plan Review and as a result has formally requested additional time from the planning inspector to carry out further analysis in light of significant and contrasting views raised. The DPA will also be seeking the inspector's view on any other implications this may have on the inquiry process.

 

276 submissions were received, which contained a total of more than 500 individual representations by States Committees, businesses, industry and third sector groups and parishioners. The representations received indicated strongly divergent views. As an example, the Authority has been asked to both increase and decrease the applied buffers in the States Strategic Housing Indicator, which is key to establishing how much land is required.

 

In addition, significant new matters have been raised about the deliverability of some of the key sites allocated for housing. Removing such sites from the proposed land supply would have significant implications on how many houses could be delivered and any alternative options to cover for such loss need to be considered carefully given the strong and well-argued concerns about allocation of greenfield sites.

 

Other significant representations from key stakeholders included proposals to amend Key Industrial Areas as a way to compensate for some of the potential loss of proposed housing sites. It would not be possible for the Authority to consider such significant proposals without further thorough assessment.

Further information

Guernsey Finance adds new member to board

Joanne Peacegood, who is an experienced Non-Executive Director (NED) sitting on the boards of a range of entities, joins the board to provide additional support for the island’s promotional agency for the financial services sector.

 

She joins Paul Sykes, Kate Storey, Deputy Steve Falla, Deputy Nick Moakes, Guernsey Finance Chief Executive Rupert Pleasant, Deputy Chief Executive Barnaby Molloy, and current Chairman Deputy Lyndon Trott.

 

Prior to her role as a NED, Joanne accumulated more than 20 years’ experience in a professional services firm working predominantly in the investment management industry. Joanne is the current Deputy Chair of the Guernsey International Business Association and the immediate past Chair of Guernsey Investment & Fund Association and has experience as Board Chair, Audit & Risk Committee Chair and Management Engagement Committee Chair.

 

Joanne said: “I am pleased to be appointed to the board of Guernsey Finance LBG and look forward to working with the rest of the board, the executive leadership and the wider team in shaping the strategy and determining the priorities for promoting Guernsey’s financial services sector.”

Read on

Guernsey shortlisted for international finance centre of the year award

Guernsey has once again been shortlisted for Citywealth's International Finance Centre of the Year award 2025.

 

The awards highlight the excellence of the advisers and managers in the private wealth sector in major international financial centres.

 

Guernsey took the winning title in 2023, and we are inviting you to vote for us again. To vote, simply register for a Citywealth account with your name, email and company.

 

Voting is now open and closes 27 September 2024. The winners will be announced in January at an awards gala in London.

Vote here

Are you interested in sponsoring this year’s Guernsey Private Wealth Forum?

This event is taking place on Wednesday 16th October at 8 Northumberland in London. The details of our remaining sponsorship packages can be viewed by clicking the button below and are now being allocated on a first-come first-served basis.

 

Please contact Rosie Courtney in order to secure sponsorship for this event and/or if you have any queries.

Sponsorship Packages

EVENTS

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.

Please SAVE THE DATE for the next GAT Luncheon taking place on Wednesday 18th September 2024 at 12.30pm in the Conservatory of Moores Hotel.

 

The Luncheon will feature a topical presentation from Carey Olsen focussed on structuring opportunities for the Guernsey fiduciary sector arising from non-dom changes in UK and the October budget.

 

GAT Chair, Kerrie Le Tissier will also provide an industry update.

 

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. Registration will be open shortly via the GAT mailing list.

Add to Calendar

STEP Lecture Series 2024/2025 - Lunchtime Lecture No. 1

Date: Tuesday 10 September 2024

Time: 12pm - 1pm

Venue: The Colborne Room, OGH Hotel

Speaker: Brent Homan, ODPA

 

Critical to a vibrant Guernsey economy, the financial services sector must survive, thrive and compete in markets characterised by fast-paced technological innovation.

 

Data Protection Commissioner Brent Homan will discuss how elevated data protection practices can not only serve regulatory compliance but give your company a competitive advantage in global markets.

Register here

The full line up of speakers, including respected international voices, has been announced for ‘Finovation: The Guernsey Edge’ taking place at Beau Sejour Leisure Centre on Wednesday 11 September.

 

The one-day conference, jointly hosted by the Guernsey Financial Services Commission and Guernsey Finance, will consider the opportunities for Guernsey to leverage its nimbleness, robust legal framework and approach to regulation to make financial services better with technology. Speakers include former UK National Security Advisor and Cabinet Secretary, The Lord Sedwill KCMG, as well as influential voices on cyber security, digital money and quantum computing.

 

With less than two weeks to go, spaces are filling up fast. Anyone interested in attending should register their interest by Wednesday 4 September.

Further details / Registration

SAVE THE DATE - Guernsey Private Wealth Forum 2024

The 2024 Guernsey Private Wealth Forum will take place on Wednesday 16th October at 8 Northumberland Avenue, London.

 

‘Wealth in Transition’ is the theme of the Forum and will explore the nature of change within families across the globe. The event will feature many expert speakers including very special guest Steven Bartlett, host of Europe’s No.1 Podcast, ‘The Diary of a CEO’.

 

Further details

A selection of upcoming courses through the GTA

 

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

 

Introduction to Taxation for Trust Administrators

By attending this course delegates will be given a "back to basics" overview of a wide range of taxation issues that can affect their clients. Attendees will be able to raise their awareness of client structures and transactions and understand when a client taxation issue needs to be addressed.

Cost: £325
Date: 18 September 2024
Venue: GTA University Centre

Course Length: 09:30 to 16:00

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

 

Compliance Monitoring Programme

This course will look at how you can establish and maintain an appropriate compliance monitoring programme to meet regulatory obligations.

Cost: £215
Date: 24 September 2024
Venue: GTA University Centre

Course Length: 09:30 to 12:30

Further details and registration here

 

The Role of the Company Secretary

This course is aimed at those who are looking to understand the role of the company secretary, how the role contributes to the effective running of a company, and how to effectively undertake key duties.

Cost: £325
Date: 25 September 2024
Venue: GTA University Centre

Course Length: 09:30 to 16:00

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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every step of the way.

 

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Contact us or visit our website for more information.

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