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

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 August newsletter.

Kind regards

Rhona Humphreys

GAT Chair

NEWS

Guernsey Financial Services Commission - 2023 Fees Consultation Paper

The Guernsey Financial Services Commission launched its 2023 fees consultation paper on 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 proposal will result in a significant change to fees this year – and it is important that you engage with this presentation. We are in the process of preparing a response from the technical committee and in addition would appreciate individual licensees replying so that we can ensure our voice is heard. Please email us should you wish for your views to be included.

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. The Commission has also opened up the opportunity for attendance at a number of industry-focused meetings, please click here for further information and the meetings schedule.

Specific Discretionary Exemptions from the Regulation of Fiduciaries, Administration Businesses and Company Directors.

Please be reminded that specific discretionary exemptions granted after 1st October 2019 were given a three year expiry date, in accordance with the Notice published on the Commission’s website on 1st October 2019. The relevant expiry date is detailed on each discretionary exemption letter granted thereafter. Discretionary exemptions granted or renewed after this date will begin to expire from October 2022.

Written renewal requests must be submitted, at least one month prior to the expiry date stated on the relevant discretionary exemption letter, for entities continuing to require a discretionary exemption which was granted after 1 October 2019. Such requests should be submitted to authorisations@gfsc.gg and should contain the following:

• Confirmation that, other than what has already been notified to the Commission, there has been no change to the information contained within the initial application form including, but not limited to, information regarding parties to the structure(s), undertakings provided by the Administrator, where required, and the activities covered by the specific discretionary exemption.

• Confirmation that the exempt entity has been administered in line with the Administrator’s AML/CFT requirements.

Prevention of Discrimination Ordinance submitted to the States

On Friday 19th August the Committee for Employment & Social Security submitted the Prevention of Discrimination (Guernsey) Ordinance, 2022 to the States' Greffier to be presented to the States.

If approved by the States, the Ordinance will come into effect on 1st October 2023 when it will become unlawful to discriminate against a person on the grounds of race, disability, carer status, sexual orientation and religious belief in employment, the provision of goods and services, education and accommodation, and membership of clubs and associations.

Ahead of the commencement date, employers and service providers are encouraged to book onto free training sessions at Consortium.gg. Five modules will be run, each on four occasions between October 2022 and March 2023. The aim of the training is to inform employers, businesses, landlords, education providers and clubs and associations about the new rights and protections afforded by the new legislation and their responsibilities under it, so they can prepare in advance of the Ordinance coming into force.

States Investment Board appoints new investment advisors

The States Investment Board (SIB) has appointed Cambridge Associates as investment advisors to the States of Guernsey. The firm will act as advisor on all of the States funds, following a competitive tendering process.

Richard Crowder, Chair of the SIB said "We look forward to working with Cambridge Associates, who will bring a high level of expertise on global markets which is important to ensure the best possible performance for the States investment funds."

The SIB was established at the beginning of 2022 following approval by the States Assembly to establish a specialist body to oversee all of the States' investment funds, form investment strategies, appoint investment advisors and investment managers to manage the individual funds, and improve the governance of the States' investment funds.

Deputy Mark Helyar, Treasury lead for the Policy & Resources Committee said "The appointment of Cambridge Associates is welcome news and it is good to see the SIB making these key decisions, which is precisely what it was established to do. I also want to extend our thanks to our previous advisors IAM and Redington for all their hard work over the past few years."

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 are available via Guernsey Finance.

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.

Sustainable Finance Week: Fringe Events

As part of Guernsey's Finance's 2022 Sustainable Finance week, a number of fringe events are taking place, including the GAT Luncheon on Monday 19th September (booking available in the events section below).

In particular, GAT would like to draw members' attention to two events specifically tailored to the private wealth sector and managing issues around ESG conversations with clients:

- Changing Times: Meet the Client Demand for Philanthropy and Social Investment Advice

- Maximising Impact/ESG Investment Client Satisfaction - Addressing Suitability Issues

Please click the buttons below for further details of the events and/or to book.

The full timetable of events taking place during Sustainable Finance Week can be found HERE.

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.

STEP Lunchtime Lecture - 2022/2023 Series Commences

The first STEP Lunchtime Lecture of the new series, sponsored by Ogier, is taking place on Friday 9th September.

Harry, who is Head of Legal Services at Discovery Life International and Chair of STEP Johannesburg, will cover the following topics and will discuss how a South African offshore life insurance wrapper can solve many of these estate planning needs.

- Lead Estate duty challenges South African families experience

- Foreign exchange control challenges affecting South African families

- The further concerns South Africans have with probate, foreign wills and foreign executors

- How the SA tax system catches South African investments offshore

STEP Introductory Series Event 3: An Introduction to Charities

The 3rd event of the new STEP Introductory Series takes place on Thursday 29th September.

The series is aimed at students, trainees and junior staff and STEP warmly extends the invitation to register for the 3rd event, hosted by Collas Crill, which will will begin with a 50-minute presentation, after which attendees will have the opportunity to network with peers and direct any questions to the speaker in a relaxed environment.

Angela Calnan and Cerisse Fisher will look at the new legal landscape for domestic and international charities/NPOs who are based in Guernsey and also pause to consider what drives people to give and why there has been an increased focus on acting for the greater good post-pandemic.

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.

A selection of September Courses through the GTA

First Time Manager

This course offers an overview of the new skills and techniques you will need to master in order to succeed as a new manager.

Cost: £295

Date: 13 September 2022

Venue: GTA University Centre

Times: 09:00 to 16:45

Further details and registration here.

STEP Advanced Certificate in Trustees’ Duties: Investment and Management of the Trust Fund

This course is designed for practitioners involved in international trust administration and management to develop understanding of a trustee’s duties when investing and managing the trust fund.

Cost: £1,625

Start Date: Enrol by 16 September 2022

Delivery: Online

Times: 4 months

Further details and registration here.

Advanced Certificate in Fund Administration

This course will enable you to develop your knowledge of fund operations and takes a detailed, practical look at key aspects of fund administration and accounting.

Cost: £1,200

Start Date: Enrol by 18 September 2022

Delivery: Online

Times: 6 months

Further details and registration here.

The Compliance Officer’s Masterclass

This course will visit all aspects of a compliance officer’s role, such as the responsibilities and duties in a financial services business in Guernsey.

Cost: £195

Date: 22 September 2022

Venue: GTA University Centre

Times: 09:00-13:00

Further details and registration here.

Introduction to Green and Sustainable Finance

This course aims to provide an introduction and overview of Green Finance, including Guernsey’s initiatives in this area.

Cost: £195

Date: 22 September 2022

Venue: GTA University Centre

Times: 09:30 to 13:00

Further details and registration here.

Director Knowledge Series 2022 – Leading with Purpose – How to be the heart of a team

Drawing on some of the lessons of L David Marquet and Drexler, Sibbet and Forrester, this session will explore the different styles of leadership focusing in particular on the vital importance and benefits of a leader putting common purpose at the heart of their team.

Cost: £50

Date: 26 September 2022

Venue: GTA University Centre

Times: 12:30-13:30

Further details and registration here.

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

SPONSOR ARTICLES

La Vallette: Guernsey Restoration Project

In Guernsey, preserving local history is a key focus of the community so that it can be enjoyed by future generations.

La Vallette Bathing Pools were originally built in 1844 to compensate for the loss of beaches by the expansion of St Peter Port Harbour. However, after years of use the facilities were in urgent need of regeneration.

Lloyds Bank International have committed to donate £12,000, over 3 years, to help a local charity to oversee the refurbishment of the facilities serving the bathing pools. This includes providing modern changing rooms, a café and a flexible use pavilion space. Furthermore, all areas are now accessible to everyone with the addition of ramps, handrails and an adapted wheelchair for water access.

All refurbishment work has been undertaken with the future in mind, preserving the history of La Vallette whilst investing in sustainable initiatives. The new building has been created with emphasis on durability and sustainability with recycled materials used wherever possible. The landscaping has also been carefully planned to support bees and other pollinators in the area.

To find out more about how Lloyds Bank International supports the local community and charities, please contact our team in Guernsey.

Mission possible – securing the future of food

The extraordinary population growth over the past century has relied upon, and been enabled by, the birth of vast industrial farming systems. Food, on aggregate, is plentiful. Yet today, the dual issues of food security and sustainability loom as large as they have done in the post-industrial ear. These megatrends present sources of both investment risk and opportunity.

Read the article from Ruffer’s latest Responsible Investment Report by clicking the button below.

Please contact Rachel Holdsworth with any questions.

Creating Operational Resilience – A Core Board level responsibility

How can we best crystallise risk? Our Business Analyst and Corporate Governance Professional Jessica Regnard provides an insight into understanding and enhancing your Operational Resilience and how we can best create resilient businesses in today's environment.

With the end of quarter three fast approaching and year end on the horizon, buzz words in the Boardroom are changing to adapt with the seasons. Remaining high on agendas are topics such as Operational Resilience – the ability of financial institutions to prevent, respond, adapt, recover and learn from disruptions to their core business services.

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