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 Wednesday 6th July and will feature a panel discussion from sponsors Lloyds Bank. The presentation will be preceded by the 2022 Annual General Meeting and all members are warmly invited to attend. Please see the AGM notice below for details of the agenda in advance.

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 June newsletter.

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

Feedback and Final Consultation on Professional Indemnity Insurance for Fiduciary, Investment, Insurance Intermediary and Insurance Manager Sectors

On Friday 10th June the Commission issued two feedback statements on the previous Consultation Papers (“CPs”) on Professional Indemnity Insurance (“PII”), one in relation to the Fiduciary and Investment sectors and the other relevant to the Insurance Intermediary and Insurance Manager sectors. Both consultations were closed in February 2022.

The Feedback Statements are accompanied by draft Rules extracts* showing intended changes to the current Rules. The amended Rules have been drafted following review of the response to the CPs. A final eight-week consultation period is being offered to provide an opportunity to identify any “fatal flaws” in the draft amended Rules, after which amendments will be formally adopted. Comments may be submitted via the Commission's Consultation Hub here.

The feedback statement on the CP on PII for Fiduciary and Investment sectors can be viewed and/or downloaded by clicking the button below.

Mind and Management Requirements for the Fiduciary and Investment Sectors

Following completion of its recent consultation on mind and management requirements for the Fiduciary and Investment sectors, on Thursday 9th June the Commission issued updated consolidated versions of the Fiduciary Rules and Guidance, 2021 and the Licensees (Conduct of Business) Rules and Guidance, 2021.  

Both sets of Rules have been amended with the addition of a new rule requiring fiduciary and investment licensees (excluding investment licensees which are administered by another firm in the Bailiwick) to appoint such number of Bailiwick-based senior executives as is commensurate with the nature, size and complexity of the licensee’s activities in the Bailiwick and came into operation on 10th June 2022.

A feedback statement on the consultation has also been published and can be viewed and/or downloaded HERE

Copies of both sets of Rules and Guidance can be found via the buttons below:

Policy & Resources recommends £9m reduction in States' contribution to public sector pensions

Changes made to the Public Sector Pension Schemes in 2015 mean that the States are now in a position to reduce the amount it contributes to those pensions each year by around £9m.

The Policy & Resources Committee is publishing the latest Actuarial Valuation, prepared by BWCI, which will be presented to the States with a recommendation to reduce the employer contribution rate for what is known as the Combined Pool (which covers most public sector employees, including nurses, teachers, police officers and civil servants), from 14.1% to 10.3% from 1st August 2022.

The changes to the Public Sector Pension Schemes agreed by the States in 2015 saw the previous final salary pension scheme replaced with defined benefits on a career average re-valued earnings (CARE) basis which made the Schemes more sustainable and reduced the risk to the employer.

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.

ODPA publishes new guidance on data transfers

The Office of the Data Protection Authority (ODPA) has published three new updates to help protect people’s data when it is transferred outside of the Bailiwick of Guernsey.

A ‘data transfer’ occurs when you send people’s data outside of the Bailiwick, for example by using online products or services such as Mailchimp (US-based) to send your subscribers a newsletter, or communicating with your customers via your organisation’s Facebook page, or employing a company in another jurisdiction to provide customer services.

The Bailiwick has high standards of protection of people’s data, thanks to the local data protection law which is considered essentially equivalent to the European Union’s data protection legislation. However, many jurisdictions around the world do not offer the same legal protections. This mismatch of legal protections means that anyone working with people’s data in the Bailiwick must take special care whenever they transfer that data to areas of the world where there is less protection.

The updated guidance and resources published by the ODPA has been produced to help local organisations and businesses navigate the very complex legal landscape around data transfers and can be viewed by clicking the button below.

Enquiries should be directed by email to enquiries@odpa.gg

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

GAT Members' Luncheon and AGM - Wednesday 6th July

The next GAT Luncheon is taking place on Wednesday 6th July 2022 in the conservatory at Moores Hotel. Please see the proposed Agenda below.

Following the Annual General Meeting, our sponsors Lloyds Bank will lead a panel discussion which will cover a variety of industry topics. 

GAT Chair, Rhona Humphreys will also provide an industry update and an overview of 2021. 

AGM Agenda

1. Minutes of the 2021 Annual General Meeting

2. Chairman's Report 

3. Treasurer's Report and draft Financial Statements for the year ended 31st December 2021

4. Constitutional Amendments

5. Committee Members election

Thank you to the following long serving committee members who will stand down this year:

• Paul Hodgson
• Michael Betley
• Stephen Trevor
• Alasdair McLaren
• Mark Pattimore

GAT members standing for election:

• Rhona Humphreys - Chair
• Peter Mills - Treasurer
• Jodi Langlois - Secretary
• Henry Smith
• Greta Pender
• Stuart Sarre

The following members are elected en bloc and will be eligible to stand for election for a two year term in 2023:

• Charlotte Bates - Deputy Chair
• Rupert Morris - Deputy Chair
• Paul Backhouse
• Kerrie Le Tissier
• Neil Hoolahan

6. Any Other Business

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

Essential Skills in Management and Leadership
This course is aimed at anyone who would like to improve their management skills, or an individual preparing to move into a management role.
Cost: £325
Date: 12 & 19 September 2022
Venue: GTA University Centre
Time: 09:00 to 13:00

Further details and registration here.

How to Read a Set of Accounts
For those not used to dealing with accounts, trying to read and interpret a set of accounts can seem a challenge. This course will help you to understand the terminology so that you can understand what you are reading.
Cost: £295
Date: 13 September 2022
Venue: GTA University Centre
Times: 09:30 to 16:00
Further details and registration here.

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: £195
Date: 13 September 2022
Venue: GTA University Centre
Times: 09:30 to 13:00
Further details and registration here.

MSc Corporate Governance/Graduate CG
This popular MSc Corporate Governance Programme will provide you with a highly specialised set of skills and develop your ability to appreciate and influence the factors governing corporate affairs.
Cost: £12,000
Start Date: 23 September 2022 - enrol by end July 2022
Delivery: Online
Times: 2½ years part-time  
Further details and registration here.

IoD Introductory Certificate in Board Readiness
The IoD Introductory Certificate in Board Readiness is suitable for any manager or leader that is responsible for reporting to a Board, or who aspires to be a director in the future.
Cost: £1,950
Date: 21 and 26 September, 12 October 2022
Venue: GTA University Centre
Times: 09:00 to 17:00
Further details and registration here.

Working Resiliently 
This course will provide you with the capacity to maintain wellbeing and work performance whilst under pressure and be able to bounce back from setbacks effectively.
Cost: £295
Date: 21 September 2022
Venue: GTA University Centre
Times: 09:00 to 17:00
Further details and registration here.

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

SPONSOR ARTICLES

Crossing the Rubicon - Navigating a new world disorder

Investors face one of the most complex market environments in history. Simultaneous shifts in the global energy system, geopolitics, demography, technology and much else besides promise a more inflation-prone and volatile world ahead. This brings with it elevated risks, but also potential rewards.

Amidst all this uncertainty and the problems it creates for trustees, please select the link below to watch the presentation from our Investment Conference. This examines what investors can have conviction about, and what we are doing to steer clients through potential current and upcoming risks to their capital.

Watch the video by clicking the button below and please contact Rachel Holdsworth with any questions.

You’ve received the GFSC’s “Dear CEO” letter, but what next?

On the 4th May 2022, the Guernsey Financial Services Commission circulated a letter to Guernsey Licensees, describing areas of good and poor practice observed during onsite inspections, on customer due diligence processes for the application of Enhanced Measures.

The letter provides information to firms to assist in their development and maintenance of effective anti-money laundering and countering the financing of terrorism controls.

Read our colleagues' recommendations on what to do next and how can we help you by clicking the button below.

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