Guernsey Consults On New Pensions Framework

Guernsey's financial services regulator, the Guernsey Financial Services Commission, is consulting on a proposed new pensions supervisory framework.

It is proposed that the framework would expand regulated activities to include the formation, administration, and management of pension schemes. It also proposes the application of conduct of business rules to pension providers, together with new scheme rules covering personal, occupational, and international schemes.

The new framework arises from a discussion paper issued by the Commission in late 2016, and has been developed in consultation with the Guernsey Association of Pension Providers.

Andrew Sloan, Commission Director of Financial Stability, said the framework has been developed: "... to ensure [Guersey's] supervisory regime conforms to the international standard of supervision of schemes and regulation of providers for the purposes of providing pensions."

Interested parties are invited to comment on the new rules and their application by June 5, 2017.