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Guernsey Proposes New Financial Services Framework

by Amanda Banks, Lowtax.net, London
21 July, 2017

The Guernsey Financial Services Commission, which supervises the island's financial services sector, is consulting on a new legislative framework to promote growth in lending, credit, and financial services on the island.

The framework includes measures to bring the island's law into line with international anti-money laundering and countering the financing of terrorism standards, and to protect consumers, particularly those who are vulnerable, from unscrupulous and largely unregulated lenders such as loan sharks and others who employ dubious non-transparent lending techniques.

In addition to raising lending standards, the framework is designed to make the island more attractive to Fintech business, and includes proposals relating to Peer-to-Peer and Crowdfunding platforms. The framework also identifies innovative finance opportunities, such as Customer Due Diligence platforms and Green Investments.

The Commission's Fiduciary Supervision Policy & Innovations Director, Gillian Browning, commented: "This consultation paper is an invitation to lending, credit and finance customers, firms and interested parties to continue working in conjunction with the Commission to build a regulatory regime which is proportionate, protects consumers, stimulates the economy and further enhances the reputation of Bailiwick as a respected financial centre."

The consultation period will close on September 15, 2017.

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