Guernsey Proposes New Fintech Regulation
by Jason Gorringe, Lowtax.net, London
30 August, 2016
Guernsey has proposed new rules and guidance relating to consumer credit and innovative financial service businesses, including those in the "Fintech" space.
The revisions to the island's financial regulatory framework are intended to promote growth, while protecting the interests of consumers.
The proposals are contained in a recently released discussion paper, including proposals that would fill a void in consumer lending and credit regulation in the territory.
The demand for regulation in this area was endorsed in 2015 when PwC published its report "The States of Guernsey's Strategic Vision for FinTech." The report made a number of recommendations, including advocating that commercial lending should be regulated to ensurethat peer-to-peer lending is managed and controlled.
Fiduciary Supervision Policy & Innovations Director at the Commission, Gillian Browning, said: "This discussion 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 user friendly, which protects consumers, enhances the economy, and meets relevant international standards."
Interested parties have until October 24, 2016, to comment on the discussion paper.
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