Welcome to the homepage of the Hong Kong Representative Office of the Guernsey Financial Services Commission which provides general background on the activities of the Commission and links through to its main Guernsey website. The Commission’s primary objective is to regulate and supervise financial services in Guernsey, with integrity, proportionality and professional excellence and in so doing help to uphold the international reputation of Guernsey as a finance centre.
The range of services offered by banks in Guernsey is quite diverse. Some provide retail banking services essential to the local community. Others target the affluent expatriate market, primarily attracting their deposits. There are also banks offering "private banking" services attracting high net worth individuals who seek a total wealth management solution to their financial needs. Banks also support the other financial services businesses operating in Guernsey providing custody, foreign exchange and other banking services to the investment, fund administration, fiduciary and insurance sectors.
Guernsey is a major centre for the provision of international trust and corporate services. The sector is substantial and long-established, and benefits from and contributes to Guernsey’s mature and sophisticated professional infrastructure. Licensed entities include subsidiaries of major European, North American and South African financial institutions, subsidiaries of international and Channel Islands accountancy and legal practices and owner-managed independent trust companies. The industry provides a diverse range of trust and corporate services to an international client base covering private client, corporate and institutional businesses.
Guernsey has a proud history of developing market leading products and solutions to meet international demand. To maintain our legacy of innovation, Guernsey’s strategic aims and objectives extend to the inclusion of FinTech and the potential opportunities it could provide. Guernsey recognises that it is essential to embrace and encourage development of innovative services in order to enable the industry to grow and be competitive. Guernsey aims to respond, support and incorporate internationally acceptable options and changes to traditional business models within its regulatory framework.
Guernsey is known as one of the world’s leading captive centres; offering a domicile for self-insurance for firms. These firms are mainly located in the UK but a significant portion of the Guernsey captive industry originates from around the globe.
Apart from captives, Guernsey is also recognised as being a centre for reinsurance and insurance linked securities; offering in particular collateralised catastrophe reinsurance. Guernsey also serves ex-patriates especially for life and health insurance. Finally, Guernsey houses several local general insurance businesses serving both the local and international communities.
The investment sector in Guernsey provides a broad range of services including stock broking, investment advice and management, promotion, fund management, and administration, and custody of assets to an international clientele. There are close links with the City of London as well as institutions in the European Union, North America, Southern Africa and Asia. The Channel Islands Securities Exchange Authority Limited, providing services in both Guernsey and Jersey, is based in Guernsey. These activities, each of which requires a licence under the Protection of Investors (Bailiwick of Guernsey) Law 1987 (“the POI Law”), are regulated by the Commission.
The Guernsey authorities, including the Guernsey Financial Services Commission, are committed to meeting established international standards on anti-money laundering and combating the financing of terrorism. In this connection, both the October 2003 and the January 2011 reports from the International Monetary Fund (IMF) on its evaluations of the AML/CFT framework of the Bailiwick of Guernsey concluded that the Bailiwick has a high level of compliance with the standards set by the Financial Action Task Force (FATF).
John Dunford joined the Commission in 2009 as the Deputy Director of Insurance. He then became the Deputy Director of Banking before becoming the Deputy Director of the Commission’s newly formed Authorisations Unit from January 2015 onwards. In the Authorisations Unit he was responsible for the Online Services implementation including PQ Portal and Online Submissions Portal.
In representing the Commission in Hong Kong John brings with him both regulatory and industry financial services experience with particular emphasis on understanding new products and structures and how they might fit into the Guernsey regulatory requirements.
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Guernsey Registry provide efficient online registration and public records for Limited Liability Companies, Cell Companies, Foundations, Limited Liability Partnerships and Limited Partnerships. We are also the Intellectual Property Office for Guernsey, offering trademarks, patents, design rights, image rights and plant breeder rights.