GAT News January 2018

Industry News January 2018

Happy New Year from GAT

With best wishes to all of our Members for a healthy and prosperous 2018.

Members are advised that we have issued our annual invoices for both corporate and personal members for 2018.  Please note that this year our membership subscription fees are £250 for corporate members and £55 for personal members.  If you have not received your invoice for 2018 please contact us at

We would also like to invite you to check your marketing and contact details in our website directory and advise us if you require any changes. You can view your details on our website here.

Annual Filings Reminder

Members are respectfully reminded that Guernsey company Annual Validations need to be submitted to the Guernsey Registry by 31 January 2018 in order to avoid penalties, together with payment of the appropriate fee.

Guernsey Finance’s annual industry update

It was a popular and successful event held at St James Concert Hall last Wednesday with more than 350 individuals in attendance.  The key message was that Guernsey’s finance industry needs to innovate, attract new business, and build on its current strengths to maintain a leading position in the world of international finance.  Guernsey Finance have summarised the messages delivered at their event, which includes quotes from Chief Executive Dominic Wheatley and Dr Andy Sloan, Acting Director of Strategy at Guernsey Finance.

Click here to download.

In addition the keynote Speaker Miles Celic, chief executive of TheCityUK noted that Guernsey is playing a key role as UK financial services prepare for Brexit, and outlined that he was particularly pleased with the ability to get feedback and input from Guernsey Finance and its members.  A summary of the points raised by Miles Celic can be downloaded here.

Annual Independent Fiscal Policy Review 2017 published

The Annual Independent Fiscal Policy Review 2017 can be downloaded below


The Policy & Resources Committee has responded to the review and their feedback can be observed here.

CI Financial Ombudsman Future Funding Structure Options

The CIFO issued its ‘Future Funding Structure Options Consultation Paper 11‘ on 5 December 2017.  The document can be found here.

GAT do not intend to submit a response in relation to the proposals set out in the paper but individual members affected should comment directly if they are affected.  Members are reminded that as noted in the Consultation Paper 11, any responses should be submitted no later than 7 February 2018.

Forthcoming Events

Guernsey Finance Map

Events Calendar

Remember to check our Events Calendar for Industry presentations and other events that may be of interest.

Guernsey Finance Map

STEP Lecture Series 2017/18

Kindly sponsored by Mourant Ozannes, details of the fourth lectures in the 2017/18 Series are listed below.

Lunchtime Lecture No. 6 will take place on 7th February 2018 at 12pm.

Alice Vink & Emily Osborne of Stephenson Harwood LLP present a summary of the proposals on the current consultation to extend the NRCGT regime. 

Book your place for Lunchtime Lecture 6 here

Evening Lecture No. 6 will take place on 8th February 2018 at 5.30pm.

Richard Bagnall-Smith, Willem de Gier & Luke Dugdale, Founder & Directors of Cadell+Co present Why regulated art advice matters to Professionals.  

Book your place for Evening Lecture 6 here

Guernsey Finance Map

GTA 2018 Courses

The GTA University Centre have the following courses which may be of interest to members;

IoD Certificate and Diploma in Company Direction

12 February 2018 – This robust and challenging accredited programme equips you with key knowledge of governance, strategy, leadership and finance, and is recognised internationally as the benchmark for directors.

To learn more and register click here

NED Development Programme

12 month board placement – The Non Executive Director (NED) Development Programme supports the development and transition of local talent wishing to become a NED. Please contact us if your organisation would like to join the programme as a partner board, or if you would like to join as an aspiring NED.

To find out more click here

STEP Professional Development Open Evening

20 February 2018 – STEP Professional Development Open Evenings allow you to explore the programmes and development pathways available, whilst providing you with a platform to network with other industry practitioners, and meet members of the CLTI/STEP team.

Register here

Sponsor News

The Year of the Lemming

Here, our Sponsors Asset Risk Consultants, reflect on the performance of private client portfolios over 2017.  This is complimented by a review of historic data using the ARC Sterling Steady Growth Private Client Index over 14 years since its inception versus the deepest drawdowns in the period.

Click on the link below to view the article.

The Year of the Lemming


Government Advice on Cyber Security

Guernsey and Jersey have issued cyber security strategies with the aim of ensuring that the islands continue to be stable and secure jurisdictions where it is attractive to do business.  Our Sponsors Alternative Solutions Limited have outlined these strategies for Members and look at best practice for securing client data.

Download the full article here

Data Security, Directors Duties and more…

Ours Sponsors Mourant Ozannes have provided some interesting reading material for us this month.

Click on the headings below to read the articles in full.

Data Security: More Reasons to Be On Your Guard – Here Sally French and Robert Shepherd consider the impact of GDPR upon businesses and the risks of holding data, and remind us of the importance of protecting against and planning for both internal and external breaches.

Directors Duties: The View from the Coal Face – In September last year Mourant Ozannes and South Square chambers hosted their fifth annual joint litigation forum in London.  This note summarises a panel discussion featuring Abel Lyall and considered some of the most pressing issues that directors currently have to deal with and how they might best deal with those.

Draft Data Protection (Bailiwick of Guernsey) Law, 2017 – Described as a watershed moment for data protection across the Bailiwick, Mourant Ozannes highlight the headline points of this draft legislation.

Don’t use an illusion when establishing trusts – advice issued by Hector Robinson QC and Andrew Peedom based on a Cayman Islands case study concerning sham trusts.

Where ignorance may not be bliss: Jersey court considers what might constitute sufficient mistake to set aside a transfer into trust – issued by Andrew Bridgeford and Roisin Hocking.

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