GAT Newsletter September 2019

GAT Industry News

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Consultation Papers on Proposals to Create a Single Fiduciary Handbook and Revise Pension Rules

The Guernsey Financial Services Commission has issued two Consultation Papers seeking feedback from interested parties on potential changes to the regulatory framework under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the "Fiduciaries Law") with the objective of ensuring that the regime continues to be both compliant with international standards and appropriate for the Guernsey market.

The Consultation Papers, which are each accompanied by proposed draft rules, make detailed proposals for the revision and consolidation of elements of the policy framework underlying the Fiduciaries Law, specifically:

  1. The reframing of Codes of Practice as a single Fiduciary Handbook, in line with the GIFCS Standard simplifying the rules framework from six separate documents into one, including consolidation of the conduct of business elements of the existing Pension Rules within this new single Fiduciary Rulebook; and
  2. Revision of the current Pension Rules to reflect industry feedback.

The Consultation Paper on the Fiduciary Handbook (view here) is relevant to all licensed Fiduciaries, including pension providers.

The Consultation Paper on revised Pension Rules (view here) is primarily of relevance to licensed pension providers, who should consider these separate proposals in addition to the proposals in the Fiduciary Handbook Consultation Paper.

The Consultation Papers may also be of relevance to other industry participants, service providers and other interested parties.

The Consultation Papers and relevant draft rules/legislation can be found at the following page on the Commission's website under 'Consultations':

https://www.gfsc.gg/industry-sectors/fiduciary/legislation-and-guidance

The Technical Committee would like to invite members to email them with your feedback on these papers, by 21st October 2019 to allow time for the committee to consider these points and make a response prior to the submission deadline.  


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Good relations with crown dependencies continue

"The UK Government is unambiguous in supporting the constitutional position that the UK Parliament should not legislate on your behalf on these matters without your consent."

Boris Johnson - Prime Minister

Prime Minister Boris Johnson has written to Guernsey's Chief Minister, Deputy Gavin St Pier, affirming the close working relationship on Brexit and the Island's constitutional position.

Deputy St Pier said: "I welcome this further reassurance that the UK government will take our interests into account at this time of great uncertainty for the UK. I agree fully with Mr Johnson's view that we have a strong and close working relationship with the UK Government and I am equally keen to strengthen that relationship in the future. We will continue, as we have always done, our cross party and cross parliamentary engagement so that we are best placed to work with whoever constitutes the UK government at any time."

"While we have been clear that the UK Parliament cannot legislate for Guernsey without our consent, it is very welcome and gives clarity to see the Prime Minister, in his own words, unambiguously agrees with our position. I am unsurprised but pleased that the Prime Minister has provided the same reaffirmation as his predecessor."

Deputy St Pier has advised that he will be seeking to make a Statement at the next States' meeting to update (to the extent possible) on political developments in the UK in relation to Brexit as they may impact Guernsey, including our constitutional resilience.

Letter from 10 Downing Street
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Minister for External Affairs visits Brussels

The Minister for External Affairs of Guernsey, Deputy Jonathan Le Tocq, and the Minister for External Relations of Jersey, Senator Ian Gorst, visited Brussels on 17-18 September.

Their programme, arranged by the Channel Islands Brussels Office, included meetings with the Permanent Representatives (Ambassadors) to the EU of Croatia, Hungary, Lithuania, Portugal and Sweden; senior officials from the Permanent Representations to the EU of the Czech Republic and the UK; the chief of staff of EU Commissioner Sir Julian King; the Ambassador of Monaco to the EU; and the head of the Normandy Brussels Office.

The visit formed part of the regular political level engagement by the Channel Islands with the EU Institutions.

Read more
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GIBA News Roundup

GAT are proud members of GIBA, representing the financial services industry in Guernsey.  GIBA News and media statements are posted here. 

Guernsey Business groups call for an extension to States consultation - GIBA Statement

Don't forget to follow GIBA on LinkedIn


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Summary minutes

Please find below a link to the summary minutes for August's meeting of GIBA Council.

GIBA Summary Minutes August 2019


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Events Calendar

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

Forthcoming Events


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STEP Lecture Series 

The 2019/20 STEP Lunchtime Lecture Series currently operates two lectures per month from September - June.

STEP Guernsey are grateful to Lecture Series sponsor Ogier, for supporting another year of our popular lunchtime lectures.

Keep up to date with lectures by signing up to the STEP Guernsey mailing list - you can sign up here - www.stepguernsey.org

You can find details of the upcoming lectures below.



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STEP Lunchtime Lecture Number 3

Monday 7th October 2019

The Dorey Room, St James, 1.00pm

"Innovative ways of attacking trustees in Hong Kong – lessons for trustees and their advisers" presented by Gareth Keillor & Richard Norridge - Herbert Smith Freehills LLP

Presentation summary:

Hong Kong has seen two cases recently in which disgruntled beneficiaries have tried novel approaches to suing their trustees – one successfully, one not.

This presentation will discuss the cases and their implications for trustees in Guernsey, Hong Kong and further afield.

Book now
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Employee Engagement STEP EPP Event for Trust Practitioners/HR Professionals

Thursday 17th October 2019

The Conservatory, Moores Hotel, 12.00pm

This STEP Employer Partnership Programme (“EPP”) Employee Engagement event will be educating you on the broad theme of Employee Engagement and how to not only understand it, but also put new ideas in practice.

Janine Mayor will take you through some key points on employee engagement and how to best introduce it within your organisation. The event also provides an opportunity to network with like-minded individuals from the Employer Partner community and beyond.

Employee engagement is a hot topic in our industry, each of us having our own interpretation of its meaning.

Janine will take you through what employee engagement means to her company, Nedbank Private Wealth International.

This includes: -

• What employee engagement actually means

• How employee engagement links to day to day working

The event focus has been designed to enable practitioners to update their knowledge of employee engagement, and to hear first-hand accounts of what methods have been introduced, and how they have worked.

Book now
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Share schemes and trustees seminar – November 8th

If employee share schemes and trusteeship matter to you, it is now more important than ever to stay informed, especially given recent developments. Even if the world turns upside down in the meantime, you may be sure our speakers will adapt to the challenge. Our seminars offer expert views and the pleasure of continuing education, along with opportunities to discuss and network.

This year's Esop Institute/STEP Guernsey share schemes and trustees' seminar will be on Friday November 8 at the Old Government House hotel, St Peter Port.

Our speakers - from CMS, David Craddock Consultancy Services, Haines Watts, Pett Franklin and Zedra - will shed light on the key issues currently facing trustees and employee share scheme professionals.

Prices: 
Esop Centre/STEP members: £375 
Non-members: £480

Reserve your place by emailing events@hurlstons.com or calling 020 7239 4971


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Guernsey Finance BD Update 2019

What is Guernsey Finance doing across the world? We invite our Guernsey-based stakeholders to join us for an update from our business development team, covering China, Asia, the Middle East, US and closer to home in London.

This event takes place at The Old Government House Hotel.

If you have any questions about this event please contact Cara.


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GTA Courses & Events

Members may be interested in the following courses and events taking place in October:

Regulatory Inspections – Pitfalls and Preparations

Join us for the next session on our popular Compliance CPD series to hear Sharon Alvarez give an overview of the practical aspects of preparing for regulation inspections. The potential risks to a firm and the preparations you can take to ensure you are ready. 

Cost: £45

Date: 10 October 2019

Venue: GTA University Centre

Times: 12.30 to 13.30

Further details and registration here.


Introduction to Compliance

This half day course is designed for participants wishing to learn about compliance.  Details provided in this course will provide participants with the knowledge of regulatory compliance within the financial services industry and an understanding of the responsibilities of the compliance officer function.

Cost: £195

Date: 17 October 2019

Venue: GTA University Centre

Times: 09.00 to 12.30

Further details and registration here.


 Effective Business Writing

Attend this course to develop your skills across a range of written business communications.  Learn how to practice clarity in communication at all levels. Consider a range of documents produced in a business environment including reports, emails and memorandums whilst picking up some valuable guidance and tips on best practice.

Cost: £195

Date: 21 October 2019

Venue: GTA University Centre

Times: 09.00 to 12.30

Further details and registration here.


First Time Manager - Advanced

This one day course is aimed at those with approximately one year of experience of managing a team and will explore the key skills needed to engage, focus and develop teams.  Provides an ideal follow on for those who have previously attended our popular First Time Manager course.

Cost: £275

Date: 25 October 2019

Venue: GTA University Centre

Times: 09.00 to 16.45

Further details and registration here.


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BPP Guernsey Events

BPP would like to offer GAT members a 10% discount on the following Guernsey based events:-

4th Annual Compliance & Economic Crime Symposium - 12 November 2019

The definitive compliance and financial crime prevention event of the year,

The universe of financial crime continues to expand. The 4th Annual Financial Crime Prevention Symposium explores some of the key issues facing Guernsey’s financial services industry.

More details and/or to book  

8th Annual Business and Finance Conference - 10th December 2019

BPP’s 8th Annual Business and Finance Conference is aimed at accountants and finance professionals across a range of industries, providing a variety of relevant updates from industry experts to help meet your continuing professional development needs.

More details and/or to book


Sponsor News



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We would like to give  thanks to our Sponsors for their support.

  • Alternative Solutions Limited
  • Carey Olsen
  • KPMG
  • Walkers (Guernsey) LLP
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Create a Digital Workforce to Compliment your Employees

According to analyst Cognizant, employees spend 22% of their time on repetitive tasks. When it comes to reviewing and inputting data—and copying and pasting between internal and external systems such as websites, portals and enterprise and desktop applications—much of that work can be automated. But most of it isn’t. Cognizant estimates that organisations automate just 25-40% of their workflows. Some analysts state that half of all automation opportunities are being missed.

Read more
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Cyber security –The third party risk assessment

You and your business may have cracked cyber security or be well on the way...
But how good is the cyber security of your suppliers? Ask yourself how well you know the cyber and data protection measures of companies you do business with? How alert are these when it comes to spotting cyber risks?

Download Briefing
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After Brexit - solving the border problem in a data driven world

It is 7am on 1 November 2019. A notification flashes on your mobile: 'Brexit delivered'. Despite years of political posturing, neither the United Kingdom nor the European Union could agree on a plausible deal. You need coffee.

[Sometime later …]
Read on
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Beddoe applications: What happens if a trustee forgets to apply?

The Grand Court of the Cayman Islands and the High Court in England and Wales have recently considered two unusual applications for Beddoe relief respectively: an application by a trustee for retrospective Beddoe relief after the conclusion of proceedings, and an application for a trustee for Beddoe relief in respect of bringing an appeal in the Supreme Court of England and Wales.

In the following article we consider the former which was considered in In the matter of the Stingray Trust (Grand Court, Cayman Islands) in September 2018 (it being well established that while decisions of the Cayman and English Courts will not be not binding in Guernsey the Royal Court may look to them for guidance in the absence of Guernsey precedent).

Read article

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