The Guernsey Financial Services Commission has published its 2024 Annual Report and Financial Statements.
In the report, the Commission discusses: its preparations for, and the positive outcome of, the Bailiwick’s MONEYVAL inspection and what this means for supervision; its continued development of digital technology to enhance performance and streamline processes for industry, including its new Applications and Authorisations Portal; policy developments with a focus of ease of use and simplification; and becoming a signatory to the International Organization of Securities Commissions (IOSCO) Enhanced Multilateral Memorandum of Understanding (EMMoU).
A key focus for the Commission in 2024 was the Bailiwick’s MONEYVAL evaluation, with the onsite inspection taking place in April 2024. The Commission worked closely with other authorities and industry in the lead up to, during and after the onsite inspection, resulting in a positive result for the Bailiwick. This included co-hosting with the States of Guernsey, well-attended presentations on the Bailiwick’s second money laundering and terrorist financing national risk assessment and its first proliferation financing assessment, and the legal persons and legal arrangements national risk assessment held in January 2024 and April 2024 respectively.
The Commission’s focus on enhancing performance and streamlining processes through digital technology continued throughout 2024, with the alpha release of the Commission’s innovative Applications and Authorisations Portal (A&A Portal) in November 2024, following a year of extensive development, and establishment of a Technology Supervision Unit and Technology Innovation Unit. The alpha release of the A&A Portal saw a number of representatives from industry and the legal sector test and provide feedback on the system ahead of the successful Beta release in April 2025. The A&A Portal has been designed to
streamline the applications process, enabling online collaboration and communication between parties drafting an application prior to submission, and with the Commission post submission, making it easier to do business in the Bailiwick.
Reflecting on the year and the report, the Commission’s Director General, William Mason (pictured) said: “Guernsey’s finance industry remained strong in 2024 despite continued geopolitical instability. Our overriding priority was the MONEYVAL evaluation, with the result affirming the Bailiwick’s robust approach to combatting money laundering, terrorist financing and proliferation financing. Our policy development and technology work focused on process simplification and ease of use. This included consulting on plans to simplify, standardise and provide enhanced clarity to the Prospectus Rules, and revisions to the pensions regime to broaden the range of Guernsey structures available to Pension Service Providers.”
Commission Chairman, John Aspden, added: “I was delighted to be appointed Chairman in July. We continue to work to advance Guernsey’s reputation as a stable, business-friendly and well-regulated jurisdiction of choice.”
