Guernsey Financial Services Commission

Why work for just one financial services company when you can work with ALL of them

Who we are

The Guernsey Financial Services Commission is the regulatory body for the finance industry in the Bailiwick of Guernsey. We seek to secure good regulatory outcomes with integrity, proportionality, and professional excellence; thereby generating confidence in the Bailiwick as a jurisdiction.

We are an independent public body funded entirely by the licensees that we regulate by charging them fees. We are accountable to the States of Guernsey which is responsible for the Bailiwick’s financial services industry and for establishing the regulatory regime. The Commission comprises of over 130 staff members from a range of disciplines and backgrounds but all sharing the aspiration to uphold standards in the Bailiwick.

What we do

The Commission supervises and regulates over 2,000 licensees from within the banking, fiduciary, insurance, and investment sectors. We do this in accordance with standards set by international bodies such as the Basel Committee for Banking Supervision, the International Association of Insurance Supervisors, the International Organization of Securities Commissions, and the Financial Action Task Force on Money Laundering.

How we do it

We use a risk based approach to the supervision of licensees which is underpinned by a system known as PRISM (Probability Risk and Impact SysteM). It is a structured system which enables us to focus our finite supervisory resources on high value, forward-looking, supervisory activities. We place a strong emphasis on the business models and governance of the most significant licensees in the Bailiwick. Our work requires our supervisors to challenge, to make judgements, and to mitigate unacceptable risks – prudential, financial crime, or conduct-related. PRISM helps us to ensure that we anticipate and address problems before they become crises. However, it is not a panacea and, therefore, licensee failures still occur.

Where we are

Our main office is based in Guernsey in St Peter Port. The Guernsey community comprises of just over 63,000 people. The island is 25 square miles, nothing is too far away and there are no long commutes. Guernsey’s reputation is one of a safe family-friendly community. We have a thriving local restaurant scene, plenty of sport and music events, nature trails and heritage events.

Graduate Development Programme

The Commission runs a Programme for graduates with an interest in financial services regulation and a flair for analysis. Our Graduate Development Programme runs for approximately 2 years, it is full-time and offers a competitive salary. It is designed to lead to a permanent Analyst role at the Commission upon completion. Successful applicants will spent time in two regulatory divisions during the programme as well as undertaking external courses and developing professionally. During the programme, graduates will undertake and learn tasks such as writing reports and letters, project research, and making recommendations as well as undertake on-site visits.

Our Values

• Integrity
• Professionalism
• Fairness and Transparency
• Responsibility
• Responsiveness
• Pragmatism
• Working together
• Developing

Learning, Training and Development

The Commission's primary objective is to regulate and supervise financial services in Guernsey with integrity and efficiency, and in so doing help to uphold the international reputation of Guernsey as a finance centre. Operating in a complex, dynamic, and unique environment, the Commission is conscious that the continuous development of its staff is of paramount importance if it is to maintain its high standard of regulation in the Guernsey finance industry.

The Commission is highly supportive of the pursuit of relevant training and professional qualifications. We provide both financial and study leave support to encourage our employees to achieve recognition for their professional expertise. It is compulsory for Graduate Analysts to complete a maths based professional qualification during their first year on the Graduate Development Programme.

We also undertake annual performance appraisals that identify, through the use of core competencies, the training needs of all staff. These training needs are then used to draw up training plans which can incorporate many forms of training and development; from internal or external courses, one-to-one coaching, conferences, project work, professional study, and divisional workshops, to secondments and management shadowing.

Continuing Professional Development (CPD) is also supported and encouraged, with employees attending courses, breakfast / lunchtime seminars, conferences, and technical updates, as well as reading widely to maintain their qualification level.

Sustainability

The Commission has developed a Sustainable Finance Approach to demonstrate its commitment to develop sustainable finance through regulatory tools and support the finance sector through transition towards a low carbon economy. The Commission recognises the importance of the COP21 Accord in Paris, which stipulates that further finance flows into green investments are consistent with pathways towards low greenhouse gas emissions and climate-resilient development. The Commission considers that both global and local financial sectors are beginning to transition towards a greener world and that the Commission should co-operatively support that process.

Key elements of the Commission’s Sustainable Finance approach are as follows:

• The Guernsey Green Fund
• The Natural Capital Fund
• A regulatory green discount for Life Insurer assets
• Inclusion of a climate change requirement with the Code of Corporate Governance
• An internal question bank for supervisors
• Purchase of a forest site out of the Commission’s own reserves
• A green pension offering for staff (13.5% take up in 2021)
• A shift of the Commission’s equity investment portfolio towards a more sustainable strategy
• Electric bikes