Industry views sought on new financial advice standards
Monday 30th September 2013, 10:00AM BST.
INDUSTRY is being consulted about the implementation of new Guernsey Financial Advice Standards.
The Guernsey Financial Services Commission, which has been asked to run the project by the Commerce and Employment Department, has issued a consultation paper.
The Guernsey-specific move follows the UK’s Retail Distribution Review, implemented in January, which has introduced new standards of professional qualification and transparency around sales commissions for those selling financial products.
Jersey has already committed to following a similar approach to the RDR from next year. The Guernsey approach, due to start in 2015, is seen as an ‘RDR lite’ approach, and plans not to follow all the UK requirements.
‘Both the commission and the Commerce and Employment Department believe that the introduction of Gfas will both protect and enhance Guernsey’s reputation as a leading international financial centre, as well as providing better value service from more professional advisers and a more transparent fee structure – all of which should benefit consumers,’ said Jeremy Quick, the commission’s director of banking and insurance supervision and policy division.
Carl Rosumek, pictured, director of the investment supervision and policy division at the commission, added: ‘The implementation of Gfas is intended to increase professional standards, make adviser charging more transparent and reduce potential conflicts of interest.