GFSC: Fit And Proper Guidance

The Guernsey Financial Services Commission (GFSC) has this month released updated guidance on the requirement for those holding senior positions within institutions in the banking, fiduciary, insurance and investment sectors, to be "fit and proper" persons.  While the requirement to be "fit and proper" is not a new requirement, the guidance seeks to provide clarity to individuals (and the entities that employ them) regarding the matters which the GFSC will consider when determining an individual's fitness and propriety.

This regulatory standard applies to those in or seeking to take up "prescribed positions" in Guernsey entities.  A "prescribed person" has been defined in the GFSC guidance as "director, controller, partner, manager, senior officer, significant shareholder, shareholder controller, indirect controller, general representative, beneficial owner of a financial services business, company secretary and such other positions as may be prescribed".