Regulatory Alerts2025-05-08
Equity Release - Consultation on Amendments to the Lending, Credit and Finance Rules and Guidance (December 2024)
The Guernsey Financial Services Commission has issued a consolidated regulatory framework requiring all credit, finance, and virtual asset service providers in the Bailiwick of Guernsey to adhere to strict corporate governance, conduct, and prudential standards. The rules mandate board residency, audited financial reporting, comprehensive conflict of interest policies, and enhanced consumer protections for vulnerable clients and those facing payment difficulties. A specialized equity release regime is established, enforcing minimum customer age limits, banning excessive charges and cold calls, mandating independent legal advice, and codifying fair treatment through a mandatory Code of Practice.
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