Regulatory Alerts2025-05-13
Feedback Statement and Final Consultation on Professional Indemnity Insurance for Fiduciary and Investment Sectors
The Guernsey Financial Services Commission issued final amendments to Professional Indemnity Insurance rules for fiduciary and investment sectors following a December 2021 consultation. The changes introduce a £10 million cap on minimum cover, shift the calculation basis for investment licensees from total revenue to regulated income, and remove absolute excess restrictions while requiring licensees to assess coverage adequacy for non-regulated activities. These updates aim to modernize regulatory requirements and enhance public protection while addressing industry feedback regarding market availability and operational burdens.
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