Industry gets first taste of new applications portal

In the January edition of The Leopard we announced our plans to develop a new online applications and authorisations portal that will revolutionise the submission and authorisation process and make it significantly easier for people to start financial services businesses in the Bailiwick.

This month we hit an important milestone in the portal development with our first phase of industry testing.

Five representatives from industry and the legal sector have signed up to initially use the new system and provide feedback as part of the alpha release of the portal, ahead of a beta release early in 2025.

Initial feedback from industry during the year has been positive, with industry sessions in July providing useful feedback which we have fed into the development. Attendees at Finovation: The Guernsey Edge in September saw a preview of the portal. If you missed it, you can watch a recording of the session.

Currently, applicants must download the relevant word version of an application form from our website, before completing it, signing it, and emailing it with attachments to the Commission for assessment. The new portal streamlines the process, bringing both the applications and the authorisations process online.  Once it is fully operational, this will bring many benefits for industry including:

• enabling applicants to complete and submit their application online, with guardrails in place to improve the quality and completeness of applications before they are submitted;
• supporting online collaboration and communication throughout the application process – both between parties drafting the application prior to submission and with the Commission post-submission;
• storing all documents and correspondence in one, secure place with the ability to download the application, supporting documentation and communications together; and
• reducing manual processes for Commission staff so they can focus on reviewing and assessing applications.

In addition, moving from an email-based process to an online portal means an increasingly secure environment for applicants as all communication can be carried out through the portal reducing the possibility of phishing attacks or sensitive information going astray.  Information on the progress of the application will be improved for all applicants and their supporters who will be able to look at the portal and check progress in real time.

The portal has been developed with the future in mind – we know that business needs may change over time, and the modular style design will ensure we can adapt the portal and applications forms as required.  

While the process for applications and authorisations will change, the risk-based approach to assessing applications will remain the same. Commission staff will also still be at the end of the telephone for any enquiries, and we are happy to talk to those who want to discuss innovative structures or prospective applications. We always recommend speaking to us at an early stage so we can work with you to see how the Bailiwick’s regulatory framework might most efficaciously interact with the business you wish to conduct.

Following industry testing, we plan to launch a small number of the most commonly used application types, including fast track funds and change control request forms, in 2025.

In the meantime, if you have any questions about this new development or would like to speak to our team about a prospective application, please email authorisations@gfsc.gg


Alison Gavey and Caroline Bradley
Co-Directors of Authorisations and Innovation

Finovation – leveraging Guernsey’s unique edge 

Guernsey’s financial services sector could leverage its unique position to harness technology in driving growth and improving efficiency. That was one of the takeaway messages from Finovation: The Guernsey Edge conference in September.

Speakers at the conference, jointly hosted by Guernsey Financial Services Commission and Guernsey Finance, discussed the opportunities and risks presented to the financial services sector by developments in AI and technology. 

Opening the conference on 11 September, our Director General, William Mason, told the 350-strong audience: "For Guernsey to keep its place as a leading international finance centre, we must be both open to technology and we must also be inquiring - understanding the limitations and risks associated with it." He further added: "At the Commission we do not start with the mindset that the status quo is perfect. Technology can help people both grow their businesses more profitably and deliver better outcomes for clients."

This sentiment continued throughout the day with local and international speakers sharing insights on, among other things, digital money, what quantum computing could mean for the finance industry, cyber security preparedness, and the Commission’s new applications and authorisations portal.

The day reflected the Commission’s position, as outlined in the approach to tokenisation policy statement we published in May,  which is to encourage technology that enhances services to investors and increases efficiency and effectiveness of operations in the Bailiwick. Firms or businesses looking to understand how the regulatory framework might apply to a new technology or service are encouraged to get in touch with us using the Innovation Soundbox.

Speaking after the conference, Co-Director of Authorisations and Innovation, Alison Gavey, said: “We are open to good business, and welcome conversations with those who want to discuss new or innovative financial services businesses.

“In 2023, we received 629 applications, and while not reflective of a typical year due to the implementation of the Lending, Credit and Finance regime, we approved 97% of them, including the first virtual asset service provider, or VASP, in the Bailiwick. The small number that were not approved were either withdrawn or not taken forward by the applicant.”

More information about the conference, including recordings from the day, can be found on our website.

Event for prospective States' deputies 

 
Are you thinking of standing in the 2025 General Election or do you know someone who is? The Guernsey Financial Services Commission, Guernsey Finance and GIBA are organising an introduction to the finance sector for prospective deputies session on Tuesday 4 March 2025 from 12.30pm – 1.30pm.

The session will explore the nature of Guernsey’s International Finance Centre and what helps it work whilst offering a few, hopefully not too partial, thoughts about how the private sector, the Commission and Guernsey Finance all contribute to maintaining a supportive eco-system. There will also be an opportunity for questions. Finance is the main business of the island with the taxes it pays allowing Guernsey to provide many public services which would otherwise be unaffordable.  

Please look out for more information in the coming months and encourage friends and relations thinking about standing to come along.

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Guernsey Financial Services Commission, Glategny Court, Glategny Esplanade, St Peter Port, Guernsey, GY1 3HQ

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