Regulations on the way for non-regulated finance sector

The Guernsey Financial Services Commission has been involved in a review of the NRFSB for the past two years.

About 40 local firms are registered with the commission under the title, primarily for anti-money laundering and counter financing of terrorism purposes, but they are not licensed or kept under particular scrutiny.

The GFSC admits the classification 'is unlike other areas supervised or regulated by the commission'.

The review of the sector, its regulations and how laws keep pace with fintech developments has followed the commission's revision of laws project and the progress made to date will be reported at a seminar on Monday afternoon specifically for NRFSB.

So far about 70 people are signed up to attend.

Gillian Browning, pictured, director of the fiduciary supervision policy and innovations division at the commission, said the meeting was organised, in part, because NRFSB firms do not have an industry representative body.

'So we have decided to organise a seminar so that views can be shared,' she said.

'NRFSBs can attend the annual industry seminars, and many do, but the difference here is the subject matter is specific to their categories of business.'