News

Guernsey's new insolvency law and rules, due to come into force on 1 January 2023, are expected to significantly modernise the insolvency process. The new law will bring Guernsey's insolvency legislation – which historically had limited operational provisions – in line with comparable jurisdictions such as England and Wales. It remedies issues in the previous regime such as the lack of creditor oversight in a voluntary liquidation and the lack of statutory clawback provisions.

Guernsey Finance, the promotional agency for the island’s financial services industry, is pleased to announce the appointment of a new Business Development representative for the Middle East. Aaron Russell-Davison brings a wealth of industry expertise to the role, following a 30-year career in finance and banking.  Previously he has held the role of Standard Chartered Bank’s Global Head of Debt Capital Markets.

Guernsey Finance today announces the appointment of a dedicated Business Development Representative for the Insurance Sector. William Lewis has worked in the insurance market for over 44 years, where he has acquired a broad range of knowledge across the sector, including the formation of Protected Cell Companies (PCCs) and extensive interaction with the Guernsey regulator. He also has experience dealing with UK and Lloyd’s regulators, has previously been the director of a Lloyd’s members’ agent and of a Bermudan Special Purpose Insurer.

Guernsey’s captive insurance sector has been crowned European Domicile of the Year at the 2022 Captive Review European Awards. The award tops off an excellent year for Guernsey’s captive sector, which this year marked 100 years since the first captive company was established. The European Captive Review Awards recognise the top providers and professionals of captive insurance products and services in the captive insurance market.

Guernsey has been a long standing member of the United Nations Financial Centres for Sustainability network since 2018. The UN FC4S sits in within the United Nations Development Programme (UNDP) which is the largest UN agency, with offices in 170 countries, and contributes to global leadership groups such as the G20, the Coalition of Finance Ministers for Climate Action and UNDP Sustainable Finance Hub. The 2023 AGM was hosted by Casablanca Finance City and all FC4S members, including Guernsey,   met to share our individual learning from the last year and to establish how the members can work together to tackle sustainable finance issues and opportunities of the future.