Engagement over new consumer credit regulations continues

Tuesday 26 October 2021

The GFSC has launched a survey on consumer credit and home finance for businesses involved in the sector.

The survey will be issued alongside a series of meetings for the industry.

This follows the approval earlier in the year by the States of Guernsey for proposals from Economic Development and Policy & Resources for a new law requiring businesses which provide credit, lending or finance, or act as finance brokers to be licensed by the Guernsey Financial Services Commission. 

The survey will be available to complete on the GFSC website.  

Breakfast meetings for firms providing credit, lending and home finance will be held on the mornings of the 10 and 11 November. 

“We have been busy talking to industry to understand the issues and work out how best to put in place the regulatory framework and safeguards for consumers in line with the States’ requirements” said Jeremy Quick, Director of the Banking and Insurance Division. 

“Over recent months we have held more than 50 informal meetings with lenders, brokers, retailers and consumer organisations and advisors.” 

“There is a real recognition of the importance of protecting consumers, and that this is an area where Guernsey is stepping up its game for the benefit of all.

“As well as the questionnaire which we are asking businesses to complete, there will be a series of breakfast meetings in early November which we encourage businesses to attend to find out more and ask questions of the Commission.”