Guernsey Financial Services Commission |

The Guernsey Financial Services Commission is the regulatory body for the finance industry in the Bailiwick of Guernsey. We seek to secure good regulatory outcomes with integrity, proportionality, and professional excellence; thereby generating confidence in the Bailiwick as a jurisdiction.

We are an independent public body funded entirely by the licensees that we regulate by charging them fees. We are accountable to the States of Guernsey which is responsible for the Bailiwick’s financial services industry and for establishing the regulatory regime. The Commission comprises of over 130 staff members from a range of disciplines and backgrounds but all sharing the aspiration to uphold standards in the Bailiwick.

The Commission supervises and regulates over 2,000 licensees from within the banking, fiduciary, insurance, and investment sectors. We do this in accordance with standards set by international bodies such as the Basel Committee for Banking Supervision, the International Association of Insurance Supervisors, the International Organization of Securities Commissions, and the Financial Action Task Force on Money Laundering.

We use a risk based approach to the supervision of licensees which is underpinned by a system known as PRISM (Probability Risk and Impact SysteM). It is a structured system which enables us to focus our finite supervisory resources on high value, forward-looking, supervisory activities. We place a strong emphasis on the business models and governance of the most significant licensees in the Bailiwick. Our work requires our supervisors to challenge, to make judgements, and to mitigate unacceptable risks – prudential, financial crime, or conduct-related. PRISM helps us to ensure that we anticipate and address problems before they become crises. However, it is not a panacea and, therefore, licensee failures still occur.

Our main office is based in Guernsey in St Peter Port. The Guernsey community comprises of just over 63,000 people. The island is 25 square miles, nothing is too far away and there are no long commutes. Guernsey’s reputation is one of a safe family-friendly community. We have a thriving local restaurant scene, plenty of sport and music events, nature trails and heritage events.

Our Values

• Integrity
• Professionalism
• Fairness and Transparency
• Responsibility
• Responsiveness
• Pragmatism
• Working together
• Developing

The Commission's primary objective is to regulate and supervise financial services in Guernsey with integrity and efficiency, and in so doing help to uphold the international reputation of Guernsey as a finance centre. Operating in a complex, dynamic, and unique environment, the Commission is conscious that the continuous development of its staff is of paramount importance if it is to maintain its high standard of regulation in the Guernsey finance industry.

The Commission is highly supportive of the pursuit of relevant training and professional qualifications. We provide both financial and study leave support to encourage our employees to achieve recognition for their professional expertise. It is compulsory for Graduate Analysts to complete a maths based professional qualification during their first year on the Graduate Development Programme.

We also undertake annual performance appraisals that identify, through the use of core competencies, the training needs of all staff. These training needs are then used to draw up training plans which can incorporate many forms of training and development; from internal or external courses, one-to-one coaching, conferences, project work, professional study, and divisional workshops, to secondments and management shadowing.

Continuing Professional Development (CPD) is also supported and encouraged, with employees attending courses, breakfast / lunchtime seminars, conferences, and technical updates, as well as reading widely to maintain their qualification level.

The following benefits are available to Graduate Analysts at the Commission.

• 25 days annual leave + bank holidays
• Paid study leave for professional qualifications
• Relocation allowance
• Monthly rent allowance to support with living costs
• 12% employer pension contributions (on basic monthly salary)
• Mentoring scheme
• Wellbeing scheme
• 9 day fortnight scheme (condense 10 days of working hours into 9 days to have the 10th day off)
• Flexitime system (flex your start and finish time around our core hours of 10am-4pm)
• Overtime / time off in lieu
• Private medical insurance
• Professional subscriptions
• Sports and Social events
• Life insurance
• Corporate gym membership rates
• Performance based bonus scheme

The Commission has developed a Sustainable Finance Approach to demonstrate its commitment to develop sustainable finance through regulatory tools and support the finance sector through transition towards a low carbon economy. The Commission recognises the importance of the COP21 Accord in Paris, which stipulates that further finance flows into green investments are consistent with pathways towards low greenhouse gas emissions and climate-resilient development. The Commission considers that both global and local financial sectors are beginning to transition towards a greener world and that the Commission should co-operatively support that process.

Key elements of the Commission’s Sustainable Finance approach are as follows:

• The Guernsey Green Fund
• The Natural Capital Fund
• A regulatory green discount for Life Insurer assets
• Inclusion of a climate change requirement with the Code of Corporate Governance
• An internal question bank for supervisors
• Purchase of a forest site out of the Commission’s own reserves
• A green pension offering for staff (13.5% take up in 2021)
• A shift of the Commission’s equity investment portfolio towards a more sustainable strategy
• Electric bikes

How to apply and what to expect

To apply for a space on our Graduate Development Programme and start your career in financial regulation, please email your CV with a covering letter to our HR team.

A member of our HR team will respond to your application and inform you when shortlisting will be conducted.

If your application is shortlisted the first stage is an interview with the HR team to assess your strengths, motivations, knowledge about risks in financial services and interest in relocating to Guernsey. If shortlisted to the second stage, a technical interview is conducted in Guernsey with two Deputy Directors from supervisory Divisions. A hiring decision is made shortly after.

Requesting reasonable adjustments

The recruitment process at the Commission includes various stages and activities, for example, written submissions and interviews. These are designed to assess whether you meet the requirements of the job or job level. We are committed to supporting candidates who may need an adjustment at any stage of the recruitment process.

To request a reasonable adjustment as part of the recruitment process, please email HR and provide the following:

• Details of the position you are applying for
• The reason you need an adjustment
• Possible adjustments which could help
• Examples of any adjustments you have had previously (if any).

A member of the HR team will contact you to discuss your request and confirm the type of adjustment(s) available.

We can also discuss ongoing adjustments in the workplace if you are successful in your application and before you start work.