Guernsey: Guernsey Finance Welcomes New QROPS Code Of Practice

Guernsey Finance has welcomed the publication of a new code of practice for local QROPS providers as demonstrating the Island's commitment to excellence in pensions.

Peter Niven, Chief Executive of Guernsey Finance – the promotional agency for the Island's finance industry, announced plans to introduce a code of conduct at a Guernsey QROPS seminar in London during March 2010.

A committee of the Guernsey Association of Pension Providers (GAPP) has been working on the draft code to cover critical areas of QROPS business and an exposure draft of a new code of practice has now been released on the association's website www.gapp.gg.

Mr Niven said: "Since HMRC's introduction of a QROPS regime in 2006, Guernsey has become the leading jurisdiction for providing this product. A key reason is the security and stability that the Island offers through its proactive approach to meeting stakeholder expectations.

"Often codes of conduct are imposed on sectors so it is extremely positive that this one is coming from within the Island's finance industry. It is an ideal way of ensuring a benchmark which will in turn provide advisers and clients with enhanced confidence that we in Guernsey are working to transparent standards."

The exposure draft has been published as part of a consultation period which runs until 28^th February 2011. The draft will be reviewed in light of the comments received and it is intended that that final code will be issued by 31^st March 2011. GAPP covers the majority, if not all, Guernsey QROPS providers and the creation of the code by its members supports the existing regulatory requirements of the Guernsey Financial Services Commission (GFSC) and the Guernsey Income Tax Office.

QROPS is the stand industry acronym for Qualifying Recognised Overseas Pension Schemes.

For more information about Guernsey's finance industry please visit www.guernseyfinance.com.

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