The Guernsey Financial Services Commission (GFSC) has outlined a compelling vision for a dynamic, growth-oriented future for the island’s financial services sector, shared by the Director General William Mason at a joint event hosted by STEP Guernsey and the Guernsey Association of Trustees.
In a high-level address titled “Enabling Growth – Digital and Sustainable Finance”, the Director General set out a pragmatic regulatory agenda that underscores Guernsey’s reputation as a forward-thinking and innovation-friendly jurisdiction.
The Director General emphasised Guernsey’s ambition to remain one of Europe’s most supportive jurisdictions for innovation in digital finance. He outlined plans for a consultation on regulatory changes designed to facilitate tokenisation, stablecoins and secure digital asset custody.
He encouraged firms across all financial sectors to adopt artificial intelligence to streamline operations and remain competitive internationally. To further support innovation, he announced that the Commission’s existing “soundbox” will be rebranded and expanded into a full regulatory sandbox, complemented by an enhanced concierge service to help firms bring new products and services to market efficiently.
The address also highlighted Guernsey’s global leadership in sustainable finance, noting its pioneering achievements such as the world’s first regulated green fund regime in 2018 and the innovative green insurance capital regime introduced in 2020.
It was announced that the Commission will publish new anti-greenwashing guidance to clarify how existing licensing criteria already prevent misleading sustainability claims. In addition, he outlined the updates to the Finance Sector Code of Corporate Governance to expand the current expectation for boards to consider climate-related risks, extending it to encompass broader environmental sustainability risks, including climate change and biodiversity.
Concluding on financial stability, the Director General emphasised that true long-term resilience is built on sustainable economic growth rather than attempts to eliminate all risk, warning that overly risk-averse regulatory practices can inhibit prosperity.
He said: “We have no interest in simply guarding souls waiting to cross the River Styx. We want to be the regulator of the alive, the innovating, the growing and the prospering.”
Barnaby Molloy, CEO of Guernsey Finance, welcomes this step forward for Guernsey’s regulatory landscape.
"William’s remarks reflect the qualities that distinguish Guernsey internationally: pragmatic regulation, innovation-driven policy design and a strong focus on quality and credibility. This strategy points Guernsey’s financial services industry in a direction for continued growth across both sustainable and digital finance, reinforcing Guernsey’s position as a forward-thinking international financial centre.”
