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Guernsey Qrops providers to establish code of conduct

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Guernsey’s Qualified recognised overseas pension scheme providers are banding together to create a code of conduct to help prevent unscrupulous providers set up the island. 

The code of conduct which is expected to be in place by June will be led by a technical committee formed of service providers, the Guernsey Financial Services Commission and both legal and accounting professionals.

Speaking yesterday at a Guernsey Finance Qrops masterclass held in London, Guernsey Finance CEO Peter Niven said: “This is not a Guernsey Finance intitiative but it is an important part of Qrops going forward.  The code of conduct will have to be a flexible and living document which will be amended as other issues arise but at least it will be there and available on each provider’s website for clients to see what conduct we expect.” 

One of the committee members Close head of marketing Rex Cowley says: “Whilst this code of conduct will not be enforceable by law, it will ensure that IFAs who are dealing with Guernsey Qrops providers will get comfrort from providers that clearly demonstrate they adhere to the code and those that don’t.” 

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Readers' comments (2)

  • We place regular QROPS business with Guernsey providers. Nearly all are consistent and helpful.

    The code of conduct should extend this acrosss the board and we hope eliminate certain issues we have encountered with one or two providers who seem intent on creating obstacles where none should exist.

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  • Any one recommend trustees in Guernsey who are not ripping clients off for 1200 pound a year-for 1. opening a bank account 2. sending them an annual investment statement (which a client could easily access over the internet 24/7)?

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