Guernsey pension and financial services industry executives issued statements today expressing confidence that a pending shake-up of the way Qualifying Recognised Overseas Pension Schemes are regulated by the UK will not harm the island’s QROPS industry.
Guernsey chief minister Lyndon Trott told a States Assembly meeting this morning that the government welcomed a formal review of the islands zero-10 corporate tax regime by the EU Code of Conduct Group, which he said would now take place.
ECOFIN is expected today to formally adopt recommendations made to it by the EU’s Code of Conduct Group on Business Taxation, on the recently-revised zero-10 tax regimes of Jersey and the Isle of Man.
Credit ratings agency Standard & Poors has downgraded Guernsey and the Isle of Man from AAA to AA+, outlook stable, owing to concerns over their external vulnerability and lack of monetary flexibility.
Spokesmen for depositors who lost money in the collapse of Guernseys Landsbanki and the Isle of Mans Kaupthing Singer & Friedlander subsidiaries said they were disappointed by a decision on Friday by an Icelandic court, which will ensure some other losers in the collapse of Icelands major banks will get back most of their money…
Royal Skandia and Concept Group have created a QROPS with a fee structure aimed at clients with transfer values of less than £75,000.
Guernsey will make a full decision about its corporate tax regime early in 2012, according to deputy Lyndon Trott, the chief minister.
Metlife has announced further details of its initial offering for the Jersey market.
Guernsey-based pension provider Carey Group has appointed Tim Bush as its new executive director.
The value of deposits held in Guernseys banks rose 1.7% in the first three months of 2011.
Bank deposits held in Guernsey fell by £2.9bn to £113.9bn over the 12 months ending 30 June.
Yorkshire Building Society is to wind down its Yorkshire Guernsey Ltd subsidiary, the company said
