Guernsey

Subsidiaries safe in the island, says GFSC

Guernsey Financial Services Commission (GFSC) has said no more financial businesses are expected to be affected by a change in UK regulation.

The comment came after building society Yorkshire Guernsey announced it would cease operating in the Bailiwick.

Changes to offshore finance regulation in 2010 were blamed for the closure, which affected 14 staff.

GFSC said other subsidiaries in the island should avoid problems as they employed different business models.

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