Guernsey Finance

Legal, accounting, tax, audit and actuarial specialists operate either from within financial services businesses or independent providers. There is substantial international expertise and indeed, often the firms are multi jurisdictional, facilitating new business through their global structures.

Guernsey plays host to more than 650 qualified accountants who operate in the 35 practicing firms that have a physical presence on the Island and include the 'big four'. Accountants on the Island are represented by the Guernsey Society of Chartered and Certified Accountants (GSCCA).

Accounting and auditing activity in Guernsey is normally carried out in accordance with standards issued by the respective Standards Boards of the United Kingdom. However it is possible for other recognised standards to be used.

There are currently 16 firms in Guernsey providing legal services.

Only Advocates of the Royal Court of Guernsey, Guernsey qualified lawyers, have rights of audience in the Courts of Guernsey. They are represented by the Guernsey Bar Council and currently number 130. However, that does not prevent those qualified elsewhere from working in the Island and there are at the moment 72 such lawyers in Guernsey.

The legal heritage of Guernsey is unique and is a feature of the Island's independence. The roots of Guernsey's jurisprudence can be found in Norman law. Modern day law and practice relating to land and succession in particular reflects the Island's Norman past. However, the strong influence of English common law can be seen in matters of commerce and particularly in relation to the financial services sector. Statutory law passed by Guernsey's parliament, the States of Deliberation, and approved by Her Majesty in Council remains the primary source of law.

Actuaries in Guernsey are generally members of the recognised actuarial bodies in the United Kingdom. They provide a wide range of financial advice, particularly in relation to pension schemes and insurance companies, both locally and internationally based. Actuaries are also employed as in house advisers to businesses within the financial services sector.

Actuaries on the Island are represented by the Channel Islands Actuarial Society.