Review into Guernsey's banking sector under way
A proposal is expected to be published in 2024
At a glance
A review into Guernsey's banking sector is under way
The Committee for Economic Development is looking into how the States can make it easier for islanders to get a credit card and the difficulties of opening bank accounts
Deputy Neil Inder says there has been a "deteriorating situation in relation to the provision of credit card services to local residents"
- Published
A review into how the States can make it easier for islanders to get a credit card in Guernsey is under way.
The Committee for Economic Development said it was reviewing the island’s banking sector.
It will look into reported difficulties islanders and local financial service businesses have experienced when trying to open a bank account.
Committee president Deputy Neil Inder told the States it was its “top priority” for the 2024 term.
Mr Inder said: "There is no silver bullet capable of addressing the issue in respect of domestic credit card provision."
He added that there had been a "deteriorating situation in relation to the provision of credit card services to local residents".
The review will also look at how some customers have found the process of opening a bank account time consuming.
Mr Inder said some credit rating agencies had experienced difficulties getting access to Guernsey’s electronic electoral roll data.
He said after a meeting with the Committee for Home Affairs, which runs the island’s electoral roll, the intention was to mirror the situation in the UK whereby the credit reference agencies can access domestic electoral roll data within an “agreed legislative framework".
A proposal is expected to be published in 2024.
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