Much has been written about the usefulness and flexibility of Guernsey protected cell companies ("PCCs"), particularly for investment fund vehicles. It is well known that a standard non-cellular Guernsey company can, with the consent of the Guernsey Financial Services Commission ("GFSC"), be converted into a PCC. This is a well trodden path for investment fund companies that belatedly decide to create different sub-fund options for one reason or another.