In September 2013 the Commission established a dedicated Division to focus on enforcement matters.
On 1 November 2021, the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (the “Enforcement Powers Law”) came into force.
The Commission's use of its enforcement powers is an important component in the delivery of its regulatory objectives which are:
- To provide effective supervision of the financial services sector.
- To make recommendations to the States on schemes for the statutory regulation of finance business.
- To counter financial crime and the financing of terrorism.
- To maintain confidence in the Bailiwick's financial services sector.
- To ensure the safety, soundness and integrity of the Bailiwick's financial services sector.
In addition to the above, the Financial Services Commission (Bailiwick of Guernsey) Law, 1987 provides that the exercise of the general functions of the Commission includes the protection of the public and the protection and enhancement of the reputation of the Bailiwick as a financial services centre.
In delivering its statutory objectives the Commission is committed to a fair, proportionate, consistent and responsive use of its enforcement powers, to achieve effective outcomes. Furthermore, by publication of enforcement outcomes the Commission can effectively raise awareness of regulatory standards, and demonstrate its commitment to regulation in accordance with agreed international standards, thereby helping the Bailiwick's firms to access third country markets which require adherence to international standards.
Enforcement in this context includes all the means available to the Commission to achieve compliance with the regulatory regimes for which it is responsible.