Articles from 2022

This sanctions notice is issued to advise industry about the effect of recent changes to the UK's financial sanctions regime regarding Russia. The UK changes amend the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations). Their effect is to widen the criteria for designation under the UK regulations so that the criteria now include persons who have been involved in obtaining a...

The Commission has today issued its report on the thematic review of reinsurance and other forms of risk transfer by licensed insurers. The review was undertaken during the latter part of 2021. A copy of the thematic review can be found by clicking here . Broadly, the thematic review uncovered a number of areas of good practice, for example where some firms have high quality reinsurance contracts...

The Guernsey Financial Services Commission has issued today a consultation paper (“CP”) on Bailiwick Mind and Management in relation to the Fiduciary and Investment sectors. The CP sets out proposals to issue guidance under the Fiduciaries Law 1 and the PoI Law 2 to clarify that maintenance of local mind and management is a relevant factor in the Commission’s assessment of the prudent conduct of...

The Commission has elected Baroness Couttie as its Vice-Chairman. Philippa has held leadership roles over the past 30 years in both financial services and politics. She founded, built up and successfully sold two businesses as well as being the Chief Executive of a subsidiary of a publicly quoted company, a director of Citigroup and Leader of Westminster City Council. She sits in the House of...

Please be advised that three persons have been designated under the Myanmar (Sanctions) Regulations 2021 (the UK regulations); The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions Law). The following...

On Wednesday 26 January, the Commission reported that it had become aware of a website that had been established cloning the Commission’s own website. Since becoming aware of the matter, the Commission submitted abuse notifications to the domain registrar and the hosting provider as well as reporting the URL as malicious to the appropriate authorities. The cloned website’s domain has been taken...

The Guernsey Financial Services Commission has become aware that a website has been established cloning the Commission’s own website (The GFSREA – Guernsey Financial Services and Regulatory Enforcement Authority – www.gfsrea.org). The Commission’s website domain is www.gfsc.gg The Guernsey Financial Services and Regulatory Enforcement Authority’s website appears to closely resemble the Commission...

Date of prohibition order pursuant to section 33 of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 and prohibited functions : From 20 January 2022 until 27 August 2027: the functions of controller,* director, partner, manager, money laundering reporting officer and money laundering compliance officer. * Subject to a limited exception permitting Mr Sinclair...

On the 20th day of January 2022, the Commission imposed a discretionary financial penalty of £196,000 on Robert Archibald Gilchrist Sinclair and prohibited him from holding the position of controller,* director, partner, manager, money laundering reporting officer and money laundering compliance officer for a period of 5.6 years. The exemption set out in section 3(1)(g) of the Fiduciaries Law...