The Guernsey Financial Services Commission (the Commission) is increasing its capacity to undertake professional and efficient enforcement action.
The appointment of Simon Gaudion to the newly created post of Director of Enforcement, and the establishment of a dedicated Enforcement Division, will further enhance the Commission’s ability to undertake proportionate and efficient enforcement action.
“The Commission does not seek to be an enforcement-led regulator but, in the same way that the police require powers of arrest and a capability to make arrests, the Commission requires an effective enforcement capability if it is to be able to deter wrongdoing and poor practice – thereby keeping Guernsey’s financial sector safe,” said William Mason, the Commission’s Acting Director General.
“If the Commission was not able to take enforcement action, financial services firms and their employees would be undercut and disadvantaged by those with a cavalier attitude to the rules. Those firms who wish to comply fully with appropriate standards might then be forced to reduce their own high standards - to the detriment of their clients and all in Guernsey who depend upon them - in order to compete with those breaking the rules. Thus, good quality well-targeted enforcement is something which is important for Guernsey’s wellbeing.”
Mr Gaudion, previously Senior Investigation Officer – Financial Intelligence Service at the Guernsey Border Agency, has decades of experience fighting financial criminals. He will now lead the Commission’s enforcement activity.
Mr Gaudion said, "I look forward to working for the Commission and ensuring that the considerable international reputation it has built, through its historically high standards of regulation, is maintained. I hope that my 30 years in law enforcement and my interaction with industry to date will enable me to ensure that enforcement activities carried out on behalf of the Commission are dealt with properly and fairly across all sectors."
Mr Mason said, “The Vice Chairman and I were impressed by the large number of strong candidates who applied from different walks of life. We would like to thank all of them for their interest and the enthusiasm they showed for our work. We were delighted to be able to select a local candidate with a strong track record of fighting financial crime and we look forward to his starting work with us.”
 The International Monetary Fund’s 2011 report ‘Guernsey: Financial Stability Assessment – Update’, included a recommendation to establish an Enforcement Division. Even prior to that the Commission regarded effective enforcement as pivotal to fulfilling its mandate to safeguard the prosperity and wellbeing of islanders and the Bailiwick’s financial services firms.