Consumers

​On 16 November 2015 the Channel Islands Financial Ombudsman's office opened. More information on the Channel Islands Financial Ombudsman can be found here.      

​The Commission has been alerted by the National Fraud Intelligence Bureau to a phishing attack on a U.K. financial institution whereby an email containing a JAR file attachment has been sent in order to socially engineer bank staff into unpacking the compressed file. The email states that it has come from the Office of Foreign Assets Control, part of the Department of the Treasury, with the…

​The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 as amended (“the Financial Services Commission Law”)   The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended (the “Fiduciaries Law”)The Protection of Investors (Bailiwick of Guernsey) Law, 1987 as amended (the “POI Law”)The Insurance…

​The Channel Islands Financial Ombudsman has published Consultation Paper 3 on a model complaint-handling procedure for financial services providers. This can be found at https://www.ci-fo.org/cifo-consultations.  

The FCA has reported that in recent months there has been an alarming rate of UK residents who have been persuaded into joining a UK-based venture known as WeRe Bank. In order to join WeRe Bank members are required to issue a Promissory Note in the sum of £150,000 which is payable within ten year anniversary from the time of joining.  The FCA has received numerous reports from financial…

​ Further to the Commission’s news article of 28 August 2015, a directions hearing was heard on 16 September 2015 in relation to the Commission’s application for the winding up of MVP Fund Range PCC Limited (“the Fund”) under section 410 of the Companies (Guernsey) Law, 2008, as amended.   After hearing Counsel for the Commission and Mr Stratford, a director of the Fund, the Royal…

​On the 27 August 2015 application was made to the Royal Court by The Guernsey Financial Services Commission to wind up MVP Fund Range PCC (“the Fund”) under the Section 410 of The Companies (Guernsey) Law 2008 on the grounds that it is in the public interest.The Commission felt it necessary to take these steps as it is concerned at the illiquid nature of the Fund and in light of the nature…

​On 17 August 2015, the Commission made the following Prohibition Orders against Martyn Paul Gordon (Date of Birth 22 July 1972) of La Corniche, La Mine Doree, Rue de la Boullerie, St Andrews, Guernsey, GY6 8XQ: The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000​from 17 August 2015 until 16 August 2029: any function in…

​The Commission is aware that there has been a recent increase in attempts by a criminal group to target local businesses with distributed denial of service attacks. The Guernsey Police have issued the below warning, via the States of Guernsey website, explaining the background to the attacks and detailing the steps that businesses should take to protect their networks from attack…

A presentation on “Guernsey Financial Advice Standards – Qualified and Competent” has been given to the local branch of the Chartered Institute for Securities & Investment by the Commission.  This presentation, which was followed by a question and answer session, aimed to raise awareness of the qualification and competence requirements on Financial Advisers who give advice to retail…