Enforcement

On 30 th April 2026, the Commission imposed a discretionary financial penalty on Mrs Hannis of £22,500. The above sanction was imposed on Mrs Hannis as a result of her failure to meet the minimum criteria for licensing under The Regulation of Fiduciaries, Administration Business and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020. More details to follow in due course.

On 24 April 2026, the Commission imposed a discretionary financial penalty of £35,000 on Mr Patrick Barry Moroney. In addition, Mr Moroney was prohibited from performing any function on behalf of a regulated entity for a period of 8 years. The exemption set out in section 3(1)(g) of the Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2020...

The Commission notes that the Court of Appeal handed down a judgment relating to the Commission’s powers to issue a public statement. The Court of Appeal allowed the Commission’s appeal on five of the six grounds advanced. The Court of Appeal set aside the Royal Court’s judgment and reinstated the Senior Decision Maker’s decision to issue the public statement in the terms originally proposed.

We note this judgment from the Court of Appeal which confirms the decision of the Commission’s Senior Decision Maker regarding Mr Hofgren to a considerable extent. Whilst the Royal Court in its judgment dated 21 November 2024, upheld the majority of the Senior Decision Maker’s findings and the sanctions imposed, the Court of Appeal determined that an SDM should be appointed to reassess the overall...

We note this judgment from the Royal Court which upholds and puts into the public domain a number of serious concerns we have about Mr Pybus which we have been wishing to place into the public domain for some time. We note that the Royal Court upholds many of the Senior Decision Maker's findings whilst asking us to appoint a new Senior Decision Maker to consider the matters of probity and...

The Commission welcomes this judgment from the Court of Appeal on the Providence matter. In it, the Court of Appeal highlights and confirms several aspects of the wrongdoing that our Senior Decision Maker originally determined to have taken place. Since that original decision, we have vigorously defended our Senior Decision Maker's findings of wrongdoing against challenges from several parties...

Taking into account feedback received from the Royal Court and operational experience of enforcement matters, the Commission has revised and updated certain key documents relating to the enforcement process: 1. An updated Explanatory Note on the Investigation and Decision-Making Process in Relation to the use of Enforcement Powers; and 2. An updated Explanatory Note on the Commission’s General...

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (“the Enforcement Powers Law”) The Protection of Investors (Bailiwick of Guernsey) Law, 2020 (“the POI Law”) [i] Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 (“Schedule 3”) [ii] The Handbook on Countering Financial Crime (AML/CFT/CPF) (“the Handbook”) The Licensees...

The Commission maintains a panel of ‘Senior Decision Makers’ who determine the outcome of the Commission’s enforcement cases. A Senior Decision Maker, sitting alone, hears those cases involving findings of serious regulatory shortcomings against a licensee and/or individual directors and where those findings are contested. As part of the process, Senior Decision Makers are also required to...