News

Fiduciary

Publication of a Notice of the fact of a Prohibition Order and a Discretionary Financial Penalty

5th October 2023
On the 26th day of September 2023, the Commission imposed a discretionary financial penalty as follows: Mrs Linda Dowding (“Mrs Dowding”) a financial penalty of £40,000. Further, on the above date, the Commission imposed a prohibition as follows: Mrs Dowding is prohibited from holding the position of shareholder, controller, director, partner, manager, money laundering reporting officer and money...

Chamberlain Heritage Services Limited, Mr Christopher Henry Shaw, Mr John Adam Robilliard, Mr Bruce David McNaught

24th August 2023
The F inancial Services Com m ission (Bailiwi c k of Guernsey) Law, 1 987 (the “ F inancial Services Commission Law”) The Regulation of Fiduciaries , Administration Business and Company Directors , etc (Bailiwick of Guernsey) Law, 2000 (the “ F iduciaries Law”) The P rotection of Inve s tors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”) The Insurance Managers and Insurance Intermediaries...

Chamberlain Heritage Services Limited, Mrs Deborah Anne Ellis

24th August 2023
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”) The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”) The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”) The Insurance Managers and Insurance Intermediaries (Bailiwick of...

Thematic Review of Unclaimed Client Money of Collective Investment Schemes

21st July 2023
The Commission has today issued its report on the Thematic Review of Unclaimed Client Money of Collective Investment Schemes (“the Thematic”). The Thematic was undertaken in order to gain a better understanding of the value of unclaimed and unallocated monies in the collective investment scheme industry in Guernsey and how these monies are dealt with by the relevant parties. The Commission engaged...

Director Registration Regime

10th July 2023
Further to legislation passed by the States of Guernsey last week, the Commission has launched today a new director registration regime for individuals holding certain categories of directorships following amendments to the Criminal Justice (Proceeds of Crime) Law, 1999 and an amendment to the Regulations of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey)...

Update on Exemptions from licensing – personal directorships

15th June 2023
Further to the publication of a news article on our website on exemptions from licensing – personal directorships on 12 June, the Commission has updated the news article to provide further clarification: On 5 June 2023, the Regulation of Fiduciaries etc (Bailiwick of Guernsey) (Amendment) Regulations, 2023 were made by the Policy & Resources Committee (the “Committee”). These Regulations, which...

Exemptions from licensing – personal directorships

12th June 2023
On 5 June 2023, the Regulation of Fiduciaries etc (Bailiwick of Guernsey) (Amendment) Regulations, 2023 were made by the Policy & Resources Committee (the “Committee”). These Regulations, which are to be laid before the States meeting on 5 July and which come into operation on 8 July, expand the available licensing exemptions for certain categories of personal directorship activity. The...

Advanced Notice - Changes to the Fiduciary Annual Return

25th May 2023
Additional Question The 2023 Fiduciary Annual Return, which will be available on licensees' timelines on 27 May 2023, includes the following additional question: Breakdown of business by geography for trusts, foundations, companies and partnerships. Currently fiduciary licensees are required to identify the country of residence of the settlor of a trust, the founder of a foundation or the...

Mr Trevor James Kelham and Ms Sarah Jayne Sarre

18th May 2023
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”); The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 as amended (“the Regulations”). The Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (“the Handbook”). The Principles of the...