News

Fiduciary

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

3rd February 2023
On 2 February 2023, the Commission imposed discretionary financial penalties as follows: Mr William Stephen Cairns (“Mr Cairns”) a financial penalty of £133,000; and Mr Du Preez Gert Vermeulen (“Mr Vermeulen”) a financial penalty of £35,000. Further, on the above date, the Commission imposed the prohibitions as follows: Mr Cairns prohibited from all functions for a period of ten years and six...

Six Directorships Registration Proposals

8th December 2022
Following the States of Guernsey's Policy & Resources Committee’s recent publication of its Consultation Paper on proposed revisions to the supervisory framework surrounding the six directorship exemption, the Commission will be hosting two meetings for interested persons at its offices on Glategny Esplanade on the following dates: Wednesday 21 December 2022 from 8.30am to 10am and on Monday 9...

Consultation Paper - Director Exemption

8th December 2022
The Commission has today published a Consultation Paper on proposals to make new regulations providing for the exemption from licensing under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) of the activity of acting as a director of certain companies connected to registered or authorised collective...

Consultation on ‘six directorship’ exemption for directors

24th November 2022
The Policy & Resources Committee has today published a Consultation Paper seeking views on a proposed change to the requirements which affect some individuals acting as company directors, by way of business, in or from within the Bailiwick. The Commission encourages industry and stakeholders to contribute their feedback. Acting as a director for any company in the Bailiwick, by way of business...

Mr Geoffrey John Trebert

20th September 2022
On 15 September 2022, the Commission imposed a discretionary financial penalty of £87,500 on Geoffrey John Trebert 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 two years and ten months. The exemption set out in section 3(1)(g) of the Fiduciaries Law (which would...

Mr Gary William Jason Durkin

12th September 2022
On 7 September 2022, the Commission imposed a discretionary financial penalty of £35,000 on Gary William Jason Durkin. The above financial penalty was imposed on Mr Durkin following his failure to meet the Minimum Criteria for Licensing as set out in Schedule 1 to The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 and Schedule 4 to...

Professional Indemnity Insurance Requirements - Revised Rules

2nd September 2022
Following the recent publication of two consultation papers in relation to PII requirements for Investment, Fiduciary and Insurance sectors, when interested parties were offered an opportunity to provide fatal flaws comments on the amendments of the Fiduciary Rules, the Capital Adequacy Rules, the Insurance Managers Rules and the Insurance Intermediaries Rules, feedback was received from three...

Consultation Paper on The Lending, Credit & Finance Rules, Guidance and Implementation

21st July 2022
The Commission has today published a Consultation Paper setting out the Commission’s Rules and approach for regulating the sectors covered by The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022, and is seeking feedback on its proposed Rules and approach. The purpose of the new Law, which was passed by the States of Guernsey on 14 July 2022, is to protect customers in the Bailiwick...

Commission consults on Fees for 2023

20th July 2022
The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 14 September. The consultation paper is available on the Commission’s Consultation Hub. The Commission is consulting on an overall increase in fees of 9%. Other specific proposals to change fees are outlined in the consultation paper and...

Artemis Trustees Limited

7th July 2022
On 24 June 2022 the Commission imposed a discretionary financial penalty on Artemis Trustees Limited of £450,000. The above sanction was imposed on Artemis Trustees Limited as a result of their failure to meet the minimum criteria for licensing under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020. More details to follow in due...