Fiduciary

The Guernsey Financial Services Commission has issued today a consultation paper (“CP”) seeking views from interested parties as part of the implementation of the Revision of Laws Project. The CP relates to the proposed re-issuing of the Commission’s codes and guidance due to the revised s upervisory l aws arising from the Revision of Laws Project. The draft codes and guidance do not implement...

The Commission has today published the amended Finance Sector Code of Corporate Governance which asks Boards to consider the impact of climate change on their strategy and risk profile and, where they judge it appropriate, make climate change related disclosures. A copy of the new Code can be found here . This amendment was consulted on as part of the Commission’s Spring Green Consultation, issued...

The Commission has today published its 2020 annual report and financial statements . Talking about the report, the Commission’s Director General, William Mason noted that: “ Last year, in common with the rest of the world, the Bailiwick had to deal with the effects of the global pandemic. During that period, the Commission faced a number of additional challenges as did our licensees. I was...

On 16 April 2021 the Commission imposed a discretionary financial penalty on Ms Sarah Jayne Sarre of £13,500. The above sanction was imposed on Ms Sarre as a result of her failure to meet the minimum criteria for licensing. More details to follow in due course.

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (“the Financial Services Commission Law”); The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”); The Disclosure (Bailiwick of Guernsey) Law, 2007 (the “Disclosure Law”). The Criminal Justice (Proceeds of Crime) (Financial Services Businesses)...

The Guernsey Financial Services Commission has issued today three consultation papers (“CPs”) seeking views from interested parties as part of the implementation of the Revision of Laws Project. The first CP provides for revision to regulations and rules made under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “new...

The Commission is aware that there has been a recent increase in phishing attempts targeting local businesses. Firms are reminded of the guidance available to them in the Commission’s Cyber Rules and Guidance, 2021 and in particular the need to ensure the Firm: has appropriate cyber security software in place; implements IT systems updates in a timely manner; and its staff exercise caution and...

On the 4th day of March 2021 the Commission imposed a discretionary financial penalty of £185,000 on Mr Ian Roger Parry. In addition, Mr Parry was prohibited from performing any function on behalf of a regulated entity. The exemption set out in section 3(1)(g) of the Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (which would...

On the 31st day of March 2021 the Commission imposed the following discretionary financial penalties: Mr Christopher Henry Shaw - £100,000 Mr John Adam Robilliard - £40,000 Mr Bruce David McNaught - £15,000 (collectively "the Individuals") In addition, Mr Shaw was prohibited from holding the position of shareholder, controller, director, partner, manager, money laundering reporting officer and...