X, Y, Z and the Guernsey Financial Services Commission

10th August 2023

Following publication by the Royal Court, we are making available the anonymised judgment of the Deputy Bailiff in X, Y and Z and the Guernsey Financial Services Commission. The Deputy Bailiff heard an appeal against the sanctions imposed on three individuals by one of the Commission’s Senior Decision Makers.  The Deputy Bailiff found that the sanctions imposed on the three individuals were within the reasonable responses to the wrongdoing identified and were proportionate in the circumstances. This appeal hearing was previously confidential, having been heard under the auspices of the Commission's enforcement practices and relevant laws which were in place prior to the passage of The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020.  The new law removed the prior presumption that appeals against Commission decisions would be held in camera.  

This judgment of the Deputy Bailiff has been the subject of an appeal by a party other than the Commission to the Guernsey Court of Appeal.  Once the result of that appeal to the Guernsey Court of Appeal becomes known, the Commission plans to issue a further statement on the case, taking into account the verdict of the Court of Appeal.