News

Bailiwick Mind and Management Consultation Paper

7th February 2022
The Guernsey Financial Services Commission has issued today a consultation paper (“CP”) on Bailiwick Mind and Management in relation to the Fiduciary and Investment sectors. The CP sets out proposals to issue guidance under the Fiduciaries Law1 and the PoI Law2 to clarify that maintenance of local mind and management is a relevant factor in the Commission’s assessment of the prudent conduct of...

Commission elects new Vice-Chairman

7th February 2022
The Commission has elected Baroness Couttie as its Vice-Chairman. Philippa has held leadership roles over the past 30 years in both financial services and politics. She founded, built up and successfully sold two businesses as well as being the Chief Executive of a subsidiary of a publicly quoted company, a director of Citigroup and Leader of Westminster City Council. She sits in the House of...

Sanctions Notice - Myanmar

1st February 2022
Please be advised that three persons have been designated under the Myanmar (Sanctions) Regulations 2021 (the UK regulations); The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions Law). The following...

Update regarding cloned website

28th January 2022
On Wednesday 26 January, the Commission reported that it had become aware of a website that had been established cloning the Commission’s own website. Since becoming aware of the matter, the Commission submitted abuse notifications to the domain registrar and the hosting provider as well as reporting the URL as malicious to the appropriate authorities. The cloned website’s domain has been taken...

Risk Warning Regarding Cloned Website

26th January 2022
The Guernsey Financial Services Commission has become aware that a website has been established cloning the Commission’s own website (The GFSREA – Guernsey Financial Services and Regulatory Enforcement Authority – www.gfsrea.org). The Commission’s website domain is www.gfsc.gg The Guernsey Financial Services and Regulatory Enforcement Authority’s website appears to closely resemble the Commission...

Mr Robert Archibald Gilchrist Sinclair (Date of Birth 5 October 1949) of Les Profonds Camps, La Rue Du Profond Camp, St. Martin’s, Guernsey, GY4 6EZ

21st January 2022
Date of prohibition order pursuant to section 33 of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 and prohibited functions: From 20 January 2022 until 27 August 2027: the functions of controller,* director, partner, manager, money laundering reporting officer and money laundering compliance officer. *Subject to a limited exception permitting Mr Sinclair to...

Mr Robert Archibald Gilchrist Sinclair

21st January 2022
On the 20th day of January 2022, the Commission imposed a discretionary financial penalty of £196,000 on Robert Archibald Gilchrist Sinclair 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 5.6 years. The exemption set out in section 3(1)(g) of the Fiduciaries Law...

Sanctions Notice - Libya

20th January 2022
Please be advised that Quren Salih Quren al Qadhafi has been designated under the Libya (Sanctions) (EU Exit) Regulations 2020 (the UK regulations); The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions Law...

Commission’s Senior Counsel appointed as Chair of the ICAEW’s regulatory board

18th January 2022
Philip Nicol-Gent, Senior Counsel at the Commission, has been appointed as Chair of the ICAEW’s regulatory board. This is the independent board responsible for oversight of ICAEW’s regulatory and disciplinary work, undertaken by the Professional Standards Department, to ensure it is carried out in the public interest. Philip has been the Vice-Chair of the ICAEW’s regulatory board since May 2017.

Sanctions Notice - Global Human Rights

17th January 2022
Please be advised that two individuals have been designated under the Global Human Rights Sanctions Regulations 2020; these are implemented in the Bailiwick by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020. Dmitry Vadimovich KOVTUN and Andrey Konstantinovich LUGOVOY are subject to an asset freeze and will appear on the consolidated list, which can...