A DIRECTOR of the financial regulator’s enforcement division is seeking a judicial review of decisions made by the Guernsey Police Complaint’s Commission and the Committee for Home Affairs. Simon Gaudion wants to know the circumstances that led to a police investigation being conducted against him and his employer, the Guernsey Financial Services Commission, and the […]

Revised AIC Code of Corporate Governance for certain Guernsey and Jersey companies Principal changes in the revised AIC Code of Corporate Governance are relevant for boards of directors of certain Guernsey and Jersey companies A New Environment 1. There is now just one AIC Code which covers UK, Guernsey and Jersey member companies. 2. Principal […]

The AIC Code is a framework of best practice in respect of the governance of investment companies published by the Association of Investment Companies (AIC). Founded in 1932, the AIC represents a broad range of closed-ended investment companies, incorporating investment trusts, offshore investment companies, real estate investment trusts and venture capital trusts. Guernsey and Jersey […]

A former director of a trust company is suing the GFSC for £7.4million, claiming it allegedly breached his human rights during an investigation it carried out in to his conduct when working in financial services. Alan Chick was sanctioned by the Guernsey Financial Services Commission in 2018 because it found he had breached regulations people […]

In enforcement cases, the GFSC can seek to impose prohibitions on individuals to prevent them from continuing to work in the industry.  Often, such prohibitions have been time-limited, although the GFSC could also issue lifetime prohibitions where the circumstances warranted such an approach. In a recent enforcement case, however, the sanctions imposed on the respondent […]

The Guernsey Financial Services Commission [GFSC] Handbook on Countering Financial Crime and Terrorist Financing (12th March 2019 update) The GFSC has today issued, in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing. This follows the approval of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2018 by the […]

The Guernsey Financial Services Commission (GFSC) has this month released updated guidance on the requirement for those holding senior positions within institutions in the banking, fiduciary, insurance and investment sectors, to be “fit and proper” persons. While the requirement to be “fit and proper” is not a new requirement, the guidance seeks to provide clarity […]

Concerning a Fit and Proper Person test Guernsey the GFSC state the following…… All individuals in prescribed positions (as defined in Commission guidance elsewhere) are required under the Regulatory Laws in Guernsey to meet the “Fit and Proper” standard, set out in the relevant Minimum Criteria for Licensing (“MCL”), from the outset, and on an […]