The following case study shows provides a salutary lesson in what could happen if you do not follow policy and procedures.  The director in question (Mr Chick) exposed the Fiduciary Company to sanction for acting in breach of the Regulations and its own procedures. The case On 31 May 2018, the Guernsey Financial Services Commission […]

A director of a Guernsey finance company has been sentenced to two years in prison for fraud + fined £45k by GFSC Martyn Gordon, 44, of Rue de Boullerie, St Andrew, worked at the Blenheim Group when the offences occurred, the Royal Court heard. The six counts of fraud related to offences carried out in […]

The Following Is Reposted Bordeaux Services (Guernsey) Limited (“Bordeaux”) & Ors v The Guernsey Financial Services Commission (“the Commission”), unreported 18/2016 On 11 May 2016 the Royal Court of Guernsey issued its judgment following an appeal by a licensee and individual directors (the appellants) in respect of the length of prohibitions and the level of […]

The Guernsey Financial Services Commission have fined and given a public statement on the companies and directors below. Capital Solutions Limited Stillwater Worldwide Limited Stillwater Investment Enterprise Limited Philip Anthony John Montague (“Mr Montague”) Terence Joseph Scullion (“Mr Scullion”) David John De Carteret (“Mr De Carteret”) (together “the directors”) On 14 June 2017 the Guernsey […]

A financial adviser who was jailed for three years after stealing £157,000 ($190,874, €178,836) from clients has been disqualified from acting as a director of any Guernsey company for 12 years. Adrian Galliers was a director and shareholder of Guernsey Financial Consultants Limited, an insurance intermediary licensed under the island’s Insurance Managers and Insurance Intermediaries […]

In December 2014 Mr Merrien a director of a local insurance broker was fined £200,000 by the GFSC – the maximum financial punishment within their power. http://bit.ly/2cCYrI9 Since December 2014, Mr Merrien is now serving a custodial sentence. Furthermore, he has no material income and no substantial assets from which he would able to satisfy […]

Mr Martyn Paul Gordon has been dismissed as a Director from a licensee for ‘an act of gross misconduct’ and on 17 August 2015 the Guernsey Financial Services Commission (“the Commission”) decided: to impose a financial penalty of £45,000 under Section 11D of the Financial Services Commission Law on Mr Gordon; to prohibit Mr Gordon […]

It is widely accepted, anecdotally at least, that Guernsey is experiencing an increase in the number of investigations undertaken and sanctions imposed by the Guernsey Financial Services Commission (the GFSC).  Such sanctions can be hefty financially and may have significant consequences professionally, particularly in cases where a prohibition order is made against an individual.  Bearing […]