RECORD-KEEPING AND DOCUMENTATION The SDM had found that “Bordeaux’s level of control over the role of the Investment Manager was significantly reduced by not maintaining or having sight of original documentation.” He also found that transaction documents were missing for up to a year and a half and “[w]hilst, at all material times Bordeaux was […]

THE COURT The Court made USEFUL FINDINGS ON how SDMs should come to their findings, and What matters should be set out in their decisions. The Court also helpfully provided IMPORTANT GUIDANCE on the roles and responsibilities of Boards of licensees when carrying out their functions as a Designated Manager and Fund Director. The Court […]

This is the first of a three part news item The Guernsey Royal Court gives clear guidance on roles and responsibilities of Designated Managers Background On 11 May 20161 , the Royal Court of Guernsey allowed in part an appeal from a decision by the Guernsey Financial Services Commission (the GFSC) to impose sanctions for […]

On 18 January 2016 the Commission decided to make as public statement under Section 11C of the Financial Services Commission Law and to impose under Section 11D of the Financial Services Commission Law financial penalties of£81,375.00 against the following £42,000 on Provident Trustees (Guernsey) Limited (“the Licensee”) and its directors as follows £18,375* on Mr […]

On 24 August 2015 the Guernsey Financial Services Commission (“the Commission”) decided to fine and sanction 5 directors a total of £210,000.00: Mr Falla = £50,000.00 Mr Garrod, = £50,000.00 Mr Hilton = £50,000.00 Mr Le Page; = £50,000.00 Mr Forman; = £10,000.00 SIGNIFICANT FAILINGS Were identified as a result of the April 2015 visit […]

The Guernsey Financial Services Commission has handed out fines to the Arch cru administrator Bordeaux and three of its directors for their role in the collapse of the funds. Bordeaux has been fined £150,000, while directors Peter Radford, Neal Meader and Geoffrey Tostevin have been hit with penalties of £50,000, £30,000 and £30,000, respectively. In […]

On 27 February 2015 the Guernsey Financial Services Commission (“the Commission”) decided to take action against Guernsey Financial Consultants Limited [GFC] In doing so it 1.       imposed a financial penalty of £42,000* under Section 11D of the Financial Services Commission Law on GFC and; 2.       made a public statement under Section 11C of the Financial […]