The revised document is driven by international standards issued in 2012 by the Financial Action Task Force (“FATF”) and recommendations from MONEYVAL’s mutual evaluation of Guernsey, published in 2016, for pan-island businesses, that have already implemented Jersey standards, will see few differences. These enhancements will create the basis for the new Handbook, and COMSURE recommend that […]

FOUR men have been arrested on suspicion of fraud in connection with the collapse of a fund which left investors – including Jersey residents – losing their life savings. The men, who have not been named, were arrested in Guernsey this week before being released on bail pending further inquiries. A criminal investigation was started […]

In the widening investigations of Miami-based Providence Financial’s global investment schemes, investor losses are mounting on the other side of the pond, too, and findings about the company have been described as “a reeking pile of guano.” A judge for the Royal Court of Guernsey, a financial centre in the British Channel Islands, was told […]

A judge has described the findings by administrators to two Guernsey-based investment firms, which form part of the Providence group, as a ‘steaming pile of guano’. At a hearing today, the administration managers from Deloitte for Providence Investment Funds PCC Limited and Providence Investment Management International Limited said their findings indicated more than £30m of […]

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 […]

The Commission is today issuing a discussion paper seeking feedback on a number of regulatory proposals for firms involved in lending, credit and finance. Please click here for a copy. http://bit.ly/2bEdlxU The Bailiwick does not currently have consumer lending and credit regulation. The Commission is concerned that this may lead to consumers being at risk of not being […]

Carey Olsen has reported it was instrumental in acting swiftly on behalf of the Commission to secure the urgent protective relief sought for investors and for the Bailiwick as a whole, enabling the administrators and liquidators to gain access to the group to carry out their statutory duties Carey Olsen’s Dispute Resolution Group successfully secured […]

ISLANDERS with thousands of pounds invested in funds operated by Providence, the Guernsey-headquartered investment business, could be facing losses following global regulatory moves. Both the Guernsey Financial Services Commission and the US funds regulator, the Securities and Exchange Commission, have taken action in recent weeks and there are concerns that the island’s reputation will be […]