In January 2010 the GFSC identified operational risk was attracting significant attention due to the emergence of a series of major losses by banks – and due to the increasing need to provide better customer service in a competitive banking environment. They have issued a guidance note (BELOW) – and they say :- Accordingly, operational risk […]

Simon Gaudion, Director of Enforcement at the GFSC has issued a statement today.  In it he says, on 22 August 2016 by order of the Royal Court of Guernsey, on the application of the Guernsey Financial Services Commission (the “Commission”), Providence Global Limited (“the Providence Parent Company”) is to be compulsorily wound up. Also, Philip […]

On 9th August 2016 by order of the Royal Court of Guernsey on the application of the Guernsey Financial Services Commission (the “Commission”), Andrew Isham and Phil Bowers of Deloitte LLP were appointed as the Administration Managers to Providence Investment Funds PCC Limited (’the Fund’) and and its manager Providence Investment Management International Limited (‘the […]

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 […]