The Channel Island Financial Ombudsman (CIFO) has recently been considering some complex issues involving pension-related complaints against Channel Islands pension providers where the complainant cites unacceptable delays in transferring a pension to a new pension provider. The complainant is usually the pension plan beneficiary and these, at least in part, relate to pensions in the […]

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 […]

The issue of the ‘no consent’ regime in Jersey has recently been considered in the Jersey courts as part of an application to judicially review and quash the decision of the JFCU to refuse to consent to the normal operation of a bank account. Judgement say This is an application to judicially review and quash […]

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 […]

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 […]

Guernsey’s Court of Appeal has upheld the judgment that none of the US investment firm The Carlyle Group, its investment manager, Carlyle Investment Management LLC, or the directors of Carlyle Capital Corporation, were responsible for Carlyle Capital Corporation, a Guernsey investment fund, going into insolvency in the 2008 financial crash. A judgment handed down on […]

In May the UK passed the Sanctions and Anti-Money Laundering Act 2018. Now, in light of the relative certainty as to how the UK sanctions regime will work post-Brexit, a Projet de Loi has been laid before the States of Guernsey to Brexit-proof local sanctions legislation and to address designation of a person under the […]