Deloitte challenge PwC in £25m claim over Guernsey ‘Ponzi’ scheme  PwC in bid to dismiss £25m claim over a Guernsey ‘Ponzi’ scheme Big Four auditor up against the administrators (Deloitte) in Providence collapse PWC AND THE REGULATED FUND (PONZI SCHEME) The closed-ended GFSC AUTHORISED AND REGULATED absolute return fund aimed to provide investors with annual returns […]

The DOJ’s April 2019 guidance for prosecutors on compliance programs reflects a belief that even as risk taking drives business behavior, so too should legal (particularly criminal) risk drive and inform a business’s compliance program. Simply stated, the more significant the risk-taking environment, the greater the chances for criminal behavior. The guidance recognizes that “each […]

BROOKLYN, NY – An indictment was unsealed on March 4, 2019, charging Najib Allam, an executive of the Privinvest family of maritime services companies, and Teofilo Nhangumele and Antonio do Rosario, former Mozambican government officials, for their roles in a $2 billion fraud and money laundering scheme that victimized investors in the United States and […]

A DISGRACED financial adviser has been jailed for seven years for charges related to selling fraudulent investments. Christopher Paul Byrne was initially due to be sentenced earlier this month but the hearing was abruptly adjourned when the 50-year-old’s advocate, Olaf Blakeley, said his client was helping Guernsey authorities with their investigations into a company that […]

Sir Mark Boleat, former policy chairman of the City of London Corporation, gave a fascinating talk on how he sees the fallout of Brexit impacting on London’s financial services industry at the Cass Business School last week. Mark will be familiar to many in Jersey, and it will come as no surprise that his verdict […]

Complaint numbers for July – September 2017 have been published on CIFO’s website. Brief headlines are given here, for further information, please see the report. In this third quarter of 2017, 119 complaints were received and 29 new case files were opened – these are complaints that are within CIFO’s mandate as set by law. Most […]

…as they relate to all regulated financial services. The Commissions banking business themed visit summary findings issued in August 2014 are a pertinent read for other regulated financial service businesses.  Sadly a fact over looked by much of the industry. In regard to Sanctions the particular deficiencies identified are probably endemic in all regulated businesses’ the […]

The financial sector has long been a focal point for UK competition law enforcement. The last year has seen a strengthening of this trend. In this article we explore the major recent and ongoing developments, namely the following: Institutional developments – not only is the Financial Conduct Authority (FCA) set to gain “concurrent” competition law […]