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 […]

It has been reported that STM has been fending off a probe led by officers from the Gibraltar police’s Money Laundering Unit who have arrested and released two employees, including chief executive Alan Kentish on suspicion of failure to disclose. Furthermore, STM has failed in its efforts to impose a news blackout on a crucial […]

If you compare Guernsey and Jersey enforcement action, it is clear that the GFSC is winning the Murratti of enforcement (so far). With over £1 million in fines and numerous public statements and prohibited from performing functions under the relevant regulatory laws Guernsey are living up to their promise to be enforcement led. The enforcement […]

The Commission has published a report on its thematic review of sales practice relating to advice given to retail clients on controlled investments and long-term insurance.  A copy of the report can be found by clicking on this link  The report should be read by all relevant licensees.  It may also be of interest to […]

The Following Is Reposted Bordeaux Services (Guernsey) Limited (“Bordeaux”) & Ors v The Guernsey Financial Services Commission (“the Commission”), unreported 18/2016 On 11 May 2016 the Royal Court of Guernsey issued its judgment following an appeal by a licensee and individual directors (the appellants) in respect of the length of prohibitions and the level of […]

Following the GFSC consultation which took place during May 2017, the Commission has today published The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules 2017 (“the Rules”) which will come into effect on the 30 June 2017. These rules accompany the new regulatory and supervisory framework for pension […]

The Guernsey Financial Services Commission have fined and given a public statement on the companies and directors below. Capital Solutions Limited Stillwater Worldwide Limited Stillwater Investment Enterprise Limited Philip Anthony John Montague (“Mr Montague”) Terence Joseph Scullion (“Mr Scullion”) David John De Carteret (“Mr De Carteret”) (together “the directors”) On 14 June 2017 the Guernsey […]

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 […]