The GFSC reported on 13th March 2017 that Mr Galliers was convicted in March 2016 of 10 counts of fraud by abuse of position contrary to sections 1, 4 and 5 of The Fraud (Bailiwick of Guernsey) Law, 2009 and sentenced to 3 years imprisonment. Mr Galliers was a director and shareholder of an insurance […]

A financial adviser who was jailed for three years after stealing £157,000 ($190,874, €178,836) from clients has been disqualified from acting as a director of any Guernsey company for 12 years. Adrian Galliers was a director and shareholder of Guernsey Financial Consultants Limited, an insurance intermediary licensed under the island’s Insurance Managers and Insurance Intermediaries […]

The Guernsey Commission have concluded that Marlborough Trust Company Limited, Marlborough Nominees Limited [MTCL/MNL] and the Directors’ [Mr Nicholas Robert Hannah, Mr Adrian Bradley Howe, Mr David Charles Enevoldsen, Mr Benjamin John Tustin] management and administration of asset holding companies (“the SPVs”) wholly owned by a Guernsey closed ended investment fund, Arch Guernsey ICC Limited […]

The Guernsey Financial Services Commission currently has a discussion paper circulating on Proposals to Revise the Bailiwick’s Financial Regulatory Infrastructure for Lending, Credit and Finance that, in all likelihood, will be followed in hot pursuit by a consultation paper. The purpose of the paper is; to put forward the proposal to repeal the Non-Regulated Financial […]

From the 1 January 2015, the following are required to have a training and competency scheme for all employees suitable for the size, nature and complexity of their business. ALL ENTITIES licensed under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 and INSURANCE INTERMEDIARIES licensed under the Insurance Managers and Insurance Intermediaries (Bailiwick of […]

On 16 September 2016 the Guernsey Financial Services Commission (“the Commission”) decided: to impose a financial penalty of £42,000 under Section 11D of the Financial Services Commission Law on Louvre; to impose financial penalties of £24,500 and £10,500 on Mr Gilligan and Mr Tracy respectively under Section 11D of the Financial Services Commission Law; to […]

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 […]