Guernsey’s financial services regulator has published a consultation paper following a decision made by the States of Guernsey in January of this year to increase the discretionary financial penalties which the Commission is able to apply in cases where there have been serious regulatory shortcomings (Billet d’Etat V of 2016 https://www.gov.gg/CHttpHandler.ashx?id=99971&p=0). The legislation which will […]

Adrian Galliers was a “trusted friend” to his clients, the court heard. A financial adviser who defrauded clients out of £157k has been jailed for three years. Adrian Galliers, 50, from Guernsey, was found guilty of 10 counts of fraud over a four-and-a-half year period. Galliers carried out the deception through his company Guernsey Financial Consultants Limited. […]

The Commission is today issuing Instruction Number 01/2016 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 04/2015 issued on 19 November 2015. Myanmar has now been added to Part B of the Instruction which lists countries and territories with improving Global AML/CFT Compliance. This means that financial services businesses and prescribed businesses may […]

The Commission has published regulatory guidance impressing on firms their need to take their responsibilities in respect of cyber security seriously and reminding them of their obligation to report serious or significant incidents to the Commission. The guidance can be found under the Legislation & Guidance sections of the website: Guidance Note on Cyber Security.pdf.

The Commission has published a report on its thematic review of the sale of general insurance add-on policies by insurance brokers in Guernsey. The Report can be downloaded here and Forms/20151210 – Guernsey Financial Services Commission V15 – For Publication.pdf General insurance add-on products are insurance policies commonly sold in conjunction with another insurance policy such as […]

The Commission has today published a short guide which explains what risk based supervision is and what it means for licensees. At its core, risk based supervision accepts the premise that resources are finite, that there is no unlimited pool of public or industry funding on which to draw and that every regulator has to […]

On 18 January 2016 the Commission decided to make as public statement under Section 11C of the Financial Services Commission Law and to impose under Section 11D of the Financial Services Commission Law financial penalties of£81,375.00 against the following £42,000 on Provident Trustees (Guernsey) Limited (“the Licensee”) and its directors as follows £18,375* on Mr […]

This topic “Fiduciary decision making in respect of assets under trust” was chosen as it represents a key responsibility of trustees and is also a common theme in complaints notified to the Fiduciary Supervision Policy and Innovations Division (“the Division”). Such complaints often focus on the decisions made by trustees in respect of trust assets, […]