The Guernsey Financial Services Commission (GFSC) has appointed Terence Mowschenson QC to its panel of ‘Senior Decision Makers’. Mowschenson has extensive experience in business and commercial matters and a substantial part of his practice involves giving advice in relation to commercial, company and banking matters. He is a part-time judge of the UK Upper Tribunal […]

The Guernsey Financial Services Commission has issued a consultation paper on Guidance Notes for Pricing Controls in respect of Open Ended Collective Investment Schemes.  The paper has been prepared with the GIFA (Guernsey Investment Fund Association) Custodian and Depositary Committee. The Commission, in conjunction with the GIFA Custodian and Depositary Committee, has been reviewing its […]

How much can advisers really be expected to know about problem investments before they turn sour? Keydata and Arch cru collapsed separately six years ago, but important new details about who and what caused the multi-million pound failures are still filtering out. Advisers were among the first to be blamed, if not for causing the […]

The Guernsey Financial Services Commission has handed out fines to the Arch cru administrator Bordeaux and three of its directors for their role in the collapse of the funds. Bordeaux has been fined £150,000, while directors Peter Radford, Neal Meader and Geoffrey Tostevin have been hit with penalties of £50,000, £30,000 and £30,000, respectively. In […]

A MARRIED couple were yesterday found guilty of a series of money-laundering offences by the Royal Court. Michael Doyle, 47, and Belinda Lanyon, 54, were also convicted of carrying out regulated activities within the Bailiwick of Guernsey without a licence from the Guernsey Financial Services Commission, which they had also denied. At the end of […]

David Cosgrove and Cobus Kellermann, fund managers under investigation by authorities in at least three jurisdictions, said the Guernsey regulator reached mistaken conclusions in an April affidavit that noted alleged failings. • “The Guernsey regulator may have been fed misinformation by their sources and reached erroneous conclusions,” Cosgrove and Kellermann said Wednesday in an e-mailed […]

The Guernsey Financial Services Commission (“Commission”) invites comments on this consultation paper. The Commission seeks feedback on a number of proposals to amend the Bailiwick’s Handbooks for financial services businesses and prescribed businesses on countering financial crime and terrorist financing. The Commission recognises that technology is changing traditional methods of undertaking due diligence. Demand from […]

Back ground The allegations against Belvedere were first made in OffshoreAlert back in early March. The Miami-based publication claimed to have uncovered “one of the biggest criminal financial enterprises in history”. There were suggestions that billions of dollars were at risk in what was a web of fraudulent activity. Despite the size of the alleged […]