Results of investigations by financial regulators into the alleged Belvedere Ponzi scheme are starting to emerge. Investigative journalist David Marchant ofOffshoreAlert says they confirm his report that South African Cobus Kellermann and Irishman David Cosgrove have been running “a massive criminal enterprise”. Kellermann and Cosgrove have not commented on the latest allegations , either to the officials […]

The Guernsey Financial Services Commission (FSC) on Friday successfully applied to place three fund vehicles with ties to Belvedere Management under administration. The Guernsey court granted the application to place the Global Mutual Fund PCC Limited, Worldwide Mutual Fund PCC Limited and Universal Mutual Fund Limited under the care of an independent administrator. The three […]

The Guernsey Financial Services Commission, acting to protect the interests of investors and pursuant to powers granted to it under the Protection of Investors (Administration and Intervention) (Bailiwick of Guernsey) Ordinance of 2008, today made an application to the Court to have administrators appointed to a number of Guernsey authorised investment schemes. As a result […]

The way financial services companies use social media is being highlighted by public relations consultants in the light of guidance published by the UK Financial Conduct Authority. And the Guernsey Financial Services Commission is to make a move in this area following discussions with the Channel Islands branch of the Chartered Institute of Public Relations. […]

On 27 February 2015 the Guernsey Financial Services Commission (“the Commission”) decided to take action against Guernsey Financial Consultants Limited [GFC] In doing so it 1.       imposed a financial penalty of £42,000* under Section 11D of the Financial Services Commission Law on GFC and; 2.       made a public statement under Section 11C of the Financial […]

On 30 January 2015 the Guernsey Financial Services Commission (“the Commission”) decided: to impose a financial penalty of £28,000 under Section 11D of the Financial Services Commission Law on Woodlock and; to make this public statement under Section 11C of the Financial Services Commission Law. The Commission considered it reasonable and necessary to make these […]

From today anyone who is required to complete, and submit to the Commission, a Personal Questionnaire (PQ) for the first time or who needs to update their existing one, will be able to do so using the Commission’s new online portal. This new electronic service offers a more efficient and less time consuming process than […]

A DIRECTOR of a local insurance broker has been fined £200,000 by the regulator – the maximum financial punishment with in the Guernsey Financial Services Commission’s power.  David Merrien, of Guernsey Insurance Brokers Ltd, has also been banned from carrying out any functions within the regulated sectors of the Bailiwick. The punishments were imposed after […]