Identifying regulatory misconduct within the finance industry is an important function of the Commission. The Commission has introduced an anonymous and untraceable whistleblowing telephone line to assist in the collection of information to identify regulatory misconduct. All calls made to the whistleblowing line will be regarded as intelligence to assist the Commission in the exercise […]

The Guernsey Financial Services Commission (the “Commission”) is consulting with financial services businesses on a proposed corporate governance code (the “Code”). The Code comprises a set of outcomes, best practice provisions, guidance and a “comply or explain” methodology. The existing consultation process relates only to the outcomes and best practice provisions and the Commission’s current […]

The Guernsey Financial Services Commission has published the final draft of new Capital Adequacy Rules, mandatory for all entities licensed under the Protection of Investors (Bailiwick of Guernsey) Law 1987. The release of the Rules in the their final form is culmination of a November 2009 consultation. The Capital Adequacy Rules will become effective on […]

The Bribery Act has been introduced as a result of pressure to reform the law regarding bribery and corruption in the UK as the current law is out of date, ineffective and not suitable for the modern global economy. The purpose of the proposed legislation is to simplify the law on bribery and to allow […]

The Serious Fraud Office (SFO) has published its performance figures for 2009-2010. The figures highlight that the SFO has increased its conviction rate to 91%. Fines against companies have increased to nearly £12 million, from zero the previous year, whilst the sums paid back by defendants to the victims of crime has nearly quadrupled to […]

Swiss money laundering reports hit record high – Swiss authorities sifted through record numbers of suspicious financial deals last year totalling 2.23 billion Swiss francs ($2.1 billion) for possible money-laundering, and most were forwarded to prosecutors. Switzerland, for decades viewed as a safe haven for money of dubious origin, started to clean up its image […]

In a letter sent to Lord Myners, financial services secretary to the Treasury, barristers Pump Court raise concerns that if the Financial Services Bill is rushed into law through the “wash-up” and fails to receive the full scrutiny of the House of Lords there could be “profound constitutional implications.” The law firm focuses on clause […]

Welsh adviser convicted over mortgage fraud – Butler was one of three people convicted in a “lengthy and complex” investigation sparked by a drugs raid in November 2008. In a raid, Gloucestershire police officers uncovered a large number of cannabis plants and seven people were subsequently arrested. Although nobody was charged with offences relating to […]