Carey Olsen has reported it was instrumental in acting swiftly on behalf of the Commission to secure the urgent protective relief sought for investors and for the Bailiwick as a whole, enabling the administrators and liquidators to gain access to the group to carry out their statutory duties Carey Olsen’s Dispute Resolution Group successfully secured […]

ISLANDERS with thousands of pounds invested in funds operated by Providence, the Guernsey-headquartered investment business, could be facing losses following global regulatory moves. Both the Guernsey Financial Services Commission and the US funds regulator, the Securities and Exchange Commission, have taken action in recent weeks and there are concerns that the island’s reputation will be […]

  New Financial Ombudsman releases report and complaint numbers  The independent Channel Islands Financial Ombudsman (CIFO) today released its annual report and accounts for 2015 – following their presentation to the Jersey States Assembly and their publication by the Greffier in Guernsey for consideration at a future meeting of the States of Deliberation – as […]

The law firm at the heart of the Panama Papers revelations has decided to close its offices in the British-dependent territories of Jersey, Isle of Man and Gibraltar. Mossack Fonseca “will be ceasing operations” in those territories, “but we will continue serving all of our clients”, it said. “This decision has been taken with great […]

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 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 […]