Enforcement

Taking into account feedback received from the Royal Court and operational experience of enforcement matters, the Commission has revised and updated certain key documents relating to the enforcement process: 1. An updated Explanatory Note on the Investigation and Decision-Making Process in Relation to the use of Enforcement Powers; and 2. An updated Explanatory Note on the Commission’s General...

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (“the Enforcement Powers Law”) The Protection of Investors (Bailiwick of Guernsey) Law, 2020 (“the POI Law”) [i] Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 (“Schedule 3”) [ii] The Handbook on Countering Financial Crime (AML/CFT/CPF) (“the Handbook”) The Licensees...

The Commission maintains a panel of ‘Senior Decision Makers’ who determine the outcome of the Commission’s enforcement cases. A Senior Decision Maker, sitting alone, hears those cases involving findings of serious regulatory shortcomings against a licensee and/or individual directors and where those findings are contested. As part of the process, Senior Decision Makers are also required to...

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (“the Enforcement Powers Law”) The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (“the Lending, Credit and Finance Law”) Channel Island Finance Limited (“the Firm”) Scott Greaves Carré (“Mr Carré”) Jason Paul Cook (“Mr Cook”) On 25 June 2025, the Guernsey Financial Services Commission (“the...

The Commission has been granted leave to appeal the judgment of LB Marshall KC in the case of the Guernsey Financial Services Commission and Weighbridge Trust Limited. A copy of the judgment is available on the Guernsey Legal Resources website. After careful consideration, the Commission decided to appeal the decision of LB Marshall KC as it contained novel interpretations of some aspects of the...

The Commission notes the Report to the Privy Council of the 18 December 2024. Further to the Report's instructions that it be "punctually observed and obeyed", the Commission now intends to proceed to appoint a Senior Decision Maker further to the judgment of the Guernsey Court of Appeal of 18 January 2024 to redetermine the sanctions to be applied in this matter as per paragraph 194 of that...

The Commission notes that the Court of Appeal handed down a judgment relating to an application for privacy on 4 December 2024. The judgment can be found on the Guernsey Legal Resources website. The Commission will consider making a further statement, if and when appropriate, and in the context of the ongoing appeal process.

Following publication by the Royal Court, on 21 November 2024, we are making available the judgment of Lieutenant-Bailiff Hazel Marshall KC in the case of Nicholas Walton Hofgren and the Guernsey Financial Services Commission. The Commission welcomes the judgment which dismisses Mr Hofgren’s grounds of appeal. We intend to issue a public statement on this matter in due course.

We are considering, in conjunction with counsel, as to whether we should appeal aspects of the judgment that was handed down on 21 November 2024 as it contains novel interpretations of some aspects of the Bailiwick’s regulatory laws.