Enforcement

On the 4th day of August 2023, the Commission imposed a discretionary financial penalty as follows: Mr Paul Conway (“Mr Conway”) a financial penalty of £30,000. Further, on the above date, the Commission imposed a prohibition as follows: Mr Conway is prohibited from holding the position of shareholder, controller, director, partner, manager, money laundering reporting officer and money laundering...

The Commission has been granted leave to appeal the judgment of LB Marshall KC in the case of Domaille, Clarke & Hannis and the Guernsey Financial Services Commission. 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 because some of the reasoning and interpretation of the law...

The Commission maintains a panel of ‘Senior Decision Makers’ who determine the outcome of the Commission’s major 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 [1], Senior Decision Makers are also...

Following publication by the Royal Court, we are making available the judgment of the Deputy Bailiff given in response to Mr Kelham’s appeal against the sanctions imposed on him by the Commission’s Senior Decision Maker. Those sanctions were covered separately in the public statement we issued on 18 May 2023 following Mr Kelham’s decision not to further appeal the matter. This appeal hearing was...

We are preparing to ask the Guernsey Court of Appeal to review legal aspects of the judgment handed down in this matter on 18 April 2023 because some of the reasoning and interpretation of the law contained in the judgment does not align with our understanding of our statutory duties and powers - as endorsed by the Royal Court and Guernsey Court of Appeal in prior judgments concerning appeals...

On 1 November 2021, The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (the new Enforcement Law) came into effect. Accordingly, the Commission has revised and updated certain key documents relating to the enforcement process: A new Explanatory Note regarding “ the Investigation and Decision-Making Process in Relation to the use of Enforcement Powers”, which...