News

Sanctions Notice - Cyber Crime

31st July 2020
Please be advised that an asset freeze and travel ban have been imposed on six people and three entities under the EU’s cyber sanctions regime. These are the first designations to be made under the regime. Those listed are said to be responsible for or involved in cyber-attacks originating outside the EU with significant or potentially significant effect, which constitute an external threat to the...

Stephen Paul Dewsnip

30th July 2020
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”) The Insurance Business (Bailiwick of Guernsey) Law, 2002 (the “Insurance Law”) Stephen Paul Dewsnip (“Mr Dewsnip”) On 27 July 2020, the Guernsey Financial Services Commission (the “ Commission”) decided: 1. To impose a financial penalty of £7,000 under section 11D of the Financial Services...

Shane Younger and Christopher Percival

30th July 2020
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”) The Insurance Business (Bailiwick of Guernsey) Law, 2002 (the “Insurance Law”) Global Insurance Group Limited (“GIGL”) Shane Younger (“Mr Younger”) Christopher Percival (“Mr Percival”) On 10 July 2020, the Guernsey Financial Services Commission (the “ Commission”) decided: 1. To impose a...

Global Insurance Group Limited, Christopher Schofield, Andrew William Robert

30th July 2020
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”) The Insurance Business (Bailiwick of Guernsey) Law, 2002 (the “Insurance Law”) Global Insurance Group Limited (“GIGL”) Christopher Schofield (“Mr Schofield”) Andrew William Robert (“Mr Robert”) On 8 June 2020, the Guernsey Financial Services Commission (the “ Commission”) decided: 1. To...

Sanctions Notice - ISIL (Da'esh) and Al-Qaida

17th July 2020
Please be advised that the United Nations Security Council Committee has added one individual to the ISIL (Da'esh) and Al-Qaida Organisations financial sanctions regime. Noor Wali Mehsud has been added to the consolidated list and is subject to an asset freeze. Under section 13 of the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions Law), this amendment is deemed to have been made to the...

Sanctions Notice - Global Human Rights

14th July 2020
Please be advised that following the United Kingdom’s issue of the Global Human Rights Sanctions Regulations 2020, the States of Guernsey has made the Global Human Rights Sanctions (Bailiwick of Guernsey) Regulations, 2020 [link updated 20/04/2021] The Regulations impose asset freezes to deter those who are, or have been, involved in human rights’ violations. 47 individuals and 2 entities have...

Shane Younger and Christopher Percival

14th July 2020
On the 10th day of July 2020 the Commission has imposed discretionary financial penalties on the following parties:- £48,650 on Shane Younger; and £30,100 on Christopher Percival As a result of failures to meet the Minimum Criteria for Licensing in respect of Schedule 7 of The Insurance Business (Bailiwick of Guernsey) Law, 2002. More details to follow in due course.

March Quarter 2020 Investment Statistics

9th July 2020
First Quarter 2020 Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £5.5 billion (2.4%) to £233.2 billion. Over the past year, total net asset values have increased by £16.4 billion (7.6%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £1.6 billion (-3.5%) to £44.7...

Funds Growth Omnibus Discussion Paper

7th July 2020
The Guernsey Financial Services Commission has issued today a discussion paper making proposals aimed at ensuring that the Guernsey funds framework remains fit for purpose while helping to create opportunities for growth. Amongst other proposals to increase efficiency and clarity, the discussion paper proposes widening the formation options for Private Investment Funds. Commenting on the...

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