Guernsey Financial Services Commission

07/21/2021 | Press release | Distributed by Public on 07/21/2021 07:06

New Discretionary Financial Penalties - Update

As we have worked on some current enforcement matters it has become apparent to us that we will be taking some cases forward seeking pecuniary sanctions where there is some wrongdoing before 13th November 2017 and some wrongdoing after 13th November 2017. Our intent in relation to such matters is not clearly covered by the Guidance Note on the Commission's general approach to Enforcement issued in January 2019. Having regard to the fact that The Financial Services Commission (Bailiwick of Guernsey) (Amendment) Law, 2016 makes no explicit provision for transitional provisions, we believe it is now appropriate for us to use our current, rather than our historic fining powers, in all cases which involve any wrongdoing which occurred after 13th November 2017. This will be done in accordance with the discretionary financial penalties schedule we have previously published. Financial Penalties - Schedule.pdf