Appleby Overturns Prohibition Orders Imposed By GFSC

On Tuesday 25 April, the Royal Court of Guernsey handed down its Judgment in the appeal of Domaille, Clarke and Hannis (the "Appellants") v the Guernsey Financial Services Commission (the "GFSC"), click here.

Appleby is pleased to have acted for the Appellants. The Judgment will be of interest across the financial services sector.

The initial GFSC decision had imposed, amongst other things, prohibition orders on the Appellants of eight, four and three years respectively, along with fines of £280,000, £90,000 and £30,000.

The Royal Court has:

• Quashed the prohibition orders; and
• Remitted the fines to the GFSC for reconsideration with suggested maximum amounts of £175,000 and £60,000 (with the last fine not having been appealed).