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ARTICLE · 24 FEBRUARY 2021

Fit And Proper In The Channel Islands – A Regulatory Enforcement Update

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It is sometimes easy to forget with all that has happened over the last 12 months that there was a world before pandemics, face masks, and vaccines, and equally that there will be a world after it.

GuernseyFinance and Banking
Richard Sheldon
Richard Sheldon
Jared Dann
Jared Dann
Anthony Williams
Anthony Williams
Amy Benest
Amy Benest
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It is sometimes easy to forget with all that has happened over the last 12 months that there was a world before pandemics, face masks, and vaccines, and equally that there will be a world after it. However, a look back over some of the regulatory enforcement action taken by the JFSC and GFSC during this time has revealed some interesting trends, and a look across to what the FCA has been up to in the UK points to where our local regulators may be heading next on the question of who is fit and proper in relation to non-financial misconduct and #MeToo.

Guernsey - NED's and MLRO's be aware

The Enforcement Team at the GFSC have had another busy year, issuing no less than 7 decisions, issuing fines totalling £475,750 with the highest fine on a company being £100,000 and the highest fine on an individual being £52,500. Common themes from those decisions include failures on the part of the Company and/or directors to:

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