The recent decision of the Royal Court of Guernsey (the
"Royal Court") in Domaille, Clarke and
Hannis v Guernsey Financial Services Commission (available here)
involved an appeal against sanctions imposed by the Guernsey
Financial Services Commission ("GFSC")
on three individuals (the "Appellants")
in their capacity as directors and managers of a fiduciary services
company (the "Decision").
The initial GFSC decision had imposed, amongst other things,
lengthy directorship bans on the Appellants of eight, four and
three years respectively, and significant fines of £280,000,
£90,000 and £30,000 for failing to meet aspects of the
Minimum Criteria for Licencing.
The Royal Court, in its judgment, dealt with the various grounds
of appeal brought by the Appellants under the Financial Services
Business (Enforcement Powers) (Bailiwick of Guernsey) Law 2020
("the EP Law") and examined the
principles applicable to the GFSC in the exercise of its regulatory
powers under the
