Registered firms will be aware that one of the Principles to
which they are subjected under the Guernsey Financial Services
Commission's (GFSC) Codes of Practice requires
them to "deal with the [GFSC] in an open and co-operative
manner" (sometimes referred to as the "duty of
candour"). The significance that the GFSC places on compliance
with the duty of candour is clear from various disciplinary
outcomes over time, and it is therefore important that firms have a
good understanding of what this duty requires of them.
What does the duty of candour require?
The duty of candour is an overarching obligation that is broadly
framed, requiring firms to deal with the GFSC openly and
cooperatively. That broad duty is then underpinned by:
