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ARTICLE · 06 JUNE 2023

Snapshot: Overview Of The GFSC's Enforcement Powers

Ogier
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The GFSC has a broad set of tools that it can use to address such risks and any misconduct.

GuernseyFinance and Banking
Alex Horsbrugh-Porter
Alex Horsbrugh-Porter
Michael Rogers
Michael Rogers
Eptissam Fakhreddine
Eptissam Fakhreddine
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While regulated firms are committed to ensuring that they comply with their legal and regulatory obligations, there is inevitably a risk that issues of potential concern to the Guernsey Financial Services Commission (GFSC) will arise.

The GFSC has a broad set of tools that it can use to address such risks and any misconduct. This briefing provides a high-level overview of those powers and steps firms might take to mitigate becoming the subject of them.

How does the GFSC approach using its powers?

The GFSC has stated in its guidance on the use of its enforcement powers 1 that it is "committed to a fair, proportionate, and consistent application of its enforcement powers"; the broad range of tools it has helps it do that. The guidance goes on to state that:

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