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Guernsey Hikes Financial Services Penalties

by Jason Gorringe, Lowtax.net, London
15 November, 2017

Guernsey's financial services regulator, the Guernsey Financial Services Commission, has released guidance on its new discretionary financial penalty powers.

The maximum financial penalty the Commission can impose on licensees and former licensees (other than personal fiduciary licensees) has risen from GBP200,000 (USD263,317) to GBP4m (USD5.26m), with any fine over GBP300,000 being limited to a maximum of 10 percent of the turnover of the licensee/former licensee in question.

The maximum financial penalty available for relevant officers and personal fiduciary licensees has doubled to GBP400,000, together with the inclusion of an additional criterion for consideration by the Commission, namely emoluments arising in respect of the relevant officer's or personal fiduciary licensee's position.

The increased penalties apply in new enforcement cases commenced on or after November 13, 2017, where the alleged breaches also took place on or after that date.

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