Global Insurance Group Limited (“GIGL”), Christopher Schofield, Andrew William Robert

On 8 June 2020, the Guernsey Financial Services Commission (the “Commission”) decided:

To make a public statement under section 11C of the Financial Services Commission Law & to impose a financial penalty of;

  • £42,000 under section 11D of the Financial Services Commission Law on GIGL;
  • £17,500 under section 11D of the Financial Services Commission Law on Mr Schofield; and
  • £10,500 under section 11D of the Financial Services Commission Law on Mr Robert.

The failures by GIGL, Mr Schofield and Mr Robert outlined below demonstrate a lack of competence, experience, sound judgement and diligence & as a result led to a failure to fulfil the fit and proper requirements under Schedule 7 to the Insurance Law.

GIGL failed to:

  • establish, and operate within, effective systems of risk management and internal controls & failed to retain adequate oversight & accountability; 
  • maintain adequate liquidity or make adequate provision for depreciation or diminution in the value of its assets;
  • hold regulatory capital resources greater than or equal to its Prescribed Capital Requirement in breach of paragraph 9 of the Solvency Rules; and 
  • deposit the annual return, accounts and audit report for the periods between 2015 & 2018.

Mr Schofield & Mr Robert, as directors, failed to:

  • ensure the implementation of effective systems of control;
  • ensure payments were made in a timely manner; and
  • properly consider & assess the risks associated with a United Kingdom Intermediary.

To view this notification in full, please click here.

If you have concerns about the effectiveness of your controls & risk management please contact the Advisory team at Aspida via info@aspidagroup.com

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