The Commission has published a Consultation Paper containing proposals, which, if implemented, would allow different investor categories to take advantage of an appropriately regulated fund structure. The proposed amendments would complete the current approach for
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.
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