On 10 July 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;
- £48,650 under section 11D of the Financial Services Commission Law on Mr Younger; and
- £30,100 under section 11D of the Financial Services Commission Law on Mr Percival.
Mr Younger and Mr Percival were non-executive directors and the majority shareholders of Global Insurance Group Limited (“GIGL”).
Mr Younger & Mr Percival, failed to:
- ensure the implementation of effective systems of control;
- ensure payments were made in a timely manner; and
- adequately consider & assess the risks associated with a United Kingdom Intermediary.
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