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
Shane Younger and Christopher Percival
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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