Woodlock Financial Services, based at L'Islet, and founded in 1998, has voluntarily surrendered its licences following the verdict of the Guernsey Financial Services Commission and arranged to continue working under the management of Gower Financial Services.
The commission said Woodlock had failed to fulfil the minimum criteria for licensing, as set out in law, after its enforcement division identified failings in several areas.
It included concerns over some record keeping and a lack of client information on file.
The commission said the company had put in place a remediation plan to address the concerns and taken the decision to surrender its licences voluntarily.
'The financial advisers of Woodlock have arranged to continue to act under the management of another licensee,' said the GFSC.
'Woodlock agreed to settle at an early stage of the process and this has been taken into account by applying a discount in setting the financial penalty.'
