Guernsey Press

Regulator wants to dispel fears of tough sanctions

THE financial services regulator plans to make greater efforts next year to dispel concerns within the industry about aggressive enforcement action.

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Simon Gaudion, director of enforcement at the Guernsey Financial Services Commission, said he found it hard to understand why there appeared to be a prevailing belief in the sector that firms and individuals being referred to enforcement would inevitably suffer sanctions.

Statistics to November 2016, over a period when eight referrals were made, show that in only 25% of cases referred to the enforcement division were sanctions imposed.

'In half of all cases which made it to enforcement, no case was pursued.

'The referral was not accepted in one case, while the remaining three were referred back to the relevant supervisory division.

'The honest answer is, I don't know why that perception is out there,' said Mr Gaudion.

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