Guernsey GFSC go again…..two individual fines totalling £166,000.00.
The GFSC has published a notice of the fact of a Prohibition Order and a Discretionary Financial Penalty on its website.
On 2 February 2023, the Commission imposed discretionary financial penalties as follows:
- Mr William Stephen Cairns (“Mr Cairns”) a financial penalty of £133,000; and
- Mr Du Preez Gert Vermeulen (“Mr Vermeulen”) a financial penalty of £35,000.
Further, on the above date, the Commission imposed the prohibitions as follows:
- Mr Cairns prohibited from all functions for a period of ten years and six months; and
- Mr Vermeulen prohibited from acting as a director for a period of two years and one month.
The exemption set out in section 3(1) (g) of The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (which would otherwise permit those prohibited to act as a director of not more than six companies) has also been disapplied in respect of Mr Cairns for a period of ten years and six months; and in respect of Mr Vermeulen for a period of two years and one month.
The above sanctions have been imposed on Mr Cairns and Mr Vermeulen following their failure to meet the Minimum Criteria for Licensing as set out in Schedule 1 to The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2020.
More details to follow in due course.
Meet the team of industry experts behind ComsureFind out more
Keep up to date with the very latest news from ComsureFind out more
View our latest imagery from our news and workFind out more
Think we can help you and your business? Chat to us todayGet In Touch
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email firstname.lastname@example.org.