The Guernsey [GFSC] issues fines [£110,000.00] against investment firm and directors
On 4 May 2020, the Guernsey [GFSC] issues fines [£110,000.00] against Criteria Wealth Management Limited (“a discretionary penalty of £50,000 ”), Mr Mark Peter Penney (“£40,000”), and Mr Marc Adam Roxby (“£20,000”).
The fines are attributable to the following failings:-
- Conducting unlicensed business in Structured Notes
- Whether CWM provided suitable Advice and Information to its clients about Structured Notes
- Whether CWM provided suitable advice to Client X
- Conflicts of interest concerning the private sale of CWM shares by Mr Penney to Client X
- CWM’s Records were insufficient in many cases to show the provision of suitable advice to other clients