Guernsey: GFSC Addresses Guernsey Association Of Compliance Officers
Last Updated: 19 February 2016

The Guernsey Financial Services Commission's (GFSC) director of enforcement, Simon Gaudion, took part in a well-attended session with members of the Guernsey Association of Compliance Officers (GACO) to discuss the GFSC's decision-making process in relation to enforcement action.

The interactive talk focussed on various anonymised situations that the GFSC had dealt with over the past year, with attending GACO members voting on what they considered to be the appropriate action for a compliance officer or board of directors in respect of each scenario.

The session was also an opportunity for members to provide feedback to the regulator as to whether the compliance decisions made on behalf of the industry by the GFSC had been appropriate.

Carey Olsen partner and chairman of the GACO, Mark Dunster, said:  "Regulation is not a one way street and it is particularly helpful to be able to give feedback to Simon. Both the GFSC and industry must set rules that are fixed as well as realistic in practice. Both sides of the equation must be in balance to produce the best result for Guernsey."

The seminar highlighted that enforcement action taken against individuals under GFSC regulatory supervision could result in severe damage to their career and/or firm but that this needed to be countered with consideration for the reputation of the Bailiwick as a whole if firms are not perceived to be taking their compliance obligations seriously.

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