Chamberlain Heritage Services Limited, Mr Christopher Henry Shaw, Mr John Adam Robilliard, Mr Bruce David McNaught (2023-08-24)

Summary

This is a public statement issued by the Guernsey Financial Services Commission (GFSC) detailing enforcement action taken against Chamberlain Heritage Services Limited (CHSL), a licensed fiduciary business, and three individuals connected to it (Mr Shaw, Mr Robilliard and Mr McNaught) for serious and repeated failures in AML/CFT compliance, customer due diligence, beneficial ownership verification, and standards of integrity in trust and company administration.

The Commission found that CHSL and the individuals failed to meet the minimum licensing criteria under the Fiduciaries Law and related regulatory laws, citing failures in relationship risk assessment, customer due diligence (including for high risk clients), ongoing monitoring, record keeping, client agreements, and acting in beneficiaries' best interests. The decisions were made in March 2021 but publication was delayed to allow the statutory appeal process to conclude.

• Mr Shaw: Fined £100,000 and prohibited from holding director, controller, partner or manager positions for 10 years; the fiduciary licensing exemption disapplied for 10 years.
• Mr Robilliard: Fined £40,000 and prohibited from holding director, controller, partner or manager positions for 6 years; the fiduciary licensing exemption disapplied for 6 years.
• Mr McNaught: Fined £15,000; no new prohibition order made because he was already prohibited under the relevant laws until 8 June 2022.
• CHSL: No financial penalty imposed because the firm changed ownership in 2017, surrendered its licence in 2019, and is now in liquidation; but for these facts a £100,000 penalty would have been imposed.

This is a historical enforcement notice recording concluded regulatory action; it does not itself create new ongoing compliance obligations for other licensees, though it illustrates the standards (customer due diligence, beneficial ownership verification, record retention, fee transparency, and integrity) that the GFSC expects of fiduciary, trust and corporate service licensees.

Applies to

fiduciary licensees, trust service providers, corporate service providers, company directors, controllers