Mr Mark Peter Penney (Date of Birth 19 August 1961) of La Grande Houguette, Rue des Coutures, St Martins, Guernsey, GY4 6HN (2020-05-04)

Summary

This is a formal prohibition notice issued by the Guernsey Financial Services Commission against Mr Mark Peter Penney, barring him from holding specified controlled roles across several regulated sectors in the Bailiwick of Guernsey for a six year period.

• Fiduciary sector: Prohibited from acting as director, controller, partner or manager in relation to regulated activity carried on by or for a licensed fiduciary, under the Regulation of Fiduciaries, Administration Business and Company Directors etc Law 2000.
• Investment business: Prohibited from acting as director, controller, partner, manager or financial advisor in relation to controlled investment business under the Protection of Investors Law 1987.
• Insurance managers and intermediaries: Prohibited from acting as director, controller, partner, manager, financial advisor or authorised insurance representative in relation to insurance manager or intermediary business under the Insurance Managers and Insurance Intermediaries Law 2002.
• Insurance business: Prohibited from acting as director, controller, partner, manager, general representative or authorised insurance representative in relation to a licensed insurance business under the Insurance Business Law 2002.
• Banking: Prohibited from acting as director, controller, partner or manager in relation to deposit-taking business carried on by or for a licensed institution under the Banking Supervision Law 1994.

All prohibitions run from 4 May 2020 until 4 May 2026. The notice is informational for firms and the public rather than imposing new ongoing regulatory requirements beyond compliance with the individual prohibition.

Key obligations

• Licensed fiduciaries, investment businesses, insurance managers and intermediaries, insurance businesses, and deposit-taking institutions must not permit Mr Mark Peter Penney to act in the specified director, controller, partner, manager, financial advisor, general representative or authorised insurance representative functions during the prohibition period (4 May 2020 to 4 May 2026).

Applies to

licensed fiduciaries, controlled investment business entities licensed under the Protection of Investors Law, insurance managers and insurance intermediaries, licensed insurance businesses, licensed deposit-taking institutions (banks)

Deadlines

• 4 May 2020 until 4 May 2026: Period during which Mr Mark Peter Penney is prohibited from performing the specified functions across fiduciary, investment, insurance and banking sectors.