Mr Martyn Paul Gordon (2016-07-29)

Summary

This is a Guernsey Financial Services Commission public statement announcing enforcement action taken against Mr Martyn Paul Gordon, a former director of a Guernsea licensee, following findings that he misappropriated client funds and breached fit and proper requirements. It is a completed enforcement decision (dated 17 August 2015, published 29 July 2016) rather than a new rule or ongoing regulatory requirement.

• Financial penalty: A £45,000 financial penalty was imposed on Mr Gordon under Section 11D of the Financial Services Commission Law.
• Prohibition: Mr Gordon is prohibited from performing any function under the POI Law, Fiduciaries Law, Banking Law, IMII Law and Insurance Business Law for 14 years.
• Public statement: The Commission issued this public statement under Section 11C of the Financial Services Commission Law.
• Exemption disapplied: The exemption in Section 3(1)(g) of the Fiduciaries Law was disapplied in respect of Mr Gordon.
• Grounds: The action followed findings that Mr Gordon misappropriated £1,000,000 in client funds between two trusts and diverted £114,839.90 from four entities to pay another client's legal fees without disclosure to his employer.

The document records mitigating factors considered by the Commission, including Mr Gordon's cooperation, early settlement, financial restitution and absence of personal gain, which affected the size of the penalty. It creates no ongoing obligations for other regulated entities beyond serving as a public record of the enforcement outcome.

Key obligations

• Mr Gordon must pay the £45,000 financial penalty imposed under Section 11D of the Financial Services Commission Law.
• Mr Gordon is barred from performing any function under the POI Law, Fiduciaries Law, Banking Law, IMII Law and Insurance Business Law for a period of 14 years from the decision date.

Applies to

fiduciary licensees, individuals performing director or controlled functions under Guernsey financial services laws

Deadlines

• 14 years from 17 August 2015: Duration of Mr Gordon's prohibition from performing functions under the POI Law, Fiduciaries Law, Banking Law, IMII Law and Insurance Business Law.