Mr Stephen Paul Dewsnip (2024-10-25)

Summary

This is a public enforcement notice from the Guernsey Financial Services Commission (GFSC) confirming that it has prohibited Mr Stephen Paul Dewsnip from performing any function on behalf of a regulated entity, effective from 14 August 2024. It also disapplies a statutory exemption that would otherwise have allowed him to act as a director of up to six companies without holding a fiduciary licence.

• Prohibition: Mr Dewsnip is barred from performing any function on behalf of any GFSC regulated entity.
• Exemption disapplied: The section 3(1)(g) exemption under the Regulation of Fiduciaries, Administration Business and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020, which normally permits acting as director of up to six companies without a fiduciary licence, no longer applies to him.
• Reason given: The sanctions were imposed because Mr Dewsnip failed to meet the minimum criteria for licensing.
• Further detail: The GFSC states that more details will follow in due course.

This notice is informational and enforcement-related rather than a rule of general application; it does not itself impose ongoing compliance obligations on other regulated firms, though firms should ensure Mr Dewsnip does not perform any function for them going forward.

Applies to

regulated entities (fiduciary sector, company directors)