Prohibition Order: Mr Lee Timothy Barkman (2017-06-14)

Summary

This is a public enforcement notice issued by the Guernsey Financial Services Commission (GFSC) announcing a prohibition order against Mr Lee Timothy Barkman. It records that he is barred from performing specified functions in the finance sector for a seven-year period due to governance failings and unlicensed activity.

• Grounds for prohibition: Serious corporate governance failings while acting as a purported director of unlicensed companies; providing investment promotion and advice without an appropriate licence; acting in breach of cell particulars.
• Scope of prohibition: From 14 June 2017 until 14 June 2024, Mr Barkman is prohibited from performing any function in relation to: regulated activity carried on by or for a licensed fiduciary; controlled investment business carried on by an entity licensed under the Protection of Investors Law; the business of an insurance manager or intermediary; an insurance business carried on by or for a licensed insurer; and deposit-taking business carried on by or for a licensed banking institution.
• Legal basis: The order is made under the Regulation of Fiduciaries, Administration Business and Company Directors Law 2000, the Protection of Investors Law 1987, the Insurance Managers and Insurance Intermediaries Law 2002, the Insurance Business Law 2002, and the Banking Supervision Law 1994, all as amended.

The notice is primarily informational, publicising the enforcement action; it does not itself impose new ongoing obligations on licensed entities beyond the individual prohibition.

Key obligations

• Mr Barkman must not perform any function in relation to regulated fiduciary, investment, insurance, or banking business as specified, from 14 June 2017 until 14 June 2024.

Applies to

licensed fiduciaries, licensed entities under the Protection of Investors Law, insurance managers, insurance intermediaries, licensed insurance businesses, licensed banking institutions

Deadlines

• 14 June 2017 until 14 June 2024: Duration of the prohibition order against Mr Barkman across all specified regulated functions.