Publication of a Notice of the fact of a Prohibition Order and a Discretionary Financial Penalty (2023-10-05)

Summary

This is a Guernsey Financial Services Commission enforcement notice announcing that the Commission has imposed a discretionary financial penalty and a prohibition order against Mrs Linda Dowding, following her failure to meet the Minimum Criteria for Licensing under the Fiduciaries Law. It is a factual public notice of an individual enforcement action, not a rule of general application to the regulated sector.

• Financial penalty: A discretionary financial penalty of £40,000 was imposed on Mrs Dowding on 26 September 2023.
• Prohibition order: Mrs Dowding is prohibited for three years from acting as shareholder, controller, director, partner, manager, money laundering reporting officer or money laundering compliance officer under any of the regulatory laws.
• Exemption disapplied: The section 3(1)(g) exemption in the Fiduciaries Law, which would otherwise let a prohibited person act as director of up to six companies, has been disapplied for Mrs Dowding for the same three year period.
• Basis: The sanctions followed Mrs Dowding's failure to meet the Minimum Criteria for Licensing set out in Schedule 1 to the Fiduciaries Law.

The notice states that further details will follow in due course, indicating this is a preliminary publication of the sanction rather than a full enforcement decision report.

Applies to

fiduciaries, directors, shareholders, controllers, partners, managers, money laundering reporting officers, money laundering compliance officers

Deadlines

• 26 September 2023, for a period of three years: Duration of Mrs Dowding's prohibition from holding specified positions and of the disapplication of the six company director exemption under section 3(1)(g) of the Fiduciaries Law