Shane Younger and Christopher Percival (2020-07-30)

Summary

This is a public statement issued by the Guernsey Financial Services Commission (GFSC) announcing enforcement action against two former non-executive directors of Global Insurance Group Limited (GIGL), a licensed insurer. It records completed regulatory decisions rather than imposing any new ongoing rule.

• Financial penalties: The Commission imposed a financial penalty of £48,650 on Shane Younger and £30,100 on Christopher Percival under section 11D of the Financial Services Commission Law, 1987, with a 30% early-settlement discount already applied.
• Public statement: The Commission made a public statement under section 11C of the Financial Services Commission Law naming both individuals and detailing the findings.
• Basis for action: Both individuals, as non-executive directors and majority shareholders of GIGL, were found to have failed the fit and proper minimum criteria for licensing under Schedule 7 of the Insurance Business (Bailiwick of Guernsey) Law, 2002, by failing to ensure effective systems of control over a related intermediary's claim fund and bordereaux reporting, and failing to ensure timely payment of amounts owed to GIGL.

The notice is retrospective and concerns a concluded enforcement matter; it does not create new prospective compliance requirements for the wider industry but illustrates the Commission's expectations regarding director oversight of outsourced arrangements and credit risk.

Applies to

licensed insurers, non-executive directors of insurance licensees, insurance intermediaries