Stephen Bougourd (2020-12-08)

Summary

This is a public enforcement statement issued by the Guernsey Financial Services Commission against an individual, Stephen Bougourd, a former director of a fiduciary licensee. It is not a general rule or guidance document; it records specific sanctions imposed on Mr Bougourd for regulatory failings and creates no new obligations for the wider industry.

• Financial penalty: A £7,000 fine was imposed under section 11D of the Financial Services Commission Law (after a 30% early settlement discount).
• Prohibition order: Mr Bougourd is barred from acting as director, controller, partner, manager or financial adviser of any entity regulated under the Regulatory Laws for 362 days from 8 December 2020.
• Exemption disapplied: The exemption under section 3(1)(g) of the Fiduciaries Law is disapplied in respect of Mr Bougourd for the same 362 day period.
• Public statement: The Commission published this statement under section 11C of the Financial Services Commission Law, finding Mr Bougourd failed to meet the fit and proper minimum criteria in Schedule 1 to the Fiduciaries Law due to his role in creating false and backdated business records.

The underlying conduct involved backdating corporate documents (letter of engagement, stock transfer, board minutes, share certificate, declaration of trust) to conceal the true timing of a client transaction, and causing a public body to receive false filings. The statement is a case specific enforcement outcome and does not itself impose ongoing compliance duties on licensees generally, though it illustrates the standards of probity, diligence and financial crime vigilance the Commission expects of directors and officers of fiduciary licensees.

Key obligations

• Mr Bougourd must not perform the functions of director, controller, partner, manager or financial adviser of any entity regulated under the Regulatory Laws for 362 days from 8 December 2020.
• Mr Bougourd is subject to disapplication of the Fiduciaries Law section 3(1)(g) exemption for 362 days from 8 December 2020.
• Mr Bougourd must pay the £7,000 financial penalty imposed under section 11D of the Financial Services Commission Law.

Applies to

fiduciary licensees, directors and officers of regulated entities

Deadlines

• 362 days from 8 December 2020: Duration of the prohibition order against Mr Bougourd from acting as director, controller, partner, manager or financial adviser of a regulated entity
• 362 days from 8 December 2020: Duration of the disapplication of the Fiduciaries Law section 3(1)(g) exemption in respect of Mr Bougourd