(1) Paul Randall Pybus (2) Adjure Global Limited v. Guernsey Financial Services Commission [2023] GRC057

Summary

This is a Royal Court of Guernsey judgment on an interlocutory application by Paul Randall Pybus and Adjure Global Limited (in liquidation) to suspend, pending their appeal, sanctions imposed on them by the Guernsey Financial Services Commission's Senior Decision Maker. The underlying GFSC decision had imposed financial penalties, a 10 year prohibition order, a disapplication of licensing exemptions, and a public statement, following findings of a serious lack of probity and provision of false and misleading information to the Commission.

Sanctions and outcome

• Financial penalties: GFSC had imposed a £150,000 penalty on Pybus and £300,000 on Adjure Global Limited under section 39 of the Enforcement Law; the Court suspended Pybus's penalty pending appeal but refused to suspend the £300,000 penalty against Adjure Global Limited.
• Prohibition order: A 10 year prohibition order against Pybus under section 33 of the Enforcement Law was suspended by the Court pending determination of the appeal, given the risk of irreparable harm if it took effect before the appeal was decided.
• Disapplication order: The section 32 disapplication of licensing exemptions against Pybus does not take effect while the appeal is pending, by operation of law, in the absence of a section 32(7) application by GFSC.
• Public statement: The public statement provided for under section 38 of the Enforcement Law against both Pybus and Adjure Global Limited was suspended pending the appeal.
• Jurisdiction confirmed: The Royal Court held it has jurisdiction, both under section 106 of the Enforcement Law/Royal Court Rules and under its inherent jurisdiction, to stay GFSC enforcement decisions (including prohibition and disapplication orders not expressly covered by section 106) pending an appeal.

The judgment is a case-specific interlocutory ruling rather than a rule of general application; it clarifies the Royal Court's power to grant stays of GFSC enforcement sanctions pending appeal but does not itself impose new ongoing obligations on regulated firms generally.

Applies to

fiduciaries, company directors, administration businesses, trust services providers