Chick v Chairman of the GFSC - Application for Costs (2021-08-19)

Summary

This is a decision of the Royal Court of Guernsey on an application for costs following its dismissal of Alan Michael Chick's application for leave to appeal out of time against a 2018 decision of the Chairman of the Guernsey Financial Services Commission under section 11H of the Financial Services Commission (Bailiwick of Guernsey) Law, 1987. It is a judicial costs ruling, not a regulatory rule or notice, and creates no ongoing obligations for regulated firms.

• Outcome: The Deputy Bailiff ordered the Applicant to pay the Respondent's (the GFSC Chairman's) costs of the application, on the recoverable basis, with quantum to be taxed if not agreed.
• Reasoning: The general rule that the unsuccessful party pays the successful party's costs applied; the Applicant's lack of means and status as a litigant in person were held not to be valid reasons to depart from that rule, especially as he had been warned of the costs risk.

The decision is of interest mainly as a record of how the Royal Court applies costs principles in proceedings arising from appeals against GFSC decisions, rather than as a source of compliance requirements for financial services businesses.