GFSC publish a statement on discretionary financial penalties
22/07/2021
The GFSC have published a statement regarding discretionary financial penalties, and how they intend to use their current fining powers, rather than their historic powers, in all cases where wrongdoing occurred after 13 November 2017.
With MONEYVAL's visit rapidly approaching, and the "user pays" comment concerning enforcement action, contained within the 2022 Consultation Paper on Fees, it is only a matter of time until we start to see fines imposed under these increased fining powers.
You can read the statement here, which includes a link to the discretionary financial penalties schedule, where you can remind yourself of the financial penalty bandings and characteristics.
Or read what they say here
- As we have worked on some current enforcement matters, it has become apparent to us that we will be taking some cases forward seeking pecuniary sanctions where there is some wrongdoing before 13th November 2017 and some wrongdoing after 13th November 2017.
- Our intent in relation to such matters is not clearly covered by the Guidance Note on the Commission’s general approach to Enforcement issued in January 2019.
- Having regard to the fact that The Financial Services Commission (Bailiwick of Guernsey) (Amendment) Law, 2016 makes no explicit provision for transitional provisions, we believe it is now appropriate for us to use our current, rather than our historic fining powers, in all cases which involve any wrongdoing which occurred after 13th November 2017.
- This will be done in accordance with the discretionary financial penalties schedule we have previously published.
https://www.gfsc.gg/sites/default/files/uploads/Discretionary Financial Penalties - Schedule.pdf
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.