Enforcement commissioner addresses Guernsey compliance officers

The Guernsey Financial Services Commission’s (GFSC) director of enforcement, Simon Gaudion, recently took part in a well-attended session with members of the Guernsey Association of Compliance Officers (GACO) to discuss the GFSC’s decision-making process in relation to enforcement action.

The interactive talk focussed on various anonymised situations the GFSC had dealt with over the past year, with attending GACO members voting on what they considered to be the appropriate action for a compliance officer or board of directors in respect of each scenario.

The session was also an opportunity for members to provide feedback to the regulator as to whether the compliance decisions made on behalf of the industry by the GFSC had been appropriate.