Guernsey Financial Services Commission reports Court of Appeal largely upholds Senior Decision Maker findings in Hofgren case and orders sanctions reassessment

The Guernsey Financial Services Commission published an update noting a Court of Appeal judgment that confirms the Commission’s Senior Decision Maker (SDM) decision concerning Mr Hofgren to a considerable extent, while requiring a reassessment of the overall seriousness and resulting sanctions. The Royal Court’s 21 November 2024 judgment upheld most of the SDM’s findings and the sanctions imposed, but disagreed with two findings. The Court of Appeal determined that an SDM should be appointed to reassess seriousness and sanctions taking those two disputed findings into account.