Guernsey Financial Services Commission reports Court of Appeal judgment upholding key Providence wrongdoing findings and its enforcement process

The Guernsey Financial Services Commission published a statement on the Court of Appeal’s judgment in the Providence matter, saying the court confirmed several aspects of wrongdoing previously found by the Commission’s Senior Decision Maker and supported the Commission’s enforcement processes, putting disputed findings into the public domain. The Commission said the judgment upholds the Senior Decision Maker’s reasoning in many instances, asks the Royal Court to reconsider some matters in light of the Court of Appeal’s review, and may require further work by the Commission depending on the Royal Court’s subsequent conclusions. It also noted the Court of Appeal’s observations for company directors on good and poor conduct in difficult circumstances, and its explanation of why the Commission’s enforcement procedures under Guernsey law comply with Article 6 of the European Convention on Human Rights. Next steps hinge on the Royal Court’s reconsideration of the remitted issues, after which any further action by the Commission may be required. The Commission linked the case to wrongdoing connected to the fraudulent Providence Ponzi scheme.