The Guernsey Financial Services Commission published a public statement announcing sanctions against Channel Island Finance Limited executive director Scott Greaves Carré and director Jason Paul Cook after concluding that the firm materially contravened the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 and that both individuals were not fit and proper. The Commission imposed a GBP 21,000 financial penalty on Mr Carré, prohibited him from holding any supervised role for seven years, and issued a notice disapplying a statutory exemption for the same period. Mr Cook was prohibited from holding any supervised role for 2 years and 1 month and received an equivalent exemption-disapplication notice. The findings related to the firm’s retail and commercial lending and loan broking, funded by loans from a third party (Person A) while the firm operated under conditional discretionary exemptions pending a licensing decision and subsequent wind-down. The Commission identified breaches including accepting additional funding from Person A without the Commission’s written consent, failing to follow and update the Commission on the agreed repayment schedule to Person A, and weaknesses in managing conflicts where a large proportion of Person A’s funds were paid to Mr Carré or lent to entities he owned, with limited documentation and Mr Carré as the sole bank account signatory. It also found misleading statements and omissions to the Commission by Mr Carré (including on loan repayment status, the existence of a further Person A loan, and the firm’s cash balance), and failures to fully comply with statutory notices seeking documents; Mr Cook was found to have provided misleading information to Person A about the size of loans and to have failed to ensure proper approval and conflict management for lending to Mr Carré’s businesses. In setting the penalty, the Commission noted it would have imposed GBP 175,000 on Mr Carré but reduced this to GBP 21,000 due to his impecuniosity and concern about impacts on creditors or potential creditors. Person A’s loans have been repaid by a third party rather than the firm, and the Commission took account of early settlement, Mr Cook’s cooperation and the parties’ financial positions, including by not imposing a financial penalty on Mr Cook.
Guernsey Financial Services Commission 2025-06-26
Guernsey Financial Services Commission fines Scott Greaves Carré and bars him and Jason Paul Cook from supervised roles over Channel Island Finance breaches
The Guernsey Financial Services Commission sanctioned Channel Island Finance Limited's executive director Scott Greaves Carré and director Jason Paul Cook for breaches of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022. Mr Carré received a GBP 21,000 penalty and a seven-year prohibition from supervised roles, while Mr Cook was prohibited for 2 years. Violations included unauthorized funding, misleading statements, and poor conflict management.