On 2 February 2023, the Commission imposed discretionary financial penalties as follows:
- Mr William Stephen Cairns (“Mr Cairns”) a financial penalty of £133,000; and
- Mr Du Preez Gert Vermeulen (“Mr Vermeulen”) a financial penalty of £35,000.
Further, on the above date, the Commission imposed the prohibitions as follows:
- Mr Cairns prohibited from all functions for a period of ten years and six months; and
- Mr Vermeulen prohibited from acting as a director for a period of two years and one month.
The exemption set out in section 3(1) (g) of The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (which would otherwise permit those prohibited to act as a director of not more than six companies) has also been disapplied in respect of Mr Cairns for a period of ten years and six months; and in respect of Mr Vermeulen for a period of two years and one month.
The above sanctions have been imposed on Mr Cairns and Mr Vermeulen following their failure to meet the Minimum Criteria for Licensing as set out in Schedule 1 to The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2020.
More details to follow in due course.
This news item was originally published by the Guernsey Financial Services Commission (GFSC GG). For more information, see the Source Link.
