On 8 June 2020, the Guernsey Financial Services Commission (the "Commission") decided:

To make a public statement under section 11C of the Financial Services Commission Law and to impose a financial penalty of:

�42,000 under section 11D of the Financial Services Commission Law on GIGL;

�17,500 under section 11D of the Financial Services Commission Law on Mr. Schofield; and

�10,500 under section 11D of the Financial Services Commission Law on Mr. Robert.

The failures by GIGL, Mr. Schofield, and Mr. Robert outlined below demonstrate a lack of competence, experience, sound judgment, and diligence and as a result led to a failure to fulfill the fit and proper requirements under Schedule 7 to the Insurance Law.

GIGL failed to:

establish, and operate within, effective systems of risk management and internal controls and failed to retain adequate oversight and accountability;

maintain adequate liquidity or make adequate provision for depreciation or diminution in the value of its assets;

hold regulatory capital resources greater than or equal to its Prescribed Capital Requirement in breach of paragraph 9 of the Solvency Rules; and

deposit the annual return, accounts, and audit report for the periods between 2015 and 2018.

Mr. Schofield and Mr. Robert, as directors, failed to:

ensure the implementation of effective systems of control;

ensure payments were made in a timely manner; and

properly consider and assess the risks associated with a United Kingdom Intermediary.

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If you have concerns about the effectiveness of your controls and risk management, please contact the Advisory team at Aspida via info@aspidagroup.com