The Guernsey Financial Services Commission (GFSC) has imposed a £450,000 ($537,000, €532,000) discretionary financial penalty on Artemis Trustees.
The fine was issued on 24 June 2022.
The GFSC said in a statement on 7 July 2022: “The sanction was imposed on Artemis Trustees Limited as a result of their failure to meet the minimum criteria for licensing under the Regulation of Fiduciaries, Administration Businesses and Company Directors (Bailiwick of Guernsey) Law 2020. More details to follow in due course.”
GFSC told International Adviser it was not able to give any more details on the fine.
A spokesperson for Artemis Trustees said: “We are unable to make any further comment on the circumstances surrounding the fine as we are under a duty of confidentiality.
“Since mid-2019, the board and senior management of Artemis Trustees Limited have undergone significant changes and a rigorous process of remediation has been undertaken.
“Considerable investment has been made in people, technology, infrastructure and training and Artemis is in a very robust position for the future.
“Artemis is committed to serving our clients, maintaining our independence and continually investing in and developing our staff.”
Artemis Trustees is part of Artemis Fiduciaries – which offers trust and corporate services in Guernsey.