It is necessary to ensure members comply with the Institute’s Charter, Bye-Laws and Regulations (including the
Code of Conduct) through the Institute’s disciplinary process. The application and administration of the
disciplinary process shall be overseen and directed by the Disciplinary Committee.
Mr Kevin Gilligan ACSI 10 June 2020
We discovered that Mr Gilligan had been personally sanctioned by the Guernsey Financial Services Commission and prohibited from performing the functions of director, controller, partner or manager of a regulated entity for six years and two months. The Commission’s investigation found that a regulated firm, of which Mr Gilligan was a director, failed to (1) administer certain funds in accordance with the principal documents and information particulars, (2) abide at times with contractual and legal obligations, (3) adequately identify and manage conflicts of interest, (4) obtain adequate client due diligence and enhanced due diligence in relation to its book of business, (5) at times effectively monitor business relationships and transactions, (6) at times, to ensure that proper books and records were kept and that these were readily retrievable and (7) at times, to exercise effective policies procedures and controls for forestalling, preventing and detecting money laundering and terrorist financing. It also found that the directors failed, at times, to adhere to a director’s fiduciary duty to act in the best interest of a company.
Mr Gilligan was found to have breached the disciplinary offences 16.1 (a), 16.1 (b) and 16.1 (d) as per the CISI Membership Regulations, including several Code of Conduct principles.
Mr Gilligan has been expelled from CISI membership for a period of six years and two months.