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Regulatory Settlement Agreement between the GFSC and Southease Limited

09 Jun 23

Public Statement on Southease Limited

A Regulatory Settlement Agreement has been entered into between the Gibraltar Financial Services Commission (GFSC) and Southease Limited (“Southease”). This Agreement relates to a period between 2015 and 2017, during which and over several transactions, currency was exchanged from Euros into Pounds Sterling amounting to over 2 million Euros. Southease did not have the required regulatory authorisation to do so under the legislation in force at the time, that being the Financial Services (Investment and Fiduciary Services) Act 1989.

Regulatory Outcome

This matter has been compounded and settled by the GFSC, in which Southease has agreed to pay a fine in the sum of £17,500.