THE Guernsey Financial Services Commission is doing everything it can to stamp out the so-called ‘Sark Lark’, according to its director-general Peter Neville (pictured).

All reports of Sark residents undertaking unlicensed directorship work were being investigated, he said. ‘In one case we obtained a warrant to enter premises where unlicensed fiduciary business was thought to be carried out.  ‘In the event, there was only very limited evidence of unlicensed activity and the Law Officers decided, having obtained an undertaking that there would be no future activity, to administer a caution.’

In the Guernsey Press this week, a full-page letter was published addressed to the Bailiwick from Brecqhou co-owner Sir David Barclay.  In it, he acknowledged that the introduction of the 2001 Regulation of Fiduciaries legislation and the inclusion of Sark in the Bailiwick regulatory regime had made the Sark Lark more difficult, although it had not stopped it.