Vida Financial Services has been fined £30,000 for a series of failings while its director has been slapped with a £20,000 and banned by the Guernsey Financial Services Commission.
"An on-site visit was conducted by the GFSC in December 2016, which identified a number of concerns," the regulator said in its ruling.
The regulator found failings in relation to competence, experience, soundness of judgement, diligence, knowledge and understanding of the applicable legal and professional obligations, prudence, integrity and professional skill.
Mr Wilson showed a lack of understanding of how actual and potential conflicts of interest in relation to both Vida and himself should be managed"
Further failings related to compliance with the rules, codes, guidance, principles and instructions issued by the commission as well as failing to conduct business in a prudent manner.
Upon review of board minutes from 1 November 2013 to 16 June 2017, the regulator said Vida's record keeping of minutes and financial records was "extremely poor" and deemed the company's conflicts of interest policy "wholly inadequate".
Guernsey's regulator has also banned the firm's director, Jonathan Wilson. He told the regulator he was responsible for writing up board minutes, which was not true.
"Mr Wilson showed a lack of understanding of how actual and potential conflicts of interest in relation to both Vida and himself should be managed," the GFSC said.
Supporting the decision toban Wilson were factors such as Vida's poor regulatory record - going back to 2011-, particularly in relation to submitting annual reports and accounts on time and that the serious contraventions and non-fulfilment were not brought to the attention of the commission.
Vida was incorporated in Guernsey in August 1989. Wilson became the controller in October 2012 and a director in November that year. He was currently the managing director of Vida.
He can apply to get the ban lifted.
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