Steve Dewsnip, co-founder of Guernsey FC and the current commercial director of Stalybridge Celtic, has been banned from any involvement in regulated companies by the Guernsey Financial Services Commission (GFSC). The ban follows his role in the collapse of the Providence Investment Fund in 2016, a fraudulent scheme that left investors with millions of pounds in losses.
Dewsnip, 57, who was formerly the chairman of Guernsey FC, was sanctioned by the GFSC for his “failure to meet the minimum criteria for licensing.” This prohibition restricts him from performing functions related to regulated sectors, such as investment funds, insurance, and banking in Guernsey. However, the ban does not affect his position at Stalybridge Celtic, where he currently serves as commercial director.
Stalybridge Celtic, based in Greater Manchester, stated that it was aware of the situation and expressed “full confidence” in Dewsnip’s ability to carry out his duties. The club emphasized that the ban has no impact on his role. Paul Bowden, the club’s finance and operations director, praised Dewsnip for his vital contribution in reshaping the club’s commercial offerings over the past six months.
Dewsnip did not respond to BBC’s request for comment. Stalybridge also noted that Dewsnip, who is not part of the club’s board, has maintained “full transparency,” and the club has “financial procedures” in place to protect its business.
A spokesperson for Guernsey FC clarified that Dewsnip no longer had any involvement with the club and stepped down in 2016.
In 2020, Dewsnip was fined £7,000 by the GFSC for failing to ensure effective control systems were in place during his time as a non-executive director of Global Insurance Group. The GFSC said his actions had put policyholders’ claims and Guernsey’s reputation at risk.
Dewsnip was also a director of the Providence Investment Fund, a fraudulent venture that collapsed in 2016. The fund, which promised to buy debt from Brazilian companies, ultimately misused the majority of investors’ money, with only a small portion reaching Brazil. The scheme’s collapse left investors, particularly in Guernsey and Jersey, millions of pounds in debt.
The GFSC declined to comment further on the specifics of Dewsnip’s ban, but their prohibition notice stated that the sanction was due to his failure to meet licensing criteria.