Guernsey Finance has said the alleged conduct of two former employees "falls significantly short" of the standards it expects.
It comes after two executives at Guernsey Finance, which regulates the island's financial services industry, were allegedly caught on camera behaving inappropriately and discussing other colleagues after a video meeting ended. The video was circulated within the organisation and then online.
Rupert Pleasant, the former CEO of the organisation, resigned last week amid an independent investigation.
Acting CEO Barnaby Molloy told Investment International an independent investigation is ongoing, adding: "The alleged behaviour of the two individuals concerned falls significantly short of the standards we expect.
"Any conversations and actions were clearly intended to be private; the behaviour and opinions expressed do not reflect those of our organisation.
"We take reports relating to workplace conduct seriously. After the matter was brought to our attention, we acted quickly with good governance and in line with our legal obligations and HR policies, and the individuals are no longer employed by Guernsey Finance.
"This matter is undoubtedly embarrassing for the individuals involved, and we ask that their privacy and that of their families be respected. We also want to acknowledge our wider team and emphasise that this incident does not detract from the excellent work done by our organisation every day."
