Good morning, the JFSC have issued their findings on “Client Assets”, please see summary below. WHAT IS THIS ALL ABOUT? As communicated in November 2017, the JFSC set out in high level terms its planned thematic examination programme for the first half of 2018, to be undertaken by the JFSC’s Supervision Examination Unit (SEU). (SEE […]

What has happened? The European Commission has at last confirmed that the implementation date for the package of measures known as MiFID II has been pushed back 12-months. Investment firms now have until 3 January 2018 to implement the changes to their processes, procedures and documents. The main reason for the delay is the recognition […]

This week (W/C 23.03.2015) two individuals fined and banned for pension advice failings. Two Individuals Fined & Banned for Pensions Advice Failings Two former directors of an advisory firm have been banned from performing senior roles within the financial services industry and fined after failing to ensure their company assessed the suitability of investments made […]

INTERNAL SYSTEMS AND CONTROLS FINDINGS 4.1  Client Due Diligence (“CDD”) The Commission noted a number of instances where Registered Persons were unable to fully demonstrate compliance with Sections 3 and 4 of the AML Handbook. All Registered Persons are required to demonstrate sufficient knowledge of their clients by way of collecting and maintaining appropriate CDD. […]

CORPORATE GOVERNANCE FINDINGS 3.1  Oversight of Investment Advice Cycle and Product Approval Process The Commission would expect a Registered Person to evidence appropriate oversight of the investment services it provides, by demonstrating that all relevant investment discussions and decisions are formally recorded and escalated to the Board of Directors (the “Board”). Specifically, a Registered Person […]

The JFSC investment business supervision have issued their annual findings from their 2013 on-site examinations The topics covered are: CONDUCT OF BUSINESS FINDINGS CORPORATE GOVERNANCE FINDINGS INTERNAL SYSTEMS AND CONTROLS FINDINGS These matters are shown below using the same numbering as the JFSC report CONDUCT OF BUSINESS FINDINGS 2.1  Suitability of Investments The risk of […]

What is the definition of a Professional Client for investment business (as defined in the Financial Services (Jersey) Law 1998, as amended [FSJL]) in Jersey?  Please note the definition will change for different activities for example the following jersey private placement fund guide differs from 1. per se Professional Client means either a Large Undertaking […]

Banned IFA Gary Hexley is set to stand trial in September over giving investment advice without authorisation. In October 2012 Hexley was charged with six offences relating to investment advice given whilst unauthorised. His business partner John Cooper was charged with three offences. Hexley’s has been charged over carrying on a regulated activity without being […]