Were the trustees dishonest? 1. The key issue was whether PTCL’s behaviour amounted to dishonest assistance in the breaches of trust. In all cases, except two of the Quistclose trusts, the Royal Court held that it did. 2. The essence of the criticism was that PTCL had failed to bring “independent judgment to bear as […]

In Nolan v. Minerva Trust & Others [2014] JRC 078A, the Royal Court delivered a salutary reminder of the high standards by which professional service providers in Jersey will be judged, and the need for scrutiny, careful reflection and demonstrable independence when taking investment decisions. It also underlined the need to be robust, whatever pressure […]

Breaches of the various Codes of Practice issued by the JFSC can clearly have serious implications for a regulated business and its employees. With this in mind as we move closer to the introduction of civil penalties, financial practitioners should consider examples of good and poor practice in the conduct of financial services business. Two […]

On the 4 August 2014 saw the enactment of Proceeds of Crime and Terrorism (Miscellaneous Provisions) (Jersey) Law 2014 which amends the previous Proceeds of Crime legislation in a number of significant areas. One material and significant change is the  Repeal of Drug Trafficking Offences Law etc., and savings – the following is stated in […]

Mourant Ozannes briefing talks about MONEYVAL’s impending visit, this quarter Important developments for the regulation of financial services in Jersey. The new Financial Services Ombudsman and further information relating to funding and composition of the board are imminent. Anti-money laundering regulations and the Jersey Financial Services Commission (JFSC) proposes to publish a series of further […]

How does the FOS reach a conclusion about a complaint? A major difference between the way the FOS and a court determine a claim is that the FOS will do so in accordance with what it considers fair and reasonable in the circumstances – even where the strict application of the law would produce a […]

Proposals to amend provisions in the Handbooks for the Prevention and Detection of Money Laundering and the Financing of Terrorism for: 1. Financial Services Business Regulated under the Regulatory Laws 2. the Accountancy Sector 3. the Legal Sector 4. Estate Agents and High value Dealers This consultation paper should be read and understood alongside Position […]

Feedback to a consultation on primary legislation to provide the Commission with the power to impose civil financial penalties for contraventions of Codes of Practice. In the CONSULTATION PAPER [CP] the Commission sought views on draft legislation – the Amendment Law – which would amend the Commission Law to introduce statutory provisions to enable the […]