The following Speech by Debbie Gupta, Director of Life Insurance and Financial Advice Supervision at the FCA, delivered at Money Marketing Interactive Conference 2019, Harrogate addressed the thorny issue of Improving the suitability of financial advice – Fact finding and reporting The full speech is linked below, and the following extract provides some thought leadership […]

There are various reasons why compliance officers fail. Reason my range from personal to professional attributes. Below are 10 reason why compliance officers fail. 1. Pushback from the general counsel. A very entrenched general counsel is likely to have built up a strong reputation within their company as someone who is close with and sympathetic […]

Many financial services businesses in Jersey ( “relevant business or businesses”) which are subject to the requirement to carry out due diligence on their customers under the Money Laundering (Jersey) Order 2008 (“MLJO”) have historically placed a considerable measure of reliance on being able to operate a simplified due diligence process. This process is in respect of […]

A Blomberg’s article “Dirty Money Spotlights Role of Family Offices as Enablers” identifies a Guernsey trust company in the web of structures involving Jahangir Hajiyev and his wife, Zamira who is subject to the UKs first UWO • https://www.bloomberg.com/news/features/2019-07-30/dirty-money-spotlights-role-of-family-offices-as-enablers THE Blomberg’s story provides the following facts and observations: Introduction 1. Jahangir Hajiyev was convicted of […]

A FORMER Jersey Financial Services Commission employee who took confidential documents from an application file, and then presented them to his subsequent employer as the ‘gold standard’ for such paperwork, has been spared prison. Accountant Timothy Owen Jones, of St Peter, pleaded guilty in the Magistrate’s Court to one count of disclosing information about Belasko […]

It has come to our attention that the International Consortium of Investigative Journalists (ICIJ), in partnership with l’Express, a local newspaper, has released a report on Mauritius (‘Mauritius Leaks’) on July 23, 2019. By the ICIJ’s own admission, their so-called “investigation” has been based on a USB key that was handed over to them anonymously. […]

17 July 2019 Financial Services (Jersey) Law 1998, as amended (the FS(J)L) Code of Practice for Fund Services Business and Code of Practice for Trust Company Business (together, the Codes) 1 Action 1.1 The Jersey Financial Services Commission (JFSC) issues this public statement pursuant to Article 25(ba) of the FS(J)L. 1.2 The JFSC’s actions support […]

Whilst its relevance becomes more and more acute to the point where it is now seen as a business essential, for some reason, Cyber insurance remains shrouded in mystery. The ongoing Mondelez case relating to losses incurred as a result of the 2017 NotPetya attacks    shines a spotlight on the collateral fallout of what appeared to […]