ON Thursday 02 April, 2015 the following Update on Holding in Co – STM Fiduciaire – AGM [RNS Number : 2457J] was recorded
- In 2012 the Jersey Financial Services Commission (“the Regulator”) undertook an investigation into compliance procedures at STM Fiduciaire.
- The investigation concluded that STM Fiduciaire had acted swiftly to address the perceived failings and that no clients had been put at risk.
- STM Fiduciaire felt that matters had been brought to a satisfactory conclusion.
- The Attorney General for the States of Jersey has now notified STM Fiduciaire that it intends to pursue the prosecution of one of STM Fiduciaire’s former employees and that STM Fiduciaire, as employer at the time, will be jointly charged as a defendant.
- The Jersey court date has been set to start on 23 June 2015; the result of which will be notified to the market at the earliest opportunity.
- STM Fiduciaire has engaged advisers and intends to vigorously defend the actions of its former employee and itself.
- The Board of directors of STM Fiduciaire anticipates that in the event the Jersey Court rules against STM Fiduciaire, any fine will be manageable and payable out of STM Fiduciaire’s existing resources.
Commenting on the prosecution, Colin Porter, Chief Executive of STM Group, said:
“STM Fiduciaire moved quickly to address the perceived failings of a well-regarded former employee which were highlighted by the Regulator in early 2012. We are satisfied that we took all possible steps in 2012 and 2013 to work closely with the relevant authorities in Jersey to resolve the matter, and that they had fully endorsed STM Fiduciaire’s remedial actions at that time. We are disappointed that this prosecution is being brought four years after the alleged incident. STM Fiduciaire continues to maintain an open, transparent and on-going relationship with the Regulator.”
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