Clive Barton MBE has stepped down as a St Helier Procureur for ‘personal reasons’ the day after it was revealed that he had stepped down as Senior Partner of Moore Stephens and been barred from working in finance after a JFSC investigation.
The news comes just 24 hours after the Island’s financial services regulator revealed “significant issues” over standards of due diligence, tax advice, levels of commission charges and anti-money laundering standards in the trust business at Moore Stephens.
In a statement published by the Parish this morning, Mr Barton – who was named UK Accountant of the Year in 2009 by Citywealth magazine – was thanked for his many years of voluntary service to St Helier.
Town Constable Simon Crowcroft said: “Clive Barton has served the Parish of St Helier well and ably since 2000.
“He has been elected to the post six times, with two of his elections being contested, and is held in high regard by the municipality of St Helier. Clive helped to steer the Parish towards its present stable financial situation and has been responsible for, amongst other things, bringing the Parish accounts into GAAP compliance. I am extremely grateful to him for his sound advice during his sixteen years of service to the Parish.”
A JFSC Public Statement yesterday revealed that Mr Barton and fellow Partner Kathleen Gillen took a “voluntary leave of absence” after a November 2014 inspection by the financial services regulator uncovered what it described as “a number of significant concerns”. The pair stepped down from the company last year and have been banned from being involved in any financial services business until the JFSC gives them permission.
Mr Barton is a well-known figure in the Island who has served as a Director of Jersey Finance and Jersey Post, and who is a parish official responsible for finances at the Parish of St Helier.
Ms Gillen’s responsibilities at the company included developing business and client relationship work with clients from India, Russia and the Middle East.
He declined to comment on the JFSC’s statement yesterday.
Mr Barton had been with Moore Stephens since 1971 – rejecting the chance of a playing contract at Chelsea as a young man to train as an accountant – rising to become Senior Partner in Jersey, and taking on responsibility for the group in Guernsey, the Isle of Man and Gibraltar.
Yesterday’s JFSC’s statement said: “The issues identified by the on-site examination and subsequent reviews were significant; however, the partners of Moore Stephens have acknowledged the failings identified in respect of the Moore Stephens trust company business and, working in collaboration with the Commission, have taken appropriate steps to remedy the issues and strengthen the business.
“The Commission is committed to working with regulated entities to resolve issues whenever possible and appropriate.”
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