On the 20th June 2008 the JFSC issued a Dear Ceo letter to Jersey Trust and Company Service Providers. In this letter John Harris as Director General stated
……where businesses fail to meet the required regulatory standards, whether it be through serious breaches of the regulatory regime (albeit some latitude will be given where such a breach emanates from recent regulatory revisions), or repeat findings identified during on site examinations evidencing a failure to adequately remedy previous issues similarly identified, then action will be taken.
Such action may, depending on the seriousness of the situation, and the degree of openness adopted by the trust company business range from the issue of a formal written warning, which may be made available to other regulatory bodies relevant to the business, through to the ultimate sanction namely a revocation of the businesses registration, coupled with a review of the culpability of individuals involved and if appropriate a public statement.
It is of course recognised that minor breaches can occur and reference should also be made to the ‘Guidance on the Commission’s Decision-Making Process’, the ‘Guidance on the Commission’s use of Enforcement Powers’, and the ‘Guidance on the Commission’s use of Public Statements’, which are all published on the Commission’s website.
Read the whole letter:
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