The Jersey Financial Services Commission (the “Commission”) issues this public statement under Article 25 of the Financial Services Law. This action supports the Commission’s objectives of reducing the risk to the public of financial loss and protecting and enhancing the reputation and integrity of Jersey in Commercial and financial matters.

This public statement serves to highlight breaches by New World Jersey, or companies under its administration and control – The Commission’s investigation of New World Jersey’s conduct identified multiple and repeated breaches of the Codes.

In particular, New World Jersey failed to comply with the following requirements:

1. Section 2.1: A registered person must act with due skill, care and diligence to fulfil the responsibilities that it has undertaken;
2. Section 2.2: Where a registered person is responsible for exercising discretion for or in relation to its customers, it must take all reasonable steps to obtain sufficient information in order to exercise its discretion or other powers in a proper manner;
3. section 2.3: A registered person must only exercise its power or discretion for a proper purpose and must be able to evidence, in writing, any decision made;
4. Section 2.4: A registered person must either avoid any conflict of interest arising or, where conflicts arise, must address such conflicts by: disclosure; applying internal rules of confidentiality; declining to act; or otherwise as appropriate;
5. Section 3.2.1: A registered person must operate robust arrangements for meeting the standards and requirements of the regulatory system;
6. Section 3.2.9.2: A registered person must, if providing services defined in Article 2(4)(b) of the Financial Services Law (namely acting or fulfilling the function of or arranging for another person to act as or fulfil the function of a director or alternate director of a company under a registration for Class G trust company business), be able to demonstrate that reasonable care has been taken to have knowledge of the activities of the companies for which it acts for or arranges for another to act for as director, and any material changes thereto;
7. Section 3.5.5: A registered person must ensure that its compliance function is adequately resourced; and
8. Section 3.7: Record keeping: Maintenance of adequate and orderly records.

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