In September 2012 the FSA published a review of sales incentives and asked for feedback on proposed guidance. At the same time Martin Wheatley, managing director of the FSA and CEO-designate of the Financial Conduct Authority (FCA), addressed an audience of senior bankers and insurers to ask them to end reward schemes that encouraged bad […]

NEWS RELEASE 7 November 2012FEEDBACK ON POSITION PAPER NO.1 2011 – REVIEW OF FINANCIAL ADVICE The Commission has today published its Feedback Paper to its consultation on the Review of Financial Advice; the consultation began with the publication by the Commission of its Position Paper in August 2011. The Feedback Paper can be accessed by […]

Financial advice and market downturns 06 Nov 2012 Rubenstein v HSBC Bank Plc [12.09.12] Court of Appeal overturns controversial High Court decision on causation in claim by consumer concerning negligent financial advice. In August 2005, Mr Rubenstein sought to invest the proceeds of the sale of his home while he searched for a new property. […]

Financial advisers: do you know the difference between execution only and advised sales? 06 Nov 2012 In the recent case of Rubenstein v HSBC, the High Court handed down valuable guidance as to the circumstances in which the giving of information about a financial investment can amount to the provision of investment advice (as opposed […]

US Delays Key Start Dates For Controversial FATCA Act 26 Oct 2012 The US tax authorities have delayed key dates in the staggered implementation of the Foreign Account Tax Compliance Act, according to Reuters. Institutions will now have until January 1, 2017 – an additional two years – to begin withholding US tax from clients’ […]

On the 26th April 2010 The Jersey Financial Services Commission wrote to the Chief Executives (or equivalent) of all persons registered to conduct investment business under the Financial Services (Jersey) Law 1998 . This letter explains the Commission’s key priorities for 2010 and share some of the key findings from on-site examinations last year. 1. […]

French prosecutors have launched an investigation into possible money laundering by HSBC private banking clients after buying data stolen by a former employee of the bank. Eric de Montgolfier, the prosecutor from Nice in the south of France, revealed yesterday that his team are looking into thousands of accounts for evidence of money laundering, having […]

In October/November 2008, the International Monetary Fund (the “IMF”) visited Jersey to carry out an assessment of Jersey’s regulatory and anti-money laundering regimes as part of the Financial Sector Assessment Programme. In response to this IMF review and their report the Jersey’s authorities have now responded. These responses may be found in 4 seperate reports, […]