Lezanne Kretschmer, our recently appointed Head of Company Secretarial Services, shares a personal account and anecdotes of what to expect and what it takes to relocate during a global pandemic.
Treating Customers Fairly – who wouldn’t?
The latest Public Statement https://www.jerseyfsc.org/media/4841/hawksford-trust-company-jersey-limited-hawksford.pdf and fine issued by the Jersey Financial Services Commission (JFSC) in respect of Hawksford Trust Company Jersey Limited is therefore a salient reminder of the consequences of not ensuring that your business follows such fundamental principles. The cost is not so much in financial terms, but more the subsequent reputational damage that may ensue.
In the case of Hawksford, the JFSC are particularly scathing in highlighting the sustained period, some 16 years, over which these particular shortcomings persisted.
Our Joint Chair, Peter Mills, recently highlighted a number of issues salient to this particular case in his presentation at the Guernsey Association of Trustees AGM in July. It’s worth having a look at the copy of this presentation here. In particular Peter highlighted the sensitivities around the issue of fees and ensuring that trustees do not abuse their authorities in taking their own.
The Public Statement goes on to highlight a number of aggravating factors, including failure to prevent, adequately detecting and resolving issues over a sustained period. In one instance, even after an independent external review had been undertaken, a breach was allowed to persist.
For an informal and confidential discussion on how our highly experienced and practically focused Advisory Services team can assist you in avoiding your own business finding itself in such a position, please contact us.
Horizon scanning, taking into account future developments, known and indeed unknown, is a key expectation of regulators when it comes to their requirements of compliance functions. But what if that horizon includes big changes to the methods of your compliance oversight itself?
On 15th July 2021, the Commission issued its report on the thematic review on the reporting of suspicion of money laundering or terrorist financing. The thematic review comes after the Commission identified that some firms did not have effective policies, procedures and controls for the timely reporting of suspicion through their supervision process.