Conflicts of interests [COI] result in IFA being prohibited from Jersey finance industry
21/05/2021
The JFSC have prohibited Mr Gufur Hussain from working in the Island’s finance industry for lacking integrity.
The JFSC
- Investigated Mr Hussain’s conduct after he arranged loans of more than £1million from people who were his financial advice clients
- Investigation concluded:
- That he repeatedly failed to disclose conflicts of interest to the company he worked for as a financial adviser and knowingly provided the JFSC with false and/or misleading information.
- That Mr Hussain continued to have contact with clients when the regulator had imposed directions on him not to do so.
JFSC Director General, Martin Moloney commented:
- “Mr Hussain failed in his obligations to disclose conflicts of interest.
- Becoming a beneficiary of a client’s investment decisions while being their adviser is the underlying source of the conflicts of interest in this kind of case.
- Being someone’s financial adviser is a huge responsibility.
- It is vitally important to be open and frank with your employer and the JFSC.
- The smart thing for financial advisers to do is make sure they keep their own financing entirely separate from the investment choices of those they advise.”
The JFSC have published a public statement outlining the conclusions of its investigation. https://www.jerseyfsc.org/news-and-events/independent-financial-adviser-prohibited-from-finance-industry/
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.