Tuesday 16th July 2019
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Comsure operates in:the UK, Jersey, Guernsey

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Jersey Royal Court struggles with the question – “When is a fee a commission or commission a fee” and asks the JFSC for guidance

In a recent Jersey appeal case the Court was of the view that the investment profession might well benefit from further guidance from the JFSC on “Commissions”[or Receiving prohibited third-party payments] The court did however, and for the avoidance of doubt, makes it clear that if an investment adviser were to receive a fee for […]

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Jersey Royal Court considers behaviour when dealing with complaints – lessons to be learned – act (and be seen to act) objectively and impartially

SPEED READ The courts considered the arguments from the JFSC concerning integrity of an investment adviser (SWM) when they dealt with two complaints. In complaint No 1 SWM refused to re-open a compliant after being directed to do so by a 3rd party – the court stated it is not unreasonable on the part of […]

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Jersey trust named in non disclosed [DOTAS] scheme during HMRC victory against tax avoidance promoters

The successor to the infamous Jimmy Carr ‘K2’ scheme has just surfaced following a decision by the First Tier Tribunal which found that a contractor loan scheme should have been notified under the Disclosure of Tax Avoidance Schemes (DOTAS) regulations. With striking similarities in the way it was marketed and operated to K2 the scheme, […]

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JFSC Updates to AML/CFT Handbook appendices – 18 March 2019

  The JFSC have published updated versions of Appendices D1 and D2 of the AML/CFT Handbook, to take into account the latest Financial Action Task Force (FATF) statements. You can view the updated appendices by visiting the AML/CFT Handbook page of the JFSC  website here https://www.jerseyfsc.org/anti-money-laundering/regulated-financial-services-businesses/amlcft-handbook/ FacebookTwitterLinkedinemail

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Cyber: the risk of ignorance

A joint report published by the government and the National Cyber Security Centre this week revealed the fact that only 16% of boards of FTSE 350 firms claim to fully understand the impact of loss or disruption associated with cyber threats, despite 96% having a cyber security strategy in place.   https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/783263/FTSE_350_Cyber_Governance_Health_Check_2018.pdf While this report […]

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JFSC appoints new Commissioner

The Jersey Financial Services Commission (JFSC) has today announced the appointment of a new Commissioner to its Board. Tracy Garrad will be sworn in by the Royal Court for a five year term on Friday 8 February. A former Chief Executive Officer (CEO) of HSBC Channel lslands and Isle of Man, Tracy’s career spans 14 […]

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The JFSC have issue their Supervisory Thematic Programme for 2019.

By way of background “Thematic examinations” allows the JFSC to better understand particular thematic risks that cut across a range of firms in a specific sector or affect a sector as a whole.  In conductiong these thematic reviews the JFSC, address thematic risks using a range of tools including questionnaires, on-site visits and guidance. For […]

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Insurance firm investigation

THE finances of Jersey Mutual Insurance Society are being investigated by the police after ‘potential fraudulent activity’ spanning a number of years came to light. On Thursday, the organisation, which has served the Island for just under 150 years, sent a letter to all of its members informing them of the situation and confirmed that […]

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