Christian James Bulcock Blair (R) (2015-07-20)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) announcing enforcement directions against Christian James Bulcock Blair, a former trust company business employee. It explains the Commission's investigation findings and the resulting directions barring him from the regulated financial services industry.

• Findings: Mr Blair, outside the scope of his employer, acted as a director of a non Jersey company and in apparent 'dummy' settlor, beneficiary and shareholder capacities for structures administered by an overseas trust company business, receiving fees without conducting due diligence or understanding his roles.
• Commission conclusion: The Commission found Mr Blair's conduct reckless and demonstrating a gross level of incompetence, and concluded he is not fit and proper to work in or for a registered person without its prior consent.
• Directions issued: Under Article 23 of the Financial Services (Jersey) Law 1998, Mr Blair is prevented from performing any function for, being employed by, or holding any position in the business of any registered person, and equivalent directions were issued under the Banking Business, Collective Investment Funds, and Insurance Business Laws.
• Ongoing effect: The directions remain in force until Mr Blair successfully applies to the Commission under Article 23(6) for a variance or withdrawal.
• Offences: Mr Blair commits an offence under Article 23(15) if he fails to comply with the directions; any person who knowingly allows him to work in contravention of the directions is also guilty of an offence under Article 23(15A).

The statement is issued to support the Commission's objectives of reducing public financial loss risk and protecting Jersey's reputation as a financial centre; it is a case specific enforcement notice rather than a rule of general industry application.

Key obligations

• Registered persons and other persons must not allow Mr Blair to perform any function for, be employed by, or hold any position in their business while the directions remain in force, on pain of committing an offence under Article 23(15A) of the FS(J)L.
• Mr Blair must not perform any function, engagement or position for a registered person unless and until he successfully applies to the Commission under Article 23(6) for variance or withdrawal of the directions.
• Mr Blair must comply with the directions issued under Article 23 of the FS(J)L and equivalent provisions of the Banking Business, Collective Investment Funds, and Insurance Business Laws, or commit an offence under Article 23(15).

Applies to

registered persons, trust company business, banking business, collective investment funds business, insurance business, individual employees of regulated financial services businesses