Crystal Trust Company Limited (2003-04-30)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) under Article 22 of the Financial Services (Jersey) Law 1998, announcing that the Commission's Board of Commissioners refused to register Crystal Trust Company Limited to carry on financial services business in Jersey.

• Refusal date: The Commission refused registration on 5 February 2003, acting under Articles 8 and 10 of the Law.
• Effect of refusal: Under Article 6 of the Law, it is illegal for Crystal Trust Company Limited to carry on trust company business, or any other financial services business, in or from within Jersey, or anywhere in the world.
• Grounds for refusal: The Commission found the directors failed to comply with Directions issued under Article 20; the company failed to meet Article 8(3)(b) requirements; the company had an inadequate span of control (insufficient independent directors) contrary to Article 8(3)(a) and made insufficient efforts to remedy this; and the Commission was not satisfied the directors met the standards required under Article 8(3)(a)(ii).
• Named directors: The statement identifies the company's directors as Mrs Christine Susan Bryce-Richards (formerly Mauger, nee Kenny), Mr Martin Andrew Moore ACA, and Mr Robin Jackson FCA.

This is a historical enforcement notice with no continuing compliance obligations for other regulated entities; it serves to publicly warn that this specific company is not permitted to conduct financial services or trust company business in Jersey.

Applies to

trust companies, persons carrying on financial services business in Jersey