Goldridge Stone Limited, and Messrs James Shaw Cameron (R), Russell Philip Foot (R) and John Tasker Lewis (R) (2008-06-27)

Summary

This is a public statement issued by the Jersey Financial Services Commission under Article 25(a) of the Financial Services (Jersey) Law 1998. It records enforcement action taken against Goldridge Stone Limited and three individuals (James Shaw Cameron, Russell Philip Foot and John Tasker Lewis) following an investigation into the Principals' fitness and propriety, arising from their conduct as directors of Goldridge and of a related Jersey company, Sunstone Holdings Limited, between February 2005 and March 2008.

• Directions issued: The Commission has issued directions under Article 23 of the Law preventing each of the three named Principals from taking any employment with any registered person, with equivalent directions issued under the other regulatory laws.
• Registration revoked: On 27 June 2008 the Commission revoked Goldridge Stone Limited's registration under the Law and is supervising the closure of the company with the Principals' cooperation.
• Offence warning: Any of the Principals who takes employment with a registered person while the directions remain in force commits an offence under Article 23(15) of the Law.
• Duration of directions: The directions remain in force until the Principals satisfy the Commission that no grounds justifying them remain, at which point they may be withdrawn or varied.

This is a case-specific enforcement notice rather than a rule of general application; it does not impose new ongoing compliance requirements on the wider industry, though registered persons should be aware that employing any of the named individuals would be unlawful while the directions remain in effect.

Key obligations

• The named Principals (James Shaw Cameron, Russell Philip Foot and John Tasker Lewis) must not take employment with any registered person while the Article 23 directions remain in force
• The Principals must satisfy the Commission that no grounds justifying the directions remain before the directions can be withdrawn or varied
• Registered persons and the public are asked to contact the Commission if they have information indicating that any of the Principals has taken prohibited employment

Applies to

registered persons, investment business firms, the named individual Principals (James Shaw Cameron, Russell Philip Foot, John Tasker Lewis), Goldridge Stone Limited