Horizon Trustees (Jersey) Limited (2013-11-07)

Summary

This is a public statement issued by the Jersey Financial Services Commission under Article 25 of the Financial Services (Jersey) Law 1998, detailing the outcome of an investigation into Horizon Trustees (Jersey) Limited (HTJL), a trust company business that was placed into liquidation in May 2012. It is a historical enforcement notice rather than a rule of general application, and imposes no new requirements on other regulated entities.

• Background: HTJL was placed under heightened supervision following 2011 on-site examinations and subsequently entered liquidation in May 2012, with its book of business transferred to other service providers.
• Investigation scope: The investigation covered the period 1 January 2008 to 30 May 2012 and assessed HTJL's compliance with the Financial Services Law and the Codes of Practice for Trust Company Business.
• Findings: HTJL breached the Financial Services Law by allowing a non-regulated, affiliated company to make strategic decisions and to conduct unauthorised financial service business.
• Codes breaches: HTJL breached all seven principles of the Codes, including failing to act with integrity, prioritise customer interests, maintain adequate risk management and financial resources, be transparent, cooperate openly with the Commission, and avoid misleading statements.
• Liquidation status: The Joint Liquidators are winding up HTJL's affairs, after which its registration will be revoked.
• Further action: The Commission states it is continuing associated investigations arising from the issues identified at HTJL.

As a public statement about a specific company already in liquidation, this document does not create ongoing compliance obligations for other trust company businesses, though it signals the standards of conduct the Commission expects under the Codes of Practice for Trust Company Business.

Applies to

trust company business