Miss Julie Elizabeth McClafferty - Public Statement (2014-07-24)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) announcing that it has issued directions under Article 23 of the Financial Services (Jersey) Law 1998 against Miss Julie Elizabeth McClafferty, a former director and principal person of Horizon Trustees (Jersey) Limited (HTJL, in liquidation). The statement itself is now marked as superseded, meaning it has been replaced by a later JFSC action, but it remains relevant as the historical record of the findings and sanction.

The JFSC's investigation found that Miss McClafferty displayed serious incompetence in her role at HTJL, including authorising customer investments into a high-risk structure (Structure X) without understanding the underlying investment, failing to identify or raise significant conflicts of interest, and knowingly allowing customers to receive unreliable valuations. As a result, HTJL customers face significant financial losses.

• Directions imposed: Miss McClafferty is prohibited from performing any function for, being employed by, or holding any position in the business of any registered person under the FS(J)L (and equivalent provisions of the Banking Business, Collective Investment Funds, and Insurance Business Jersey Laws).
• Duration: The directions remain in force indefinitely until Miss McClafferty successfully applies to the Commission under Article 23(6) for a variance or withdrawal.
• Offence for non-compliance: Miss McClafferty commits an offence under Article 23(15) if she fails to comply with the directions.
• Offence for third parties: Under Article 23(15A), any registered person or business that knowingly allows Miss McClafferty to perform a function, take employment, or hold a position in contravention of the directions also commits an offence.

Key obligations

• Miss McClafferty must not perform any function for, engage in employment by, or hold any position in the business of any registered financial services business in Jersey while the directions remain in force
• Registered persons and financial services businesses in Jersey must not knowingly permit Miss McClafferty to perform a function, take employment, or hold a position in contravention of the directions, or they commit an offence under Article 23(15A)
• Miss McClafferty must apply to the Commission under Article 23(6) of the FS(J)L if she wishes to seek a variance or withdrawal of the directions

Applies to

registered persons under the Financial Services (Jersey) Law 1998, trust company business providers, banking businesses, collective investment fund businesses, insurance businesses, principal persons of regulated entities