Miss Julie Elizabeth McClafferty - Public Statement (2016-05-31)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) recording a variation of enforcement directions against Miss Julie Elizabeth McClafferty, a former principal person of Horizon Trustees (Jersey) Limited (in liquidation). It updates the original 2014 directions and public statement, narrowing the scope of the prohibition placed on her.

• Background: In 2014 the Commission issued directions under Article 23(1) of the Financial Services (Jersey) Law 1998 barring Miss McClafferty from any function, employment, or position at all in the business of any registered person.
• 2016 variation: Following review of a submission from Miss McClafferty, including her completion of the ICA International Diploma in Compliance, the Commission varied the 2014 directions with immediate effect, removing the blanket prohibitions.
• New prohibition: The 2014 prohibitions are replaced by a single, narrower prohibition preventing Miss McClafferty from holding any principal person or key person position in the business of any registered person (the 2016 Directions).
• Duration: The 2016 Directions remain in force until Miss McClafferty successfully applies to the Commission for a further variance or withdrawal under Article 23(6) of the FS(J)L.
• Offences: Breach of the 2016 Directions by Miss McClafferty is an offence under Article 23(15) of the FS(J)L; a registered person that knowingly allows her to hold a prohibited position also commits an offence under Article 23(15A).

The statement applies to registered persons under the FS(J)L and equivalent Jersey regulatory laws (banking, collective investment funds, and insurance business), who must ensure Miss McClafferty is not appointed to a principal person or key person role while the 2016 Directions remain in force.

Key obligations

• Miss McClafferty must not hold any principal person or key person position in the business of any registered person while the 2016 Directions remain in force.
• Registered persons must not knowingly allow Miss McClafferty to hold a principal person or key person position in contravention of the 2016 Directions.
• The 2016 Directions remain binding until Miss McClafferty successfully applies to the Commission under Article 23(6) of the FS(J)L for a variance or withdrawal.

Applies to

registered persons under the Financial Services (Jersey) Law 1998, banking business entities, collective investment funds, insurance business entities