Miss Patricia Lomas (R) (2014-11-04)

Summary

This is a public statement issued by the Jersey Financial Services Commission under Article 25 of the Financial Services (Jersey) Law 1998, naming Miss Patricia Lomas and disclosing regulatory directions issued against her following a fitness and propriety investigation. It is an enforcement notice about a named individual rather than a rule of general application, but it creates binding restrictions and offences that affect any registered person or business that might engage her.

• Directions issued: Under Article 23 of the Law, Miss Lomas is prohibited from performing any function, engaging in any employment, or holding any position in the business of a registered person without first obtaining prior written approval from the Commission.
• Scope of prohibition: She is also prohibited from performing any function or service falling within the definition of financial service business under Article 2 of the Law, and equivalent directions have been issued under the Collective Investment Funds (Jersey) Law 1988, the Insurance Business (Jersey) Law 1996, and the Banking Business (Jersey) Law 1991.
• Duration: The directions remain in force unless and until Miss Lomas successfully applies to the Commission under Article 23(6) for their variation or withdrawal.
• Offences: Miss Lomas commits an offence under Article 23(15) if she breaches the directions, and any person who knowingly allows her to perform a function, take employment, or hold a position in contravention of the directions is guilty of an offence under Article 23(15A).

Registered persons and other financial service businesses in Jersey should be aware of these restrictions so as not to inadvertently engage Miss Lomas in a prohibited capacity, since doing so knowingly is itself a criminal offence.

Key obligations

• Registered persons and financial service businesses must not permit Miss Lomas to perform any function, take employment, or hold any position in their business unless she has obtained prior written approval from the Commission.
• Any person who knowingly allows Miss Lomas to perform a function, engage in employment, or hold a position in contravention of the directions commits an offence under Article 23(15A) of the Law.
• Miss Lomas must not perform any function or service falling within the definition of financial service business, and must not resume any restricted activity until she successfully applies for and obtains variation or withdrawal of the directions under Article 23(6).

Applies to

registered persons, financial service businesses, individuals subject to fitness and propriety directions