Mr Andrew David Treharne (R) (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 Mr Andrew David Treharne, former Chief Operating Officer and director of Horizon Trustees (Jersey) Limited (HTJL, in liquidation). The statement follows the Commission's investigation into HTJL's trust company business, which found serious integrity and competence failings connected to customer investments in a UK media rights company and a related fund structure (Structure X).

• Finding: The Commission concluded Mr Treharne acted without integrity and displayed incompetence of the most serious kind in his role overseeing HTJL's risk, compliance, governance and customer dealings.
• Sanction: Directions issued under Article 23 prohibit Mr Treharne from performing any function for, being employed by, or holding any position in the business of any registered person (i.e. any Jersey-licensed financial services business), and equivalent directions apply under the Banking Business, Collective Investment Funds and Insurance Business (Jersey) Laws.
• Duration: The directions remain in force indefinitely unless Mr Treharne successfully applies under Article 23(6) for a variance or withdrawal.
• Offences: Mr Treharne commits an offence under Article 23(15) if he breaches the directions; any person who knowingly allows him to perform a function, be employed, or hold a position in contravention of the directions also commits an offence under Article 23(15A).

This is a purely informational enforcement notice concerning a named individual; it does not impose general regulatory obligations on the wider industry, but Jersey-regulated businesses should be aware that they must not employ, engage or allow Mr Treharne to hold any position given the standing directions.

Key obligations

• Registered persons and financial services businesses in Jersey must not allow Mr Treharne to perform any function, be employed, or hold any position in their business while the directions remain in force.
• Mr Treharne must not perform any function, engage in employment, or hold any position in the business of any registered person unless the directions are varied or withdrawn following a successful application under Article 23(6).

Applies to

registered persons under the Financial Services (Jersey) Law 1998, trust company businesses, banking businesses, collective investment funds businesses, insurance businesses