Mr Andrew Mark Hicks (Mr Hicks) (R) (2023-12-22)

Summary

This is a public statement from the Jersey Financial Services Commission (JFSC) announcing regulatory directions issued against Mr Andrew Mark Hicks, a former long standing principal person of Lutea Holdings Limited and Lutea Trustees Limited, a Jersey regulated trust company business. The JFSC found that Mr Hicks failed to ensure Lutea's compliance with Jersey's regulatory framework over a protracted period, contributing to significant and material breaches that left Lutea vulnerable to money laundering and terrorist financing risks.

• Directions issued: Under Article 23 of the Financial Services (Jersey) Law 1998 and Article 23 of the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, and equivalent directions under the other Regulatory Laws (banking, funds, insurance).
• Effect of directions: Mr Hicks is prevented from performing any function for, engaging in any employment by, or holding any position in any business regulated or supervised by the JFSC, without the JFSC's prior written approval.
• Duration: The directions remain in force until Mr Hicks successfully applies to the JFSC for a variance or withdrawal of the directions.
• Offences: Mr Hicks commits an offence if he fails to comply with the directions; any person who knowingly allows him to work or hold a position in contravention of the directions also commits an offence.
• No civil penalty: The matters were determined ineligible for consideration of a civil financial penalty, so only the directions and public statement were issued.

Key obligations

• Mr Hicks must not perform any function for, engage in employment by, or hold any position in any JFSC regulated or supervised business without the JFSC's prior written approval.
• Mr Hicks must apply to the JFSC under Article 23(6) of the FS(J)L and Article 23(6) of the Supervisory Bodies Law if he wishes to have the directions varied or withdrawn.
• Regulated businesses and individuals must not knowingly allow Mr Hicks to perform a function, take employment, or hold a position in contravention of the directions.

Applies to

trust company business, persons regulated or supervised by the JFSC, Mr Andrew Mark Hicks (individual subject to directions)