Mr Christopher Paul Byrne (R) (2022-11-04)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) following the conclusion of its investigation into Mr Christopher Paul Byrne, a former financial adviser and managing director of Lumiere Wealth Limited. It sets out findings that Mr Byrne acted dishonestly and lacks integrity, and confirms directions restricting his future involvement in JFSC regulated business.

• Unauthorised business: Mr Byrne provided investment advice to nine prospective Lumiere clients to invest in a fund before Lumiere held an investment business licence, despite being cautioned by the JFSC not to do so.
• Unsuitable and fraudulent advice: He fraudulently induced clients to invest in a high risk fund by concealing its risk, his financial interest via a secret side agreement, and the fund's ownership links to Lumiere's majority shareholder, resulting in investor losses of approximately 12 million pounds.
• Misconduct with a vulnerable client: He dishonestly induced an unsecured 1 million pound personal loan from a vulnerable client, misrepresented its purpose, and later fabricated documents to mislead the JFSC during its examination.
• False information to JFSC: He knowingly provided false or misleading information to the JFSC during its investigation, a criminal offence for which he was convicted.
• Sanction imposed: The JFSC has directed under Article 23 of the FS(J)L that Mr Byrne cannot perform any function for, be employed by, or hold any position in any business regulated or supervised by the JFSC without its prior written approval.

The statement is issued under Article 25(a) of the Financial Services (Jersey) Law 1998 and is purely retrospective and informational as to findings, but the underlying directions against Mr Byrne remain in effect and create ongoing compliance obligations for both him and any business considering engaging him.

Key obligations

• Mr Byrne must not perform any function for, engage in employment by, or hold any position in any business regulated or supervised by the JFSC without the JFSC's prior written approval.
• Any person or business must not allow Mr Byrne to perform a function, engage in employment, or hold a position knowing this would contravene the JFSC's directions, as doing so is itself an offence.

Applies to

financial advisers, investment businesses regulated by the JFSC, businesses regulated or supervised by the JFSC, persons employing or engaging regulated individuals