Mr David George Jenner (R) (2025-10-30)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) announcing regulatory directions against Mr David George Jenner, a former Managing Director (1993-2019) and Group Chairman (2019-2022) of Lutea Holdings Limited and Lutea Trustees Limited, a Jersey-regulated trust company business.

• Findings: Between 2018 and 2021, Lutea failed to organise and control its affairs effectively and operate adequate risk management systems, with repeat findings from prior examinations; Mr Jenner, as a long-standing principal person, failed to ensure compliance and fostered a culture lacking regard for regulatory requirements.
• 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, Mr Jenner is barred from performing any function for, being employed by, or holding any position in any business regulated or supervised by the JFSC, until the directions are withdrawn or varied.
• Related directions: Equivalent directions have also been issued under the Banking Business (Jersey) Law 1991, Collective Investment Funds (Jersey) Law 1988 and Insurance Business (Jersey) Law 1996.
• Offences: Mr Jenner commits an offence if he fails to comply with the directions; any person who knowingly allows him to perform a function, take employment, or hold a position in contravention of the directions also commits an offence.

The statement is informational and enforcement-related rather than a general rule change, but it creates an ongoing prohibition binding on Mr Jenner and a corresponding duty on JFSC-regulated businesses not to engage him in any capacity.

Key obligations

• Mr Jenner must not perform any function for, be employed by, or hold any position in any JFSC-regulated or supervised business unless the directions are withdrawn or varied.
• Regulated businesses and other persons must not knowingly allow Mr Jenner to perform a function, take employment, or hold a position in contravention of the directions, or they commit an offence.

Applies to

trust company business, businesses regulated or supervised by the JFSC, banking business, collective investment funds business, insurance business