Mr David Jonathan Francis (R) (2018-05-25)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) under Article 25(a) of the Financial Services (Jersey) Law 1998 concerning directions issued to Mr David Jonathan Francis under Article 23 of that law. Mr Francis was a principal person and former director of Horizon Trustees (Jersey) Limited (in liquidation), a trust company that provided services to private fund structures.

Following an investigation into Mr Francis's fitness and propriety, the JFSC concluded he acted with a most serious lack of integrity and displayed the most serious kind of incompetence, in connection with the acquisition and financing of a UK media rights company and the use of customer monies through a New Zealand limited partnership structure and a related media fund.

• Prohibition: Directions prevent Mr Francis from performing any function for, being employed by, or holding any position in the business of any registered person (i.e. any business licensed to conduct financial services business in Jersey).
• Related laws: Equivalent directions have also been issued under the Banking Business (Jersey) Law 1991, the Collective Investment Funds (Jersey) Law 1988, and the Insurance Business (Jersey) Law 1996.
• Duration: The directions remain in force until Mr Francis successfully applies to the JFSC under Article 23(6) of the FS(J)L for a variance or withdrawal.
• Offences: Failure by Mr Francis to comply with the directions is an offence under Article 23(15); any person who knowingly allows him to act in contravention of the directions commits an offence under Article 23(15A).

This is a historical enforcement notice naming a specific individual; it does not impose ongoing regulatory requirements on the wider industry, though registered persons must not employ, engage or allow Mr Francis to hold any position in contravention of the directions.

Key obligations

• Registered persons and other businesses licensed to conduct financial services business in Jersey must not allow Mr Francis to perform any function for, be employed by, or hold any position in their business, as this would constitute an offence under Article 23(15A) of the FS(J)L.
• Mr Francis must not perform any function, engage in employment, or hold any position with any registered person, and must comply with the directions or commit an offence under Article 23(15) of the FS(J)L.
• Any variance or withdrawal of the directions requires Mr Francis to make a successful application to the JFSC under Article 23(6) of the FS(J)L.

Applies to

registered persons, trust company business, businesses licensed to conduct financial services business in Jersey