Mr James Nicholls - superseded (2015-01-23)

Summary

This is a Jersey Financial Services Commission public statement (now marked as superseded) announcing regulatory directions issued against Mr James Nicholls, a former Trust Manager at Horizon Trustees (Jersey) Limited (HTJL, in liquidation). The directions followed an investigation into HTJL's handling of customer investments in a media rights company and related vehicles, in which Mr Nicholls was found to have displayed serious incompetence that placed customer assets at unnecessary risk.

• Prohibition on senior roles: Mr Nicholls is barred from holding any key person or principal person position in the business of any registered person.
• Prohibition on client asset control/advice: He may not perform any function giving him authority, alone or jointly, to control client assets or to advise or exercise discretion for clients of a registered person.
• Correspondence reporting duty: If employed by a registered person, he must copy all written correspondence arising from his activities to a director or the compliance officer of that person as soon as reasonably practicable.
• Duration of directions: The directions remain in force unless and until Mr Nicholls successfully applies under Article 23(6) of the FS(J)L for variance or withdrawal; some restrictions may be lifted once he obtains further professional qualifications to the Commission's satisfaction.
• Obligation on employers: Any person who knowingly allows Mr Nicholls to work or hold a position in contravention of the directions commits an offence under Article 23(15A) of the FS(J)L.

The statement itself is now marked as superseded on the JFSC website, meaning a later notice has replaced or updated this one; readers should check the JFSC source page for the current status of directions against Mr Nicholls.

Key obligations

• Mr Nicholls must not hold any key person or principal person position in the business of any registered person.
• Mr Nicholls must not perform any function giving him authority to control client assets or to advise/exercise discretion for clients of a registered person.
• Mr Nicholls must copy all written correspondence arising from his employment activities to a director or compliance officer of the registered person as soon as reasonably practicable.
• Registered persons and other parties must not knowingly permit Mr Nicholls to perform a function, take employment, or hold a position in contravention of the directions.

Applies to

registered persons, trust company businesses, employees/key persons of registered persons

Deadlines

• as soon as is reasonably practicable: Mr Nicholls must copy written correspondence from his employment activities to a director or compliance officer of the registered person.