Mr Jon Paul Hackwood (R) (2016-02-24)

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, announcing regulatory directions against Mr Jon Paul Hackwood following an investigation. The Commission found him not fit and proper to hold a key or principal person position in Jersey's finance industry.

• Prohibition: Mr Hackwood is prevented from holding any key or principal person position (e.g. director, compliance officer, MLRO, money laundering compliance officer) in any business licensed to conduct financial services business in Jersey.
• Notification requirement: He must notify the Commission before taking up any other employment, function or position (even outside a key/principal role) at a Jersey-licensed financial services business, whether direct or via a company.
• Duration: The directions remain in force until Mr Hackwood successfully applies under Article 23(6) of the FS(J)L for a variance or withdrawal.
• Offences: Failure by Mr Hackwood to comply with the directions is an offence under Article 23(15). Any person who knowingly allows him to hold a key or principal person position in contravention of the directions is also guilty of an offence under Article 23(15A).

This statement is specific to Mr Hackwood and functions as a public enforcement notice rather than a general rule of broader application, though it creates obligations for licensed financial services businesses that might otherwise employ or engage him.

Key obligations

• Mr Hackwood must notify the Commission before performing any function, employment or position (direct or indirect) at any Jersey-licensed financial services business that is outside a key or principal person role.
• Financial services businesses and individuals must not allow Mr Hackwood to hold any key or principal person position, as doing so knowingly in contravention of the directions is a criminal offence.
• Mr Hackwood must not hold any key or principal person position in any business licensed to conduct financial services business in Jersey unless the directions are varied or withdrawn.

Applies to

financial services businesses licensed in Jersey, banking businesses, collective investment funds, insurance businesses, individuals holding key or principal person positions