Mr Justin Krzysztof Jozef Nicpon (R) (2012-02-03)

Summary

This is a public statement issued by the Jersey Financial Services Commission under the Insurance Business (Jersey) Law 1996 concerning Mr Justin Krzysztof Jozef Nicpon, former principal person of Blue Swan Insurance (Jersey) Ltd (now dissolved). It records that the Commission has issued statutory directions against Mr Nicpon following a fitness and propriety review arising from his conduct in relation to Blue Swan and associated companies.

• Nature of the directions: Mr Nicpon is prohibited from performing any function for, being employed by, or holding any position in any permit holder under the Law without first obtaining prior written approval from the Commission.
• Equivalent directions: Similar directions have been issued to Mr Nicpon under the Collective Investment Funds (Jersey) Law 1988, the Financial Services (Jersey) Law 1998, and the Banking Business (Jersey) Law 1991.
• Grounds: Findings include causing Blue Swan to breach solvency and other statutory requirements, diverting premium income to companies under his control, and causing Blue Swan's premium collection agent (ATM Global Limited) to breach fiduciary duties, including failing to pay insurance premium tax to HMRC.
• Duration: The directions remain in force indefinitely until Mr Nicpon satisfies the Commission that no grounds justifying them remain, at which point they may be withdrawn or varied.
• Offences: It is a criminal offence under Article 36(7) of the Law for Mr Nicpon to act in breach of the directions, and it is also an offence for any permit holder or person to knowingly allow him to perform such a function, employment or position in contravention of the directions.

This is an individual enforcement notice rather than a rule of general application; it primarily affects permit holders and other regulated entities who might otherwise engage Mr Nicpon, and imposes a continuing prior-approval requirement on him personally.

Key obligations

• Mr Nicpon must not perform any function for, be employed by, or hold any position in a permit holder under the Insurance Business (Jersey) Law 1996 (or equivalent regulatory laws) without first obtaining prior written approval from the Commission.
• Any person or permit holder must not knowingly allow Mr Nicpon to perform a function, take up employment, or hold a position in contravention of the directions, on pain of committing a criminal offence.
• Mr Nicpon must apply to and satisfy the Commission before the directions can be withdrawn or varied.

Applies to

permit holders under the Insurance Business (Jersey) Law 1996, insurance companies, entities regulated under the Collective Investment Funds (Jersey) Law 1988, entities regulated under the Financial Services (Jersey) Law 1998, entities regulated under the Banking Business (Jersey) Law 1991, restricted persons