Mr Matthew Ramsay Collins (R) (2018-11-06)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) announcing enforcement directions against Mr Matthew Ramsay Collins under Article 23 of the Financial Services (Jersey) Law 1998. Following an investigation, the JFSC found Mr Collins not fit and proper to work in any capacity in or for a JFSC-regulated business, and imposed directions barring him from any role, employment or position in Jersey financial services or Schedule 2 businesses without prior JFSC consent.

• Scope of directions: Mr Collins is prohibited from performing any function, engaging in any employment, or holding any position in any business licensed to conduct financial services business in Jersey, and from working in any capacity in Schedule 2 businesses (e.g. lawyers, accountants, estate agents, lenders, high value goods dealers) without prior JFSC consent.
• Related directions: Equivalent directions have also been issued to Mr Collins under the Insurance Business (Jersey) Law 1996, Banking Business (Jersey) Law 1991, Collective Investment Funds (Jersey) Law 1988, and the Proceeds of Crime (Supervisory Bodies) Law 2008.
• Duration: The directions remain in force until Mr Collins successfully applies to the JFSC under Article 23(6) for a variance or withdrawal.
• Offences: Mr Collins commits an offence under Article 23(15) of the FS(J)L if he fails to comply with the directions; any person who knowingly allows him to work in contravention of the directions also commits an offence under Article 23(15A).

This is an individual enforcement action rather than a rule of general application, but it creates a continuing obligation for regulated businesses and their staff not to knowingly employ or engage Mr Collins in breach of the directions.

Key obligations

• Mr Collins must not perform any function, engage in any employment, or hold any position in any business licensed to conduct financial services business in Jersey.
• Mr Collins must not work in any capacity in a Schedule 2 business supervised by the JFSC without first obtaining the JFSC's prior consent.
• Mr Collins must comply with the directions issued under Article 23 of the FS(J)L or commit an offence under Article 23(15).
• Any person or business must not allow Mr Collins to perform a function, engage in employment, or hold a position while knowing this would contravene the directions, or they commit an offence under Article 23(15A).

Applies to

financial services businesses licensed in Jersey, Schedule 2 businesses (lawyers, accountants, estate agents, lenders, high value goods dealers), insurance businesses, banking businesses, collective investment funds businesses