Mr Richard Arthur (R) (2009-12-04)

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 that Mr Richard David Arthur has been found not fit and proper following an investigation. The Commission has issued directions under Article 23 of the Law preventing him from engaging in any employment with any registered person, with equivalent directions issued under the Collective Investment Funds, Insurance Business and Banking Business laws.

• Scope of directions: Mr Arthur is prohibited from any employment with a registered person under the Financial Services (Jersey) Law 1998 and equivalent regulatory laws (Collective Investment Funds, Insurance Business, Banking Business).
• Duration: The directions remain in force until Mr Arthur satisfies the Commission that grounds for the directions no longer exist, at which point they may be withdrawn or varied.
• Offence for Mr Arthur: Under Article 23(15), it is a criminal offence for Mr Arthur to obtain employment with a registered person unless and until the directions are varied or withdrawn.
• Offence for third parties: Any person who knowingly allows Mr Arthur to perform a function, take up employment, or hold a position with a registered person in contravention of the directions commits a criminal offence.
• Reporting: Anyone with information indicating such an offence has been committed is asked to contact the Commission's Enforcement Director.

Key obligations

• Registered persons and individuals must not knowingly employ, engage or allow Mr Arthur to hold a position where doing so contravenes the Article 23 directions, on pain of criminal liability.
• Mr Arthur must not obtain employment with any registered person unless he successfully applies for a variation or withdrawal of the directions.
• Persons with information about a breach of the directions should report it to the JFSC Enforcement Director.

Applies to

registered persons under the Financial Services (Jersey) Law 1998, entities regulated under the Collective Investment Funds (Jersey) Law 1988, entities regulated under the Insurance Business (Jersey) Law 1996, entities regulated under the Banking Business (Jersey) Law 1991