Mr Stephen Andrew Homyard (2016-08-16)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) under Article 26(a) of the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, disclosing directions issued against a named individual, Mr Stephen Andrew Homyard, following a fitness and propriety review. It does not create general rules for the industry but is a public disclosure of an individual enforcement action with continuing effect on Schedule 2 businesses that might employ or engage him.

• Background: Directions were first issued against Mr Homyard in May 2013 preventing him from working in any capacity for a Jersey financial services business without Commission consent. Following his exclusion from ICAEW membership in February 2016, the Commission reviewed his fitness and propriety under the Supervisory Bodies Law.
• Finding: The Commission concluded Mr Homyard is not fit and proper to work in any capacity in or for any Schedule 2 business in Jersey, or to perform any Schedule 2 function or service, without prior Commission consent.
• Sanction: New directions under the Supervisory Bodies Law prohibit Mr Homyard from performing any function, engaging in any employment, or holding any position in any Schedule 2 business, or performing any Schedule 2 function or service, unless he successfully applies to the Commission for a variance or withdrawal of the directions.
• Duration: The directions remain in force indefinitely until Mr Homyard successfully applies under Article 23(6) for a variance or withdrawal.
• Offences: Mr Homyard commits an offence under Article 23(15) if he fails to comply with the directions. Any person who knowingly allows him to work, be employed, or hold a position in contravention of the directions also commits an offence under Article 23(15A).

Schedule 2 businesses and other regulated entities in Jersey should be aware of these directions to avoid inadvertently employing or engaging Mr Homyard in breach of the Supervisory Bodies Law, which would itself constitute an offence.

Key obligations

• Mr Homyard must not perform any function, engage in employment, or hold any position in or for any Schedule 2 business, or perform any Schedule 2 function or service, without prior Commission consent or a successful application for variance or withdrawal of the directions
• Any person or business must not knowingly allow Mr Homyard to perform a function, engage in employment, or hold a position in contravention of the directions

Applies to

Schedule 2 business, Principal Persons, persons or businesses that may employ or engage Mr Homyard