Mr Stephen Andrew Homyard (R) (2013-05-24)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) under Article 25 of the Financial Services (Jersey) Law 1998, disclosing that the Commission has issued formal directions against Mr Stephen Andrew Homyard, a former principal person of a regulated trust company business, following a fitness and propriety investigation.

• Findings: Mr Homyard obtained undisclosed personal loans from clients of the trust company, creating conflicts of interest and breaching company procedures and the Codes of Practice for Trust Company Business; he misled the company board about repayment of a loan; and he misled the company and a lending entity about the true purpose of a loan transaction.
• Directions issued: Under Article 23(1) of the Law (and equivalent provisions of the Collective Investment Funds (Jersey) Law 1988, Insurance Business (Jersey) Law 1996, and Banking Business (Jersey) Law 1991), Mr Homyard is prohibited from performing any function, engaging in employment, or holding any position in the business of a registered person without prior written approval of the Commission.
• Further prohibition: He is also prohibited from performing any function or service falling within the definition of financial service business under Article 2 of the Law.
• Duration: The directions remain in force until Mr Homyard satisfies the Commission that no grounds justifying them remain, at which point they may be withdrawn or varied.
• Criminal offence risk: Mr Homyard commits an offence under Article 23(15) of the Law if he acts in breach of the directions, and any person who knowingly allows him to perform a prohibited function, employment or position also commits a criminal offence.

This is an individual enforcement notice rather than a rule of general application; it names the regulator's contact for reporting suspected breaches and provides no ongoing regulatory obligation for firms generally, other than the prohibition on knowingly permitting Mr Homyard to act in contravention of the directions.

Key obligations

• Registered persons and any other person must not allow Mr Homyard to perform any function, engage in employment, or hold any position in the business of a registered person while knowing this would contravene the Commission's directions, as doing so is a criminal offence.
• Mr Homyard must obtain prior written approval from the Commission before performing any function, engaging in employment, or holding any position in the business of a registered person, or before performing any function or service within the definition of financial service business.

Applies to

trust company business, 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