Mr Vincent Charles Roberts (R) (2018-02-28)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) announcing enforcement action against Mr Vincent Charles Roberts, a former Principal Person and investment adviser at two Jersey-registered investment businesses. Following an investigation into his fitness and propriety, the JFSC found he acted without integrity by borrowing money from clients, misusing loan funds, and misleading a client about pension investments.

• Findings: The JFSC concluded Mr Roberts is not fit and proper to work in any capacity for any JFSC-regulated business, and requires prior JFSC consent before he can work for any Schedule 2 Business.
• Sanction: Directions under Article 23 of the Financial Services (Jersey) Law 1998 prohibit Mr Roberts from performing any function, employment or position in any Jersey-licensed financial services business; equivalent directions apply under other regulatory laws and the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008.
• Duration: The directions remain in force unless and until Mr Roberts successfully applies under Article 23(6) for their variance or withdrawal.
• Offences: Failure by Mr Roberts to comply with the directions is an offence under Article 23(15); any person who knowingly allows him to work in contravention of the directions also commits an offence under Article 23(15A).
• Industry learning points: Registered persons under the IB Code (and equivalent Codes) must assess and monitor the working practices, competence and probity of directors, senior managers and employees, avoid over-reliance on negative assurance, maintain adequate record-keeping, and have clear policies on employees' use of social media and mobile phones when communicating with clients.

The statement also includes guidance for members of the public on recognising investment mis-selling and poor advice, but this guidance is informational rather than a regulatory requirement.

Key obligations

• Mr Roberts must not perform any function, engage in employment, or hold any position in any business licensed to conduct financial services business in Jersey unless the JFSC directions are varied or withdrawn
• Mr Roberts must obtain prior JFSC consent before working in any capacity for a Schedule 2 Business
• Any person must not knowingly allow Mr Roberts to perform a function, engage in employment, or hold a position in contravention of the directions
• Registered persons must assess and monitor the working practices, competence and probity of directors, senior managers and employees under paragraph 3 of the IB Code (and equivalent Codes of Practice)
• Registered persons must maintain appropriate record-keeping arrangements for regulatory compliance, including a clear policy on employees' use of social media and mobile telephones for client communications

Applies to

registered persons conducting investment business, Principal Persons, Investment Employees, Schedule 2 Businesses, members of the public/investors