Mr Wayne Garraway (R) (2014-10-17)

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, disclosing directions issued to Mr Wayne Garraway under Article 23 of that Law. The Commission found that Mr Garraway acted without integrity and conducted unauthorised business in breach of Article 7 of the Financial Services Law.

• Prohibition: Directions prevent Mr Garraway from performing any function, engaging in any employment, or holding any position at all in the business of a registered person.
• Related directions: Equivalent directions have also been issued under the Banking Business (Jersey) Law 1991, the Collective Investment Funds (Jersey) Law 1988, and the Insurance Business (Jersey) Law 1996.
• Duration: The directions remain in force indefinitely unless and until Mr Garraway successfully applies to the Commission under Article 23(6) for a variance or withdrawal.
• Offence for non-compliance: Mr Garraway commits an offence under Article 23(15) if he fails to comply with the directions.
• Offence for third parties: Under Article 23(15A), any person who knowingly allows Mr Garraway to perform a function, engage in employment or hold a position in contravention of the directions is also guilty of an offence.

The statement is informational and enforcement-related, published to protect the public and Jersey's financial reputation; it does not create ongoing obligations for the wider industry beyond the prohibition on engaging Mr Garraway in breach of the directions.

Key obligations

• Mr Garraway must not perform any function, engage in any employment, or hold any position at all in the business of a registered person while the directions remain in force.
• Any person or entity must not knowingly allow Mr Garraway to perform a function, engage in employment, or hold a position in contravention of the directions.
• Mr Garraway must apply to the Commission under Article 23(6) of the Financial Services Law if he wishes to seek a variance or withdrawal of the directions.

Applies to

registered persons, individuals engaged in financial services business in Jersey