Mrs Sarah Jane Roberts (R) (2015-11-06)

Summary

This is a public statement issued by the Jersey Financial Services Commission naming Mrs Sarah Jane Roberts, a former principal person and director of Horizon Trustees (Jersey) Limited (in liquidation), and disclosing that the Commission has issued directions against her under Article 23 of the Financial Services (Jersey) Law 1998 (and equivalent provisions of the Banking Business, Collective Investment Funds and Insurance Business Laws). It follows an earlier 2013 public statement on the Commission's investigation into HTJL and details findings that Mrs Roberts acted without integrity and displayed serious incompetence in connection with HTJL's trust and private fund business and its dealings with a UK media rights company.

• Nature of directions: Mrs Roberts is prohibited from performing any function for, being employed by, or holding any position in the business of any registered person (i.e. any Jersey financial services business).
• Duration: The directions remain in force indefinitely until Mrs Roberts successfully applies to the Commission under Article 23(6) for a variance or withdrawal.
• Consequences of breach: Failure by Mrs Roberts to comply with the directions is an offence under Article 23(15); any person who knowingly allows her to act in contravention of the directions also commits an offence under Article 23(15A).
• Basis for action: The directions arise from findings that Mrs Roberts, as a shareholder and former director of HTJL, participated in and knew of conflicted transactions involving customer monies invested in a media company and related structures (Structure X, the Media Fund), and gave false assurances and signed financial statements she knew to be misleading.

This is an individual enforcement/public statement rather than a rule of general application. It creates no new ongoing compliance obligations for the wider industry, but licensed and registered persons in Jersey must not employ, engage or place Mrs Roberts in any position, as doing so knowingly would itself be an offence.

Key obligations

• Registered persons and financial services businesses in Jersey must not employ, engage, or allow Mrs Roberts to hold any position in their business while the Article 23 directions remain in force.
• Mrs Roberts must not perform any function for, engage in any employment by, or hold any position in any registered person's business unless and until she successfully applies for and obtains a variance or withdrawal of the directions under Article 23(6) of the FS(J)L.

Applies to

registered persons under the Financial Services (Jersey) Law 1998, trust company business, private fund structures, banking, collective investment funds and insurance business licensees in Jersey