Ms Gisele Helene Le Miere (R) (2017-02-09)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) announcing regulatory directions against Ms Gisele Helene Le Miere, former Managing Director and Money Laundering Reporting Officer of Jordans Trust Company (Jersey) Limited (JJL). It follows a JFSC investigation into her conduct in connection with a film investment opportunity handled through JJL between 2013 and 2014, and sets out findings that her conduct lacked integrity and competence.

• Findings: The JFSC found Ms Le Miere failed to disseminate material information to JJL's Board and Compliance Committee, tolerated inaccurate information, inadequately assessed and documented risks, over-relied on an unengaged external associate with undisclosed conflicts of interest, kept inadequate records, authorised deposit of investor monies into JJL's client account despite the customer never being formally accepted, and failed to ensure adequate safeguards before paying investor monies to a third party.
• Conclusion: The JFSC has concluded Ms Le Miere is not fit and proper to work in any capacity in or for any JFSC-regulated business, and it is not appropriate for her to work in any capacity for any Schedule 2 Business supervised by the JFSC without prior JFSC consent.
• Directions issued: Under Article 23 of the Financial Services (Jersey) Law 1998, directions have been issued preventing Ms Le Miere from performing any function, engaging in any employment, or holding any position in any business licensed to conduct financial services business in Jersey, with equivalent directions issued under other regulatory laws and the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008.
• Duration: The directions remain in force until Ms Le Miere successfully applies under Article 23(6) for a variance or withdrawal.
• Offences: Failure by Ms Le Miere to comply with the directions is an offence under Article 23(15); any person who knowingly allows her to perform a function, work, or hold a position in contravention of the directions also commits an offence under Article 23(15A).

The statement also notes that JJL itself acknowledged deficiencies in oversight, systems and controls, and compliance, implemented a remediation plan, and subsequently sold its client book with the intention of revoking its trust company business registration.

Key obligations

• Ms Le Miere must not perform any function, engage in employment, or hold any position in any business licensed to conduct financial services business in Jersey while the directions remain in force
• Ms Le Miere must obtain prior JFSC consent before working in any capacity in or for any Schedule 2 Business supervised by the JFSC
• Any person or business must not allow Ms Le Miere to perform a function, engage in employment, or hold a position knowing this would contravene the directions
• Ms Le Miere must apply to the JFSC under Article 23(6) of the FS(J)L if she wishes to seek a variance or withdrawal of the directions

Applies to

trust company business, Schedule 2 Business (including lawyers, accountants, estate agents, lenders and high value goods dealers), financial services businesses licensed in Jersey