Ms Nicola Marguerite Hodge (Ms Hodge) (R) (2023-12-22)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) concerning Ms Nicola Marguerite Hodge, a former principal person and Managing Director of Lutea Holdings Limited and Lutea Trustees Limited, a Jersey-regulated trust company business. It records that the JFSC has issued statutory directions against Ms Hodge following an investigation into Lutea's regulatory failings.

• Background: Between 1 January 2018 and 2 September 2021, Lutea failed to organise and control its affairs effectively and to operate adequate risk management systems, some of which were repeat findings; Ms Hodge, as a long-standing principal person, failed to ensure Lutea's compliance and fostered a culture lacking regard for compliance, contributing to significant regulatory breaches and money laundering/terrorist financing risk exposure.
• Directions issued: Under Article 23 of the Financial Services (Jersey) Law 1998 and Article 23 of the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (and equivalent directions under other Regulatory Laws), Ms Hodge is prevented from performing any function for, being employed by, or holding any position in any JFSC-regulated or supervised business without the JFSC's prior written approval.
• Duration: The directions remain in force indefinitely unless and until Ms Hodge successfully applies under Article 23(6) for their variance or withdrawal.
• Offences: Ms Hodge commits an offence if she fails to comply with the directions; any person who knowingly allows her to perform a function, take employment, or hold a position in contravention of the directions also commits an offence.

No civil financial penalty was imposed, as the matters were determined ineligible for penalty consideration; the sanction here is limited to the personal directions and public naming.

Key obligations

• Ms Hodge must not perform any function for, engage in employment by, or hold any position in any JFSC-regulated or supervised business without the JFSC's prior written approval.
• Any person or business must not knowingly allow Ms Hodge to perform a function, take employment, or hold a position in contravention of the directions.
• Ms Hodge must apply to the JFSC under Article 23(6) of the FS(J)L and Supervisory Bodies Law if she wishes to have the directions varied or withdrawn; until then the directions remain in force.

Applies to

trust company business, JFSC-regulated or supervised businesses, principal persons of regulated entities