Hawksford Trust Company Jersey Limited (Hawksford) has settled with the Jersey Financial Services Commission (JFSC) after breaching regulatory rules.
The rules that were breached included ‘significant and material breaches as a result of deficient corporate governance over customer structures and systems and controls’.
Between 2001 and 2017, Hawksford failed to act in the best interests of one customer and misapplied customer monies in respect of fees charged for three customers.
Director General, Martin Moloney (pictured) commented: “These breaches occurred over a sustained period when Hawksford failed to detect, prevent and resolve issues which led to the misapplication of customers’ money in respect of fees charged. This was down to deficient corporate governance, systems and controls, and policies and procedures.
“Hawksford has since ensured that the affected customers have been reimbursed in full and it has taken action to improve its operations.”
All of the conduct reviewed in the JFSC’s investigation occurred before 20th March 2015, the date the civil penalty regime came into force.
Read the JFSC issued public statement detailing the breaches here.
