A finance company in Jersey has been fined £381,000 by the Jersey Financial Services Commission (JFSC) for breaking its Code of Practice.
Sanne Fiduciary Services Limited (SFSL) had failed to organise and control its affairs effectively for the proper performance of its business activities, according to the full report on the JFSC’s website.
It is the first time the JFSC has issued a civil financial penalty against a regulated business for breaking its Code of Practice.
There had already been compliance issues with the company in recent years, but it offered a remediation plan to the JFSC in order to rectify these issues.
In response to the fine, the company put a comprehensive learning and development strategy in place.
Click here for the full public statementfrom the Jersey Financial Services Commission.