Channel Eye
Skipton
  • Home
  • Business
    • Appointments
    • Data Protection
    • Digital & Technology
    • Environment
    • Features
    • Finance
    • Interviews & Profiles
    • Leadership
    • Legal & Professional Services
    • People
    • Property
    • Retail & Hospitality
    • Transport
    • Workplace Wellbeing
  • Lifestyle
    • Arts & Culture
    • Charity & Community
    • Education
    • Food & Drink
    • Health
    • Home
    • Leisure
    • Travel
  • Events
    • Events in Jersey
    • Events in Guernsey
    • Events in Alderney
    • Events in Isle of Man
    • Virtual events
    • All events
    • Past Events
  • Directory
  • Location
    • Jersey
    • Guernsey
    • Alderney
    • Isle of Man
  • Advertise
  • Subscribe
No Result
View All Result
Channel Eye
No Result
View All Result
Skipton
Home Business Finance

JFSC fines three SG Kleinwort Hambros firms for inadequate monitoring

February 16, 2021
in Business, Finance, Jersey
Martin Moloney
Share on LinkedInTwitterFacebookEmail

The Jersey Financial Services Commission (JFSC) has issued civil financial penalties totalling more than £719,000 against three SG Kleinwort Hambros firms.

As a result of the lack of documented detail of Board discussions, the Boards of the SGKH Entities (the Boards) were unable to demonstrate they adequately monitored and controlled the SGKH firms’ activities. On the facts of the case, the JFSC considers that had robust oversight been exercised by the Boards and had they adequately responded to the issues being raised with respect to the Compliance Function, the matters identified during the On-Site Examination could have been mitigated.

JFSC Director General, Martin Moloney commented: “This is the third time the JFSC has used its powers to fine businesses in Jersey’s financial services industry for breaching regulatory requirements. The three SG Kleinwort Hambros firms acknowledged their failings at an early stage and have taken steps to make material changes to strengthen their governance arrangements and compliance systems and controls.

“We do not use this sanction lightly and intend it to be a deterrent for all regulated businesses. Whilst there is no evidence the three SGKH firms facilitated financial crime, firms must make sure they are not at risk of being used in this way, as such use would undermine the integrity and stability of Jersey’s financial services industry”.

The JFSC has issued a public statement outlining the background to the breaches and its findings which can be found here.

For information – because the three firms agreed to settle at an early stage of the process, they each qualified for a 50% discount (stage one) under the JFSC’s settlement procedure. Had the firms not settled, they may have been liable to civil financial penalties totalling approximately £1,400,000.

Tags: JFSCSG Kleinwort Hambros
ShareTweetShareSend
Reece Mackie

Reece Mackie

Related Posts

JFSC building
Finance

Jersey’s financial services regulator proposes funds fee increase of 14.7%

May 30, 2023
Jill Britton
Leadership

Director General of JFSC to speak at IoD leaders lunch

March 10, 2023
Heart clouds
Charity & Community

Jersey charities and non-profit organisations – are you aware of the law changes?

November 4, 2022
Next Post
RAK Easiest way to spread kindness 01 16-9

Today is 'Random acts of kindness day' - The easiest way to spread kindness

Logiq
Vega Technology
Caring Cooks

Subscribe to our newsletter

Get the latest, no-nonsense, essential news and information direct to your inbox.
  • Home
  • Business
  • Lifestyle
  • Events
  • Directory
  • Privacy Policy
  • Advertise
  • Subscribe

© 2023 Channel Eye Limited

No Result
View All Result
  • Home
  • Business
    • Appointments
    • Data Protection
    • Digital & Technology
    • Environment
    • Features
    • Finance
    • Interviews & Profiles
    • Leadership
    • Legal & Professional Services
    • People
    • Property
    • Retail & Hospitality
    • Transport
    • Workplace Wellbeing
  • Lifestyle
    • Arts & Culture
    • Charity & Community
      • Macmillan
    • Education
    • Food & Drink
    • Health
    • Home
    • Leisure
    • Travel
  • Events
    • Events in Jersey
    • Events in Guernsey
    • Events in Alderney
    • Events in Isle of Man
    • Virtual events
    • All Events
    • Past Events
  • Directory
  • Location
    • Jersey
    • Guernsey
    • Alderney
    • Isle of Man
  • Advertise
  • Subscribe

© 2023 Channel Eye Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.