Hawksford Trust Company Jersey has settled with the Jersey Financial Services Commission after breaching regulatory rules, including significant and material breaches as a result of deficient corporate governance over customer structures and systems and controls, the JFSC has said.
According to the Commission, 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 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 20 March 2015, the date the civil penalty regime came into force.
• To view the JFSC's statement on the breaches click here