During 2008, the Jersey Financial Services Commission’s enforcement division investigated 62 new cases. This included 15 cases involving investment business, 13 involving trust company business and ten in the banking sector.
Statistics also show that four of the cases related to insider dealing and four involved market manipulation. During the process of investigation three cases involving fraud were referred to the police.
The Commission also issued 104 notices requiring firms to produce documents and four people were banned from working in the finance industry without the Commission’s consent.
The Commission says that anyone found to be acting dishonestly ‘will be vigorously pursued’ and that the tougher approach ‘will undoubtedly lead to more contested cases’.
John Harris, the Commission’s director general said: Self-evidently, the enforcement area of the Commission’s activity is the least popular, particularly with those most affected by it. Nonetheless, the Commission’s use of its full range of enforcement powers in recent years not only serves the purpose of punishing wrongdoing and preventing future reptition, but also aims for a significant deterrent effect.’