JFSC considers imposing fines for codes of practice breaches
Tuesday 11th December 2012, 4:30PM GMT.
THE imposition of ‘fines’ for breaches of codes of practice will help maintain high standards of business conduct in the finance industry, says the head of enforcement at the Jersey Financial Services Commission.
Barry Faudemer told an audience of about 230 financial professionals last week that other local bodies such as the Gambling Commission and the Island’s competition regulator were able to impose financial penalties for breaches of regulations.
He was explaining proposals for the introduction of a ‘civil penalties’ regime to the audience at the eighth annual Compliance and Economic Crime Symposium at the Hotel de France.
The proposals incorporating some of the feedback received from the consultation process will be released in a feedback paper which will be published early next year. The infractions will be in three bands, covering everything from relatively minor breaches which are not remediated to the satisfaction of the commission to the more serious cases where the breach was wilful and deliberate.
Full report in Tuesday’s JEP