THE financial services regulator has taken control of an Island company after finding ‘significant failures of systems and controls’.

It was announced yesterday that co-signatories had been appointed by the Jersey Financial Services Commission to monitor the activities of Warren Financial Services Ltd and its directors. In effect, that means that finance industry experts will have to monitor and sign off all activities of the company. The directors have also been barred from communicating with customers without the consent of the co-signatories. A statement released by the commission said: ‘Following investigations under the Financial Services (Jersey) Law 1998 which identified significant failures of systems and controls, the commission has issued directions under Article 23(1) of the law concerning the activities of Warren Financial Services Ltd (Warren) and its directors. The effect of the directions is to appoint co-signatories to take control of the assets of Warren and its customers and to prevent the directors from communicating with customers without the consent of the co-signatories.