Bank criticised by JFSC

Friday 30th July 2010, 3:00PM BST.

Standard Bank's offices in La Motte Street

STANDARD Bank Jersey has been strongly criticised for failures in the way in which it dealt with funds it handled for the collapsed Belgravia Group.

The Jersey Financial Services Commission issued a strongly worded public statement yesterday outlining the breaches of duty by the South African-owned banking group.

It said there was a failure to ‘adequately understand the complexity of the structures underlying the Belgravia funds’.

In the response, the banking group says: ‘The complex nature of the Belgravia funds resulted in difficulties arising in the administration of the funds, the extent and nature of which varied between each fund. The functionaries wish to record that they have co-operated fully with the commission throughout the review.’

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1
Treehugger

July 31, 2010 at 11:35 am

Seems a bit of smokescreen by the JFSC to me.
They licenced and supervised Belgravia as a fund manager and are now trying to shift the blame for their own shortcomings elsewhere perhaps. More to come on this I think!

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2
dave

August 1, 2010 at 10:23 am

There have been a few problems with property/east european property funds over the last few years. It’s surprising that the JFSC has taken so little action against the Jersey Companies and Jersey Directors who managed these funds. – I guess that is self-regulation for you.

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