‘Give the JFSC power to fine errant firms’

Saturday 30th October 2010, 2:59PM BST.

Senator Alan Breckon

JERSEY’S financial watchdog should have more powers to fine those Island companies breaking the rules, according to Senator Alan Breckon.

In a proposition lodged last week, he said that the Jersey Financial Services Commission’s current powers were equivalent to ‘some publicity and a football equivalent of a yellow card’.

He said that they should have powers to fine people similar to that held by the UK Financial Services Authority, who for years have been able to use fines as a sanction for those who do not stick to the rules.

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