The Jersey Financial Services Commission (JFSC) has levied fines amounting to over £719,000 ($995,699) against three firms of the private bank SG Kleinwort Hambros (SGKH).
The JFSC found that the SGKH firms lacked a detailed documentation of their Board meetings. Consequently, the Boards could not convince the JFSC of their competence in appropriately supervising the activities of these firms. Lack of adequate supervision by the Boards led to many deficiencies that the JFSC identified during the firms’ on-site inspection.
The three SGKH firms have now taken necessary measures to improve their governance and compliance framework. JFSC Director General stated that this was the third time the JFSC had fined violators in the financial services industry.