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PRE 2004

Crystal Trust Company Limited - 30 April 2003

Public Statement - Crystal Trust Company Limited

Financial Services (Jersey) Law 1998 ("the Law")

The Jersey Financial Services Commission is issuing this public statement in accordance with its powers under Article 22 of the Law.

The purpose of this statement is to advise the public that the Board of Commissioners of the Jersey Financial Services Commission, acting in accordance with Article 8 and Article 10 of the Law, has refused to register the following person to carry on financial services business.

Crystal Trust Company Limited ("the company")

Registered office:
Neptune House
Rue de Crocquet
St Brelade

Principal place of business:
Cherry Garth
La Rue de Haut
St. Lawrence

As a result of this refusal to register the company, it is illegal for the company to carry on trust company business (or any other financial services business) in or from within Jersey, or in any part of the world, according to Article 6 of the Law.

The refusal was made by the Commission on 5 February 2003 on the following grounds: -

a) The Commission found that the Directors failed to comply with Directions properly issued by the Commission under Article 20 of the Law;

b) The Commission found that the company failed to meet the requirements of Article 8 (3) (b) of the Law;

c) The Commission found that the company had failed to meet the requirements of Article 8(3)(a) of the Law in that the company had inadequate span of control - i.e. insufficient independent directors in control of the business - and had made insufficient efforts to remedy the position;

d) The Commission is not currently satisfied that, as required under Article 8 (3)(a)(ii) of the Law, the directors of the company have met the required standards.

The Directors of Crystal Trust Company Limited are:
Mrs Christine Susan Bryce-Richards formerly Mauger (nee Kenny)
Mr Martin Andrew Moore ACA
Mr Robin Jackson FCA

For any further information contact:

Gary Godel, Director of Enforcement
Jersey Financial Services Commission

PO Box 267, Nelson House
David Place, St. Helier, JE4 8TP
Telephone: (+44) 1534 822058


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