Public Statement - Brooks Macdonald Asset Management (International) Limited, Jersey Branch (BMI)
Following an investigation into the conduct of BMI during 2014 to 2018, the Jersey Financial Services Commission (JFSC) has reached settlement with BMI and issued a public statement.
The investigation focused specifically on BMI’s compliance with the Investment Business Code (the Codes). The public statement records that in certain instances BMI failed to comply with Principles 2, 3 and 4 of the Codes.
Martin Moloney, JFSC Director General commented:
“Our investigation looked at a specific period of conduct which identified failings in controls during the period under review. This meant that BMI couldn’t demonstrate that in all cases it gave suitable and sufficient information to its clients. In addition for certain clients, BMI couldn’t demonstrate whether they were retail or professional investors nor could it demonstrate that it managed client complaints independently.
Other market participants need to be very clear that we view failure to keep adequate client records as an increasingly serious breach of our requirements.”
Since the period under investigation, BMI has made significant investment and improvements to its operations in Jersey.
For more information about this matter, read our Brooks Macdonald Asset Management (International) Limited, Jersey Branch (BMI) statement.