PRESS RELEASE 16 April 2007
Jersey Financial Services Commission takes regulatory action against Warren Financial Services Limited
Following investigations under the Financial Services (Jersey) Law 1998 (the “Law”), which identified significant failures of systems and controls, the Commission has issued directions under Article 23(1) of the Law concerning the activities of Warren Financial Services Limited (“Warren”) and its directors. The effect of the directions is to appoint co-signatories to take control of the assets of Warren and its customers and to prevent the directors from communicating with customers without the consent of the co-signatories.
Warren is in the process of winding up its regulated activities.
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Note to Editors.
Pursuant to Article 23(4) of the Law, the Commission has the power to make public any directions it has given under any of the provisions of Article 23 where it is satisfied that the circumstances so warrant.