Landmark Judgment: Francis v JFSC
The Royal Court Judgment published 25 May, 2018 is a landmark case not only for the Jersey Financial Services Commission (JFSC) also but for the finance industry in Jersey.
The Royal Court has upheld the JFSC’s findings that Mr David Francis acted with the most serious lack of integrity and competence. The Court concluded that the issue of a public statement by the JFSC setting out his misconduct was a reasonable step to take.
Chairman of the JFSC, Lord Eatwell commented:
“We are pleased that the Royal Court accepted that the actions of the Jersey Financial Services Commission were justified and agreed with its finding that Mr Francis lacked integrity and was incompetent. As the Judgment makes very clear, there is no place in our finance industry for those that lack integrity and fail to treat their clients fairly.
Helpfully, the Royal Court Judgment identifies areas where the JFSC could improve its processes. All the changes suggested by the Court will be adopted.”
The JFSC will seek to recover its costs in this case.
Advocates Beverley Lacey and Eloise Layzell appeared on behalf of the JFSC. Solicitor Michelle Cabot project-managed the case which the Royal Court stated was a root and branch attack on the JFSC’s procedures and integrity.