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Blakeley Legal, representing local financial firm SWM Limited, has won a third legal battle in the Royal Court against the Jersey Financial Services Commission.
For almost five years, SWM Limited, a firm of financial advisers, has been battling with the Jersey Financial Services Commission (JFSC). The Enforcement Division of the JFSC made certain allegations against SWM and made recommendations which ultimately would mean SWM’s registration to operate would be revoked. During the course of the investigation SWM had to issue three separate sets of Royal Court proceedings against the JFSC. SWM won every court case against the JFSC.
The most recent case was a Royal Court appeal in which SWM submitted the Board of Commissioners of the JFSC had acted unreasonably on a number of grounds. The Royal Court agreed with SWM and quashed the decision of the JFSC holding the decision as being unreasonable in the sense it was beyond the bounds of reasonable justification.
The full judgment of this most recent case can be found here
The judgment demonstrates the courts of Jersey will step in and overturn the regulator’s decisions when appropriate. Advocate Blakeley said after the judgment was issued, “I am clearly very pleased for my client. This has been a very hard time and any litigation takes a toll. However, having to issue legal proceedings against the JFSC three times is beyond what any regulated financial business can ever expect. I am clearly delighted the Royal Court of Jersey on each of the three occasions agreed with my factual and legal submissions and ruled against the JFSC”
For almost five years, SWM Limited, a firm of financial advisers, has been battling with the Jersey Financial Services Commission (JFSC). The Enforcement Division of the JFSC made certain allegations against SWM and made recommendations which ultimately would mean SWM’s registration to operate would be revoked. During the course of the investigation SWM had to issue three separate sets of Royal Court proceedings against the JFSC. SWM won every court case against the JFSC.
The most recent case was a Royal Court appeal in which SWM submitted the Board of Commissioners of the JFSC had acted unreasonably on a number of grounds. The Royal Court agreed with SWM and quashed the decision of the JFSC holding the decision as being unreasonable in the sense it was beyond the bounds of reasonable justification.
The full judgment of this most recent case can be found here
The judgment demonstrates the courts of Jersey will step in and overturn the regulator’s decisions when appropriate. Advocate Blakeley said after the judgment was issued, “I am clearly very pleased for my client. This has been a very hard time and any litigation takes a toll. However, having to issue legal proceedings against the JFSC three times is beyond what any regulated financial business can ever expect. I am clearly delighted the Royal Court of Jersey on each of the three occasions agreed with my factual and legal submissions and ruled against the JFSC”