Sanne says settlement with Jersey regulator will have no material impact
By Duncan Ferris
Date: Wednesday 17 Jul 2019
(Sharecast News) - Sanne Group said on Wednesday that a £381,010 settlement between its subsidiary, Sanne Fiduciary Services Limited (SFSL) and the Jersey Financial Services Commission (JFSC) is not expected to have any material impact on the group.
The settlement is in relation to the business' historical failure to remediate certain issues in the Jersey business within an agreed timeframe, with the FTSE 250 company having failed to rectify issues identified as early as October 2014 by March 2017.
The regulatory body said it had identified issues related to conflicts of interest, compliance monitoring and planning, timely risk escalation, and staff training particularly in relation to anti money laundering, greater awareness of risk and the importance of record keeping.
Martin Moloney, JFSC director general, said: "The penalty would have been significantly greater had it not been for the work of SFSL's current compliance function, highlighting areas for improvement, and the proactive approach of SFSL's board and senior management team in promptly acknowledging the shortcomings and making the necessary changes to the business."
Broker Liberum welcomed the settlement and the constructive approach taken by the current management to resolve this matter, but expressed concern that the news could have a negative impact on both client and investor sentiment in the short term.
Sanne shares were up 0.14% at 721.00p at 0830 BST.
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