John Pallot - Director, Complyport (Channel Islands) Limited.

John joined Complyport on 1st  February 2007 to head up the Jersey operation which is responsible for servicing the needs of Complyport clients throughout the Channel Islands.

Prior to joining Complyport, John had been working at the Jersey Financial Services Commission for over 17 years. He first joined in October 1989 as the then first Compliance Manager in the Investment & Securities Division. He was responsible for Collective Investment Funds and their Functionaries. In this role he developed the first formal Compliance and Authorisation procedures for Funds and Functionaries.

In 1991 he became the first Director of a new Division (The Financial Business Division) which was created with a brief to develop, implement and then administer legislation, policies and practices for the regulation of trust and company administration businesses; investment business and general insurance intermediate businesses.

During his time in this post, working with industry through various working groups, the legislative framework was developed which, over time, has evolved into the Financial Services (Jersey) Law 1998 as amended.

In 1994 he moved back to the Investment and Securities Division as its Director, where he took overall responsibilty for all aspects of regulation of collective investment funds and their functionaries under the Collective Investments Funds (Jersey) Law (“the CIF law”) 1988 and for certain complex structures (e.g. SPVs), granted consents under the Borrowing Control (Jersey) Law 1947.

His time here included a complete revision of the Jersey Legislation in connection with Jersey’s designated territory status under S270 of the UK’s Financial Services Act. As well as major amendments to the CIF law to bring it into line with International Standards.

Following a restructure of the Commission in 1999 he became the Director of the Compliance Division. This Division was responsible for the ongoing regulation of all authorised businesses under the various regulatory laws from large international banks to small independent trust companies, independent financial advisors etc. It was the largest of the Divisions with some 40 staff reporting to the Director through four Senior Managers.

In 2004, following a further re-structure, John became Director of the Securities Division. This Division covered the same areas as the old Investment and Securities Division but with added responsibility for Investment Businesses (e.g. Stockbrokers IFAs) under the Financial Services (Jersey) Law 1998.

This was a period of rapid growth in the Funds area following the introduction of the new expert funds regime, which has proved very popular, particularly for property funds and hedge funds.

In addition to the above from 1995 to 2006 John represented Jersey on International bodies in the area of Funds regulation. In particular, standing Committee 5 of IOSCO which is responsible for the development of International Standards of good regulatory practices in the field of collective investment funds and their operators. Thus, ensuring that, not only did Jersey comply with such standards, it was also actively involved in the setting of those standards.

During his various Directorships he has sat on and chaired working parties, committees, etc made up of representatives of the various finance industry associations charged with taking forward new or amended legislation, policies and guidance notes, in the areas of regulation and financial crime including AML.

Before joining the Commission, John had worked for over 15 years in the States of Jersey Treasury, where he had worked in a number of areas. In particular the Internal Audit Department. From 1984 to 1989 John was Head of the section responsible for the Audit of Government Capital Projects.

John is a fellow of the Chartered Association of Certified Accountants.

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