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The regulator dealt with what was described as ‘a very high level’ of enforcement activity in 2011, as outlined in its annual report, and it is also reported to have struggled to maintain its normal workload.
This has apparently led to the number of routine checks falling as a result of having to deal with errant firms and individuals.
Director general John Harris is quoted as saying that many cases which the commission investigated last year were lengthy and complex, mainly involving corporate governance failures, conflicts of interest and client management breakdowns.
Harris also said that that there was a substantial rise in the number of internet-based scams that came to the JFSC’s attention during the year.
And the JFSC’s enforcement division ‘detected and deterred’ a significant number of instances of unauthorised business.
