Commissioner Richard Southwell, QC, was commenting at the conclusion of yesterday’s hearing in the case brought by the Jersey Financial Services Commission against Alternate Insurance Services Ltd.
The commission alleges that the firm was reckless and made misleading or false statements to clients in inducing them to purchase traded endowment insurance policy plans.
In all, 28 Jersey residents’ evidence was taken into account.
Commissioner Southwell, sitting with Jurats Le Brocq and Georgelin, reserved judgment but did provide some indication of the direction they would take.
He suggested that there should be legal provision in cases where service providers had been negligent or had departed from ordinary professional standards.
‘Surely there ought to be some form of provision which would allow the commission in such a case to help those damaged by bringing collective proceedings,’ he said.
