Douglas Trustees Limited

Last month Douglas Trustees Limited notified the Financial Supervision Commission (“the Commission”) that Douglas Trustees Limited had discovered accounting irregularities in the handling of monies belonging to some of its clients.

The Commission applied to the Court, which appointed Mr Paul Duffy of Ernst & Young LLC as the Manager of Douglas Trustees Limited under section 22 of the Financial Services Act 2008, with effect from Friday 12 September 2014. The Manager is working with the directors and staff of Douglas Trustees Limited and will provide an independent assessment of the situation in a report to the Court and the Commission. The Manager and the directors and staff of Douglas Trustees Limited are cooperating to establish the full facts.

The Commission understands that all clients, whether or not affected by the situation, have been written to by the company.

Douglas Trustees Limited’s licence remains in force and it continues to provide services to its clients.