I read the posts on this subject for the first time today after performing a google search. What made me perform the search was seeing a gentleman standing outside Standard Chartered today with a large banner higlighting their role in this investment.
What strikes me reading the allegations is utter surprise that the JFSC fail to act. Whilst there isn't currently an Ombudsman in Jersey they do have far reaching powers. Assuming the allegations are reported correctly on this website then there appears to be 3 issues:
1. The actions of the employee at SCB. It sounds like an employee on a sales based bonus scheme who deliberately mis-sold the investments to hit sales targets. It would be intriguing to know whether she remained with SCB, left of her own accord, faced disciplinary proceedings etc.
2. The actions of the bank itself. The individuals who have posted on this website I would suggest will only be the tip of the iceberg. The bank most likely set challenging sales targets for it's offices and then in turn individual sales representatives. The bank is licenced for deposit taking and investments ( and no doubt other catergories) both of these require them to maintain accurate records. The investment regulations would also require them to have processes and procedures in place to ensure miss-selling does not take place, that promotional material is compliant, sales personnel appropriately qualified and trained.
3. The actions of the JFSC. As a regulator a part of their role is to ensure the processes described in 2 above are taking place. It is possible that SCB had a rogue sales person who miss-sold a small number of times and was not therefore identified. However, if this was the case you would think they would be more forthcoming in reaching a settlement. I'm incredulous that a JFSC employee wold say that lieing was aggressive sales.
I note none of the individuals who have posted have made comment on any legal advice received. Personally, I think approaching local government officials is a waste of time.
Banks respond to a number of things:
a) threat of bad publicity - as it puts off future investors which affects profits;
b) threat of legal action - via a lawyer;
c) regulatory pressure
My advice would be:
a) Investors who have lost out should share information with themselves.
b) All investors to make subject access requests on SCB regarding data held on themselves (you will need to make the request in writing, will cost you £10 and SCB have 10 days to respond) make sure you request all data regardless of format. There are reasons why they may be unable to provide you some types of data but remeber they have a duty to keep records..i.e. the absence of records could be an admission of a breach of regulations. The request may shed light on SCB 's own conclusions regarding your complaints.
c) Obtain professional legal advice