In its judgment published on 17 June 2019 in SWM Limited v Jersey Financial Service Commission the Royal Court of Jersey gave reasons for its decision to quash a decision of the Jersey Financial Services Commission ("JFSC") to revoke the registration of SWM Limited ("SWM") as an investment business and to issue a related public statement.

The decision to quash the JFSC's decision was based upon a number of grounds, although various others advanced in the appeal by SWM were rejected. The judgment provides useful guidance on the principles that will be applied by the Jersey Court when considering appeals of this nature and how the Court may judge the regulator's reaction to what it considers to be areas of criticism that might be levelled at a regulated business when assessing questions of integrity, competence and fitness and properness.

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