Jersey FSC Issues Warning On Unauthorised Firms

by Robin Pilgrim, LawAndTax-News.com, London

30 July 2003

In a statement released last week, the Jersey Financial Services Commission warned the investing public against two unauthorised financial service providers purporting to be licensed on the Island.

The FSC revealed that an entity calling itself Schorders, which is listed as having Jersey telephone and fax numbers, has not received authorisation, nor applied for registration to conduct financial services or deposit-taking business under the Jersey Financial Services or Banking laws.

The Commission's statement went on to add that:

'The entity calling itself Schorders is not connected in any way to the Schroder Holdings plc group of companies, which includes Schroders (C.I.) Limited (an authorised banking and investment business in Jersey).'

A further warning was also issued last week with regard to Atlantic Trust Bank (ATB), which claims on its website that it has an office in Jersey, and implies that it is regulated there. However, according to the Financial Services Commission, no real links exist between the address quoted on the website and ATB, and the bank has never applied for or held licences under the Financial Sevices or Banking laws.

The Commission also requested that anyone who has had dealings with either Schorders or ATB should get in contact.

Recommended