Loan Broking Fraud (2014-03-11)

Summary

This is a public warning notice issued by the Guernsey Financial Services Commission (GFSC) alerting the public to a fraud scheme. An individual using aliases including James Arthur Riise and Douglas R. Baker has falsely claimed to be licensed by the Commission to carry on loan broking business.

• Clarification: Loan broking services are not a regulated activity under the Commission's remit.
• False claims: The named individual's claims of being licensed by the Commission are confirmed false and part of a fraud scheme.
• Advice to public: Anyone approached by a person claiming Commission licensing for such services should check the Commission's website, where lists of all regulated firms are maintained.
• Reporting: Anyone who believes they have been approached by a fraudulent firm is asked to contact the Commission by email.

This is an informational warning notice rather than a rule or regulatory requirement; it does not create ongoing compliance obligations for regulated entities.