Woodlock Financial Services (1998) Limited (2012-11-26)

Summary

This is a public warning notice issued by the Guernsey Financial Services Commission (GFSC) concerning an advertisement placed by Woodlock Financial Services (1998) Limited in the Guernsey Press on 26 November 2012, promoting a 6.75% fixed income product.

• Nature of product: The advertised 6.75% fixed income product is a structured investment product, not a straightforward fixed term deposit with a UK bank.
• Licensing status: Woodlock Financial Services (1998) Limited is licensed by the GFSC as an insurance intermediary and to carry out controlled investment business, but is not licensed to take deposits or provide banking services under the Banking Supervision (Bailiwick of Guernsey) Law, 1994.
• Compensation scheme: The product is not covered by the Guernsey Banking Deposit Compensation Scheme, so consumers proceeding with it should understand it is an investment, not a bank account.
• Consumer advice: Consumers are advised to check licensing status via the GFSC website and to note that other regulators in the British Isles (FSA, Isle of Man FSC, Jersey FSC) also publish similar public statements.

The notice is purely informational and cautionary in nature, intended to prevent consumer confusion about the true nature of the advertised product; it does not itself impose new ongoing compliance requirements on regulated entities.

Applies to

insurance intermediaries, controlled investment business licensees, consumers