Allied Trust Merchant Bank and Allied Trust Merchant Brokers (2003-06-02)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) warning investors and the public that Allied Trust Merchant Bank and Allied Trust Merchant Brokers are not authorised or registered to conduct financial service business or deposit-taking business in Jersey. It was prompted by a website (www.atmb.co.uk) suggesting the entities were regulated and had a Jersey office.

• No registration: Allied Bank and Allied Brokers have never been registered, or applied to be registered, under the Financial Services (Jersey) Law 1998 or the Banking Business (Jersey) Law 1991.
• Breach of law: Any financial service business conducted by them since 1 July 1999 breaches Article 6 of the Financial Services Law; any deposit-taking business conducted since 1 October 1991 breaches Article 7 of the Banking Business Law.
• No connection to authorised firms: The entities are not connected to Allied Trust Company Limited or Allied Investments Limited, which are separately authorised trust company businesses in Jersey.
• Public verification: All regulated businesses are listed on the Commission's website, and members of the public are asked to check this list.

The statement asks anyone who has dealt with Allied Bank or Allied Brokers to contact the Commission. It creates no ongoing compliance obligations for regulated firms and serves purely as an investor warning and enforcement notice.