BP Hambros Bank & Trust (Jersey) Limited (2008-08-06)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission under the Banking Business (Jersey) Law 1991 and the Financial Services (Jersey) Law 1998. It warns the public that BP Hambros Bank & Trust (Jersey) Limited, operating via the website viptrustaccounts.com, is not authorised to conduct deposit-taking or financial service business in Jersey and appears to be carrying on such business unlawfully.

• No registration: BP Hambros has never been registered or applied for registration under either the Financial Services Law or the Banking Business Law.
• Alleged breaches: Any financial service business carried on since 1 July 1999 breaches Article 7 of the Financial Services Law; any deposit-taking business carried on since 1 October 1991 breaches Article 8 of the Banking Business Law.
• No connection to SG Hambros: BP Hambros is not connected to SG Hambros Bank (Channel Islands) Limited, SG Hambros Trust Company (Channel Islands) Limited, or the wider SG Hambros Group, which are legitimately authorised in Jersey.
• Fraud warning: The Commission states that documentation held suggests BP Hambros displays warning signs of being set up for a fraudulent purpose.
• Call for information: Anyone who has had dealings with BP Hambros is asked to contact the Commission.

This is a one-off public warning notice rather than a rule change; it does not impose ongoing compliance obligations on regulated entities, but rather informs the public and industry to avoid dealing with this unauthorised entity.

Applies to

unauthorised deposit-taking business, unauthorised financial service business, members of the public dealing with BP Hambros