Calastone Private Bank (2017-09-21)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission under Article 48(2) of the Banking Business (Jersey) Law 1991, alerting the public that Calastone Private Bank is not authorised to conduct deposit-taking business in Jersey.

• Unauthorised entity: Calastone Private Bank has never registered, nor applied to register, under the Banking Business (Jersey) Law 1991.
• Alleged breach: Any deposit-taking business carried out by Calastone Private Bank is said to be in breach of Article 8 of the BB(J)L.
• False association: Calastone Private Bank has no connection to SG Kleinwort Hambros Bank (CI) Limited, despite appearing to use former Kleinwort Benson website content.
• Fraud warning: The JFSC states that documentation held suggests Calastone Private Bank and its website display warning signs of being set up for a fraudulent purpose.
• Public request: Anyone who has dealt with Calastone Private Bank is asked to contact the JFSC.

This is an investor warning notice rather than a rule imposing ongoing compliance obligations on regulated entities; it is aimed at protecting the public from an unauthorised and potentially fraudulent operator.

Applies to

deposit-taking businesses, members of the public dealing with unauthorised financial service providers