Chase Private Bank & Trust Corporation and Globe Trust Bank (2003-02-10)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission (JFSC) alerting investors and the public that Chase Private Bank & Trust Corporation, Chase Private Bank Corporation, and Globe Trust Bank were never authorised or registered to conduct financial service or deposit-taking business in Jersey.

• Basis for statement: Issued under Article 22 of the Financial Services (Jersey) Law 1998 and Article 45B of the Banking Business (Jersey) Law 1991.
• Unauthorised activity: Neither the Chase Corporations nor Globe were ever registered under the Financial Services Law or the Banking Business Law; any financial service business conducted since 1 July 1999 or deposit-taking business conducted since 1 October 1991 breaches Articles 6 and 7 respectively.
• Websites: The entities' websites (chase-banking.com and globetrustbank.com), which implied Channel Islands regulation, have been removed from the internet.
• No connection to J.P. Morgan Chase: The Chase Corporations are unrelated to J.P. Morgan Chase & Co or its group companies.
• Public request: Anyone who dealt with these entities is asked to contact the Commission.

The statement is purely a warning notice; it does not impose new ongoing regulatory obligations on licensed firms but flags enforcement action against unauthorised entities.

Key obligations

• Any person who has had dealings with the Chase Corporations or Globe Trust Bank is requested to contact the Jersey Financial Services Commission.