City Credit Online (2005-05-27)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission, not a regulatory instrument imposing ongoing compliance duties. It alerts investors and the public that City Credit Online, City Bank Online and City Credit Online A.D. (operating via www.cityconline.com) are not authorised to conduct investment business or deposit taking business in Jersey.

• No registration: City Credit Online has never been registered or applied for registration under the Financial Services (Jersey) Law 1998, so any financial service business it has carried out since 1 July 1999 breaches Article 6 of that Law.
• No banking registration: City Credit Online has never been registered or applied for registration under the Banking Business (Jersey) Law 1991, so any deposit taking business it has carried out since 1 October 1991 breaches Article 7 of that Law.
• No Citibank connection: City Credit Online is not connected to the genuine authorised banking, investment and trust company businesses of the Citibank Group in Jersey.
• Call for information: Any person who has had dealings with City Credit Online is asked to contact the Commission.

The statement is issued under Article 22 of the Financial Services (Jersey) Law 1998 and Article 45B of the Banking Business (Jersey) Law 1991, and serves purely as a public warning rather than creating obligations for regulated entities.

Applies to

unauthorised financial services providers, investors and members of the public