City Fidelity Trust Bank (2004-10-04)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission alerting investors and the public that City Fidelity Trust Bank and a number of associated trading names (collectively the CFTB entities) are not authorised to conduct investment or deposit-taking business in Jersey. It is an enforcement notice, not a rule change, and creates no ongoing regulatory requirements for licensed firms.

• No registration: The CFTB entities have never been registered, or applied for registration, under the Financial Services (Jersey) Law 1998 or the Banking Business (Jersey) Law 1991.
• Breach findings: Any financial service business carried out by the CFTB entities since 1 July 1999 breaches Article 6 of the Financial Services Law; any deposit-taking business carried out since 1 October 1991 breaches Article 7 of the Banking Business Law.
• No genuine Jersey link: The Commission found no genuine links between the CFTB entities and the Island of Jersey.
• Legitimate use of similar terms unaffected: Words such as international, premier, and personal banking may legitimately be used by properly regulated businesses, and this notice does not apply to them.
• Verification resource: All regulated businesses are listed on the Commission's website, and anyone who has dealt with the CFTB entities is asked to contact the Commission.

The notice is informational and warning in nature, aimed at the public and potential counterparties rather than imposing compliance duties on licensed entities.

Key obligations

• Any person who has had dealings with the CFTB entities is requested to contact the Commission.

Applies to

unauthorised financial services providers (CFTB entities), members of the public and investors