Consolidated Credit Bank Limited (2011-10-03)

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, concerning Consolidated Credit Bank Limited, an entity operating a website purporting to offer banking services.

• Unauthorised activity: Consolidated has never been registered or applied for registration under the Banking Business Law, and appears to be carrying on or holding out as carrying on deposit taking business in Jersey without authorisation, in breach of Article 8 of the Law.
• Fraud warning: Documentation held by the Commission suggests Consolidated and its website display warning signs of being set up for a fraudulent purpose.
• Public guidance: The Commission reminds the public that all regulated businesses in Jersey are listed on its website and asks anyone who has had dealings with Consolidated to contact the Commission.

This is an informational public statement rather than a rule imposing ongoing compliance duties on regulated firms; it functions as an investor warning about an unauthorised, potentially fraudulent operator.

Key obligations

• Any person who has had dealings with Consolidated Credit Bank Limited is requested to contact the Jersey Financial Services Commission