Douglas St. James (2004-03-08)

Summary

This is a public statement issued by the Jersey Financial Services Commission warning investors and the public that Douglas St. James (DSJ), a purported investment firm possibly based in Switzerland, is not authorised to conduct financial services business in Jersey. The statement was prompted by reports that DSJ was cold-calling Jersey residents to offer investment-brokering services.

• Not registered: DSJ has never been registered, nor applied for registration, under the Financial Services (Jersey) Law 1998.
• Breach of law: Any financial service business carried out by DSJ since 1 July 1999, as defined in Article 2 of the Law, is in breach of Article 6 of the Financial Services Law.
• Verification: The public is reminded that all regulated businesses are listed on the Commission's website.
• Contact request: Anyone who has had dealings with DSJ is asked to contact the Commission.

The statement is issued under Article 22 of the Financial Services (Jersey) Law 1998 and is purely a warning notice; it does not create ongoing compliance obligations for regulated firms but serves to alert investors and the industry to an unauthorised operator.