Fidelity Investment UK-Channel Island (2007-01-11)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission alerting investors and the public that an entity styling itself Fidelity Investment UK-Channel Island (Fidelity CI) and an individual using the name Mr William Davis are not authorised in Jersey and appear to be operating a fraudulent scheme. It clarifies that neither Mr Davis nor Fidelity CI has any connection to the genuine, UK-regulated Fidelity International Limited Group of companies.

• Basis for statement: Issued under Article 25(2) of the Financial Services (Jersey) Law 1998 and Article 17(2) of the Collective Investment Funds (Jersey) Law 1988.
• Alleged conduct: Mr Davis, using bogus emails purporting to represent Fidelity CI, is said to be carrying on or holding out that he carries on financial services business and collective investment funds business in Jersey without authorisation.
• Breaches identified: Any financial services business conducted by Mr Davis or Fidelity CI since 1 July 1999 is treated as a breach of Article 7 of the Financial Services Law; any collective investment funds business conducted since 1 June 1988 is treated as a breach of Article 5 of the Collective Investment Funds Law.
• No genuine link: Fidelity CI, the associated email accounts and Mr Davis have no connection to the genuine, FSA-regulated Fidelity International Limited Group.
• Request to public: Anyone who has had dealings with Mr Davis or Fidelity CI is asked to contact the Commission.

This is a fraud warning notice rather than a rule change; it does not impose ongoing compliance obligations on regulated entities, but advises the public and industry to verify authorisation status via the Commission's register before dealing with any purported Fidelity CI representative.

Key obligations

• Any person who has had dealings with Mr Davis or Fidelity CI is requested to contact the Commission.

Applies to

unauthorised financial services providers, investors and members of the public, genuine Fidelity International Limited Group companies (referenced for clarification only)