First Choice Bank ("FCB") (2004-04-20)

Summary

This is a public statement issued by the Jersey Financial Services Commission warning that First Choice Bank (FCB) and a number of associated entities and trading names, represented by the website www.firstchoicebank.net, are not authorised to conduct financial services, deposit-taking, or collective investment fund business in Jersey. It clarifies that FCB has no office in Jersey despite implications on its website, and that it is unrelated to a similarly named FDIC member bank in Geneva, Illinois, US.

• Financial Services Law: FCB has never registered or applied for registration under the Financial Services (Jersey) Law 1998; any financial service business it has carried out since 1 July 1999 breaches Article 6 of that Law.
• Banking Business Law: FCB has never registered or applied for registration under the Banking Business (Jersey) Law 1991; any deposit-taking business carried out since 1 October 1991 breaches Article 7 of that Law.
• Collective Investment Funds Law: FCB has never held or applied for a licence under the Collective Investment Funds (Jersey) Law 1988; any collective investment fund business carried out since 1 June 1989 breaches Article 4 of that Law.

The statement is a public warning notice rather than a document imposing ongoing compliance obligations on regulated firms. The Commission asks anyone who has dealt with FCB to contact it.

Applies to

unauthorised financial services provider (First Choice Bank and associated entities)