Flemings Offshore Bank (2005-12-05)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission cautioning the public against dealing with an unauthorised entity trading as Flemings Offshore Bank (also known as Flemings Offshore Bank Limited and Flemings Offshore Private Banking). The Commission confirms this entity has never been registered or authorised under either the Banking Business (Jersey) Law 1991 or the Financial Services (Jersey) Law 1998.

• No banking authorisation: Flemings Offshore Bank has never registered or applied for registration under the Banking Business Law, so any deposit taking business it has conducted since 1 October 1991 breaches Article 8 of that law.
• No investment business authorisation: Flemings Offshore Bank has never registered or applied for registration under the Financial Services Law, so any financial service business it has conducted since 1 July 1999 breaches Article 7 of that law.
• No connection to genuine businesses: The Commission clarifies Flemings Offshore Bank is unrelated to the genuine, authorised banking, investment and trust business conducted in Jersey by Fairbairn Private Bank Limited and its associated entities.
• Call for information: Anyone who has dealt with Flemings Offshore Bank is asked to contact the Commission.

The statement is informational and enforcement-related rather than a rule imposing ongoing compliance duties on regulated firms; it serves as a public alert about an unauthorised operator.

Applies to

unauthorised deposit-taking business, unauthorised financial service business