Interface Management Limited (2004-07-14)

Summary

This is a public statement issued by the Jersey Financial Services Commission under Article 22 of the Financial Services (Jersey) Law 1998, announcing that it refused to register Interface Management Limited and its participating members (Interface Trustees Limited, Interface Secretaries Limited, and Interface Nominees Limited, collectively 'Interface') to carry on financial services business.

• Refusal grounds: The Commission refused registration on 5 March 2003 because Interface did not meet required standards for financial resources, span of control, structure and organisation, and did not comply with the Trust Company Business Codes of Practice.
• Appeal outcome: Interface appealed to the Royal Court, which heard the appeal on 18 September 2003 and dismissed it, upholding the Commission's refusal.
• Legal effect: Because registration was refused, it is illegal under Article 6 of the Law for Interface to carry on trust company business or any other financial services business in or from Jersey, or anywhere in the world.
• Wind up direction: The Commission issued a direction under Article 20 of the Law requiring Interface to wind up its trust company business in an orderly manner.

The statement was published once the period for Interface to appeal the Royal Court's decision had expired, and serves to formally notify the public of the outcome and the resulting prohibition and wind-up requirement.

Key obligations

• Interface Management Limited and its participating members must wind up their trust company business in an orderly manner pursuant to the Commission's Article 20 direction.
• Interface is prohibited from carrying on trust company business or any other financial services business in or from Jersey, or anywhere in the world, following the refusal of registration.

Applies to

trust company business providers, Interface Management Limited and its participating members (Interface Trustees Limited, Interface Secretaries Limited, Interface Nominees Limited)