Midlandfinance.com and Connected Names (2002-09-09)

Summary

This is a public statement issued by the Jersey Financial Services Commission warning that Midlandfinance.com and several connected names were never licensed to conduct investment or deposit taking business in Jersey, despite claiming on their website to have local offices and Commission authorisation.

• Entities named: Midland Finance.com, Midland Finance.com Bank, Finance Company (Jersey) Limited, International Premier Banking, and International Personal Banking
• No licence held: None of the entities have ever held or applied for a licence under the Financial Services (Jersey) Law 1998 or the Banking Business (Jersey) Law 1991
• Breach findings: Any financial services business conducted since 1 July 1999 breaches Article 6 of the Financial Services Law, and any deposit taking business conducted since 1 October 1991 breaches Article 7 of the Banking Business Law
• No genuine Jersey links: The Commission found no genuine connection between these entities and the Jersey addresses quoted on the website
• Clarification: Use of generic terms like international, premier, or personal banking by properly regulated businesses is not affected by this notice

The Commission asks anyone who has had dealings with these entities to contact it directly. This is an informational public warning rather than a rule imposing ongoing compliance duties on regulated entities.

Key obligations

• Any person who has had dealings with Midlandfinance.com or the connected names is requested to contact the Commission

Applies to

unauthorised investment business operators, unauthorised deposit taking business operators, members of the public dealing with these entities