NatWest Bank (UK) Limited (2012-07-03)

Summary

This is a public statement issued by the Jersey Financial Services Commission under Article 48(2) of the Banking Business (Jersey) Law 1991 to warn the public that an entity calling itself NatWest Bank (UK) Limited is not authorised to conduct deposit-taking business in Jersey and appears to be carrying on such business unlawfully.

• No connection to genuine NatWest: The Commission clarifies that NatWest Bank (UK) Limited is entirely separate from RBS International Limited trading as NatWest, which is a properly authorised member of the RBS group operating branches in Jersey, including one at 16 Library Place, St Helier.
• Unauthorised activity: NatWest Bank (UK) Limited has never registered or applied for registration under the Banking Business Law, so any deposit-taking business it conducts breaches Article 8 of that Law.
• Fraud warning: Documentation held by the Commission suggests NatWest Bank (UK) Limited displays warning signs of being set up for a fraudulent purpose.
• Call to action: Anyone who has had dealings with NatWest Bank (UK) Limited is asked to contact the Commission, and the public is reminded that all genuinely regulated businesses in Jersey are listed on the Commission's website.

This statement is informational and protective in nature; it does not impose new compliance obligations on regulated Jersey banks but warns the public and market participants against dealing with the named unauthorised entity.