Nedcredit Bank (2005-04-26)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission alerting investors and the public that Nedcredit Bank (also operating as Nedcredit Bank Plc and Nedcredit Online Banking, via the website www.nedcreditbank.co.uk) is not authorised to carry on financial service, deposit-taking or collective investment fund business in Jersey.

• No registration: Nedcredit Bank has never been registered or applied for registration under the Financial Services (Jersey) Law 1998, the Banking Business (Jersey) Law 1991, or the Collective Investment Funds (Jersey) Law 1988.
• Breach of law: Any financial service business, deposit-taking business, or collective investment fund business it has carried out is a breach of the relevant Jersey laws.
• False Jersey links: The Commission found no genuine links between Nedcredit Bank and the Jersey addresses shown on its website.
• False RBS association: Claims of association with The Royal Bank of Scotland or The Royal Bank of Scotland Group are false; Nedcredit Bank has no connection to the genuine authorised RBS businesses in Jersey.
• Public request: Anyone who has had dealings with Nedcredit Bank is asked to contact the Commission.

The statement is purely a warning notice identifying an unauthorised entity; it does not create ongoing compliance obligations for regulated firms, other than the general expectation that the public and industry avoid dealing with this unauthorised provider and report any contact to the Commission.

Key obligations

• Any person who has had dealings with Nedcredit Bank is requested to contact the Jersey Financial Services Commission.