NEXCEL (2005-02-11)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission (JFSC) alerting investors and the public that the NEXCEL group of entities is not authorised or registered to conduct financial service, deposit-taking or collective investment fund business in Jersey. It confirms NEXCEL has no genuine connection to Jersey and clarifies a false claim linking NEXCEL to a Jersey-registered address that actually belongs to an unrelated bank.

• No registration: NEXCEL has never registered or applied for registration under the Financial Services (Jersey) Law 1998, meaning any financial service business it has conducted since 1 July 1999 breaches Article 6 of that Law.
• No banking registration: NEXCEL has never registered under the Banking Business (Jersey) Law 1991; any deposit-taking business since 1 October 1991 breaches Article 7 of that Law.
• No fund licence: NEXCEL has never registered or applied for a licence under the Collective Investment Funds (Jersey) Law 1988; any collective investment fund business since 1 June 1989 breaches Article 4 of that Law.
• False Jersey address: NEXCEL's purported registered address in St Helier actually belongs to Alpha Bank Jersey Limited, which has confirmed it has no connection to NEXCEL.
• Call for information: Anyone who has had dealings with NEXCEL is asked to contact the Commission.

The statement is purely a public warning and enforcement notice; it does not amend legislation or impose ongoing regulatory requirements on licensed entities, but serves to caution the public against dealing with NEXCEL and to protect the reputation of genuinely regulated Jersey businesses.