Overseas Credit Commission (2009-04-06)

Summary

This is a public statement issued by the Jersey Financial Services Commission under Article 48(2) of the Banking Business (Jersey) Law 1991, warning the public that an entity calling itself 'Overseas Credit Commission' (OCC) is not authorised to carry on deposit-taking business in Jersey.

• Unauthorised status: OCC has never been registered, or applied for registration, under the Banking Business (Jersey) Law 1991.
• Breach alleged: Any deposit-taking business carried out by OCC since 1 October 1991 is said to be a breach of Article 8 of the Banking Business Law.
• Fraud warning: Documentation held by the Commission suggests OCC displays warning signs of being set up for a fraudulent purpose.
• Public request: Anyone who has had dealings with OCC is asked to contact the Commission.

The notice is a warning to investors and the public rather than a rule imposing ongoing compliance duties on regulated firms; it does not amend any regulatory regime or create new filing requirements.

Key obligations

• Persons who have had dealings with OCC are requested to contact the Commission (a public request, not a binding legal obligation on regulated entities).

Applies to

unauthorised financial services providers, investors and members of the public