Pan National Bank and Connected Names (2003-03-05)

Summary

This is a public statement issued by the Jersey Financial Services Commission warning that Pan National Bank and several connected names (including Bank Finance Company (Jersey) Limited, International Premier Banking, and International Personal Banking) are not authorised to conduct financial service or deposit-taking business in Jersey.

• No registration: None of the named entities have ever been registered, or applied for registration, under the Financial Services (Jersey) Law 1998 or the Banking Business (Jersey) Law 1991.
• Unlawful activity: Any financial service business conducted by these entities 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 Jersey link: The Commission found no genuine connection between these entities and the Jersey addresses referenced on their website (pannationalbank.com).
• Legitimate use of terms: The statement clarifies that words such as international, premier, and personal banking may still be legitimately used by properly regulated businesses and this notice does not apply to them.
• Public request: Anyone who has had dealings with the named entities is asked to contact the Commission.

The notice is issued under Article 22 of the Financial Services (Jersey) Law 1998 and Article 45B of the Banking Business (Jersey) Law 1991, and serves solely to warn the public and investors; it does not create ongoing compliance obligations for regulated firms.