Panfield Trust Finance UK (2005-12-07)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission on 7 December 2005 concerning Panfield Trust Finance UK and related entity Panfield Trust Finance (together, Panfield), operating via the websites panfield-uk.com and scotlandalliance-uk.com. The Commission states that Panfield has never been registered or authorised in Jersey to conduct investment, deposit-taking, or collective investment fund business.

• Financial services business: Any financial service business carried out by Panfield since 1 July 1999 is a breach of Article 7 of the Financial Services (Jersey) Law 1998, as Panfield never registered under that Law.
• Deposit taking business: Any deposit taking business carried out by Panfield since 1 October 1991 is a breach of Article 8 of the Banking Business (Jersey) Law 1991, as Panfield never registered under that Law.
• Collective investment fund business: Any collective investment fund business carried out by Panfield since 1 June 1988 is a breach of Article 5 of the Collective Investment Funds (Jersey) Law 1988, as Panfield never registered or licensed under that Law.
• Related prior statement: The Commission previously issued a public statement on Scotland Alliance and www.scotlandalliance.co.uk on 8 November 2004.

The statement warns investors and the public against dealing with Panfield and asks anyone who has had dealings with Panfield to contact the Commission. It does not impose ongoing regulatory obligations on licensed entities but serves as an enforcement warning against an unauthorised operator.

Key obligations

• Any person who has had dealings with Panfield is requested to contact the Commission.

Applies to

unauthorised financial services providers, investors and members of the public