Piccadilly Finance (2004-11-23)

Summary

This is a public statement issued by the Jersey Financial Services Commission warning investors and the public that Piccadilly Finance, also operating as Piccadilly Finance Center and Continental Trust Bank via the website www.piccadillyfn.com, is not authorised to conduct investment or deposit-taking business in Jersey. It was issued under the Commission's statutory powers to name unauthorised providers and is intended purely as a warning, not a regulatory requirement imposed on licensed firms.

• No registration: Piccadilly Finance has never been registered or applied for registration under the Financial Services (Jersey) Law 1998, so any financial service business it has conducted since 1 July 1999 breaches Article 6 of that law.
• No banking authorisation: Piccadilly Finance has never been registered or applied for registration under the Banking Business (Jersey) Law 1991, so any deposit taking business it has conducted since 1 October 1991 breaches Article 7 of that law.
• Fictitious address: The Commission found the Jersey address given on the Piccadilly Finance website to be fictitious.
• No connection to regulated entity: Piccadilly Finance is not connected to Piccadilly Directors Limited, which is a genuine regulated business listed on the Commission's website.

The statement asks anyone who has had dealings with Piccadilly Finance to contact the Commission. It creates no ongoing compliance obligations for licensed or registered entities; it is an enforcement warning aimed at protecting the public from an unauthorised operator.

Key obligations

• Any person who has had dealings with Piccadilly Finance is requested to contact the Commission