Royal Offshore Bank (2005-06-15)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission (JFSC) on 15 June 2005 alerting investors and the public that Royal Offshore Bank (also operating as Guardian Offshore Bank, together referred to as Royal Offshore Bank) of Jersey is not authorised to conduct investment, deposit-taking or collective investment fund business in Jersey.

• Financial Services Law: Royal Offshore Bank has never registered or applied for registration under the Financial Services (Jersey) Law 1998; any financial service business it has carried out since 1 July 1999 breaches Article 6 of that Law.
• Banking Business Law: Royal Offshore Bank has never registered or applied for registration under the Banking Business (Jersey) Law 1991; any deposit-taking business carried out since 1 October 1991 breaches Article 7 of that Law.
• Collective Investment Funds Law: Royal Offshore Bank has never registered or applied for a licence under the Collective Investment Funds (Jersey) Law 1988; any collective investment fund business carried out since 1 June 1988 breaches Article 4 of that Law.
• Scope clarification: The notice does not apply to the use of the word 'Royal' by properly regulated financial businesses.

The Commission requests that anyone who has had dealings with Royal Offshore Bank contact it directly, and points readers to its website for a list of legitimately regulated businesses. The statement is purely a warning notice and does not itself create ongoing compliance obligations for regulated entities.

Key obligations

• Anyone who has had dealings with Royal Offshore Bank is requested to contact the Jersey Financial Services Commission.