Scotland Alliance (2004-11-08)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission (JFSC) alerting investors and the public that 'Scotland Alliance' (also trading as Scotland Alliance Bank and Scotland Alliance and Security House) is not authorised to conduct investment, deposit-taking, or collective investment fund business in Jersey.

• Unregistered under Financial Services Law: Scotland Alliance has never registered or applied for registration under the Financial Services (Jersey) Law 1998; any financial service business conducted since 1 July 1999 breaches Article 6 of that law.
• Unregistered under Banking Business Law: Scotland Alliance has never registered under the Banking Business (Jersey) Law 1991; any deposit-taking business since 1 October 1991 breaches Article 7 of that law.
• Unregistered under Collective Investment Funds Law: Scotland Alliance has never registered or licensed under the Collective Investment Funds (Jersey) Law 1988; any collective investment fund business since 1 June 1989 breaches Article 4 of that law.
• No genuine Jersey links: The Commission found no genuine connection between Scotland Alliance and the Jersey addresses on its website.
• No connection to genuine regulated entities: Scotland Alliance is not connected to the authorised Bank of Scotland International Limited or Bank of Scotland Trust Company (International) Limited.

The statement is purely a public warning notice rather than a rule imposing ongoing compliance duties on regulated firms. It asks anyone who has had dealings with Scotland Alliance to contact the Commission.