Societe Finance Group (2008-11-11)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) warning the public about Societe Finance Group, an unauthorised entity operating via the website socfingroup.com. It does not impose ongoing regulatory requirements but serves to alert investors and the public that this entity is not licensed to conduct deposit-taking or financial service business in Jersey.

• No registration: Societe Finance has never registered or applied for registration under either the Financial Services (Jersey) Law 1998 or the Banking Business (Jersey) Law 1991.
• Alleged breaches: The Commission states that any financial service business conducted by Societe Finance since 1 July 1999, or deposit-taking business since 1 October 1991, would breach Article 7 of the Financial Services Law and Article 8 of the Banking Business Law respectively.
• Fraud warning signs: The Commission notes that documentation held suggests Societe Finance displays warning signs of being set up for a fraudulent purpose.
• Public action requested: Anyone who has had dealings with Societe Finance is asked to contact the Commission.

The statement is informational and protective in nature, aimed at warning investors and the public rather than imposing compliance obligations on regulated entities.

Applies to

unauthorised deposit-taking and financial service providers, members of the public dealing with Societe Finance