Transcorp International (2007-12-12)

Summary

This is a public statement issued by the Jersey Financial Services Commission warning investors and the public that Transcorp Plc and Transcorp International (operating via www.transcorpintl.com) are not authorised to conduct deposit-taking, financial service, or insurance business in Jersey. The statement was issued under the Commission's powers to warn against unauthorised providers and does not impose ongoing regulatory obligations on licensed firms.

• No registration: Transcorp has never been registered or applied for registration under the Banking Business (Jersey) Law 1991, the Financial Services (Jersey) Law 1998, or the Insurance Business (Jersey) Law 1996.
• Alleged breaches: The Commission states that any financial service business carried out since 1 July 1999, deposit-taking business since 1 October 1991, or insurance business since 1 October 1996 by Transcorp would breach the respective laws.
• Fraud warning: The Commission notes that documentation held suggests Transcorp displays warning signs of being set up for a fraudulent purpose.
• Public request: Anyone who has had dealings with Transcorp is asked to contact the Commission.

The statement serves an informational and warning purpose rather than creating compliance duties for regulated entities; its practical effect is to alert the public and industry that Transcorp is unauthorised and potentially fraudulent.