Trust Finance Fidelity Bank (2008-08-01)

Summary

This is a public statement issued by the Jersey Financial Services Commission warning investors and the public about an entity calling itself Trust Finance Fidelity Bank, operating via a website, which the Commission says is not authorised to carry on deposit taking or financial service business in Jersey.

• Basis: Issued under Article 48(2) of the Banking Business (Jersey) Law 1991 and Article 25(d) of the Financial Services (Jersey) Law 1998.
• Findings: Fidelity Bank has never registered or applied for registration under either law, so any deposit taking business since 1 October 1991 or financial service business since 1 July 1999 would breach Article 8 of the Banking Business Law or Article 7 of the Financial Services Law respectively.
• Fraud warning: The Commission states that documentation it holds shows warning signs that Fidelity Bank was set up for a fraudulent purpose.
• Call to action: Anyone who has had dealings with Fidelity Bank is asked to contact the Commission; the public is reminded that genuine regulated businesses are listed on the Commission's website.

The statement does not impose ongoing regulatory obligations on licensed firms; it is a public warning intended to protect investors from dealing with this unauthorised and potentially fraudulent entity.

Applies to

unauthorised financial services providers, investors and members of the public dealing with Trust Finance Fidelity Bank