UBP Privee Financial Group (2009-04-06)

Summary

This is a public statement issued by the Jersey Financial Services Commission warning the public against dealing with UBP Privee Financial Group (UBP PFG), an entity that is not authorised to conduct deposit-taking business in Jersey. The Commission found that UBP PFG has been using the genuine name and address of Union Bancaire Privee, Jersey Branch, a legitimately authorised firm, despite having no connection to it.

• No authorisation: UBP PFG has never been registered or applied for registration under the Banking Business (Jersey) Law 1991, and any deposit-taking business it has conducted since 1 October 1991 breaches Article 8 of that Law.
• Misuse of identity: UBP PFG is not connected in any way to Union Bancaire Privee, Jersey Branch, or the wider Union Bancaire Privee Group, despite appearing to use their genuine name and address.
• Fraud warning: Documentation held by the Commission suggests UBP PFG displays warning signs of being set up for a fraudulent purpose.
• Call for information: Anyone who has had dealings with UBP PFG is asked to contact the Commission.

This is an informational enforcement notice rather than a rule imposing ongoing compliance duties on regulated firms; it serves to alert the public and industry to an unauthorised and potentially fraudulent operator.

Applies to

deposit-taking businesses, unauthorised financial services providers, the public and investors dealing with UBP Privee Financial Group