UBS TRUSTCO (2005-02-24)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission alerting investors and the public that an entity trading as UBS TRUSTCO (comprising UBS Trust Plc and Mercantile Trust, and operating via a website) is not authorised to conduct investment, deposit-taking or trust business in Jersey.

• No registration: UBS TRUSTCO has never been registered, or applied for registration, under the Financial Services (Jersey) Law 1998 or the Banking Business (Jersey) Law 1991.
• Unlawful business: Any financial service business carried out by UBS TRUSTCO since 1 July 1999, or deposit-taking business carried out since 1 October 1991, breaches Article 6 of the Financial Services Law and Article 7 of the Banking Business Law respectively.
• No Jersey link: The Commission found no genuine links between UBS TRUSTCO and Jersey, and confirms UBS TRUSTCO is unconnected to the genuine, authorised UBS AG Jersey Branch business.
• Call for information: Anyone who has had dealings with UBS TRUSTCO is asked to contact the Commission.

The statement is issued under Article 22 of the Financial Services Law and Article 45B of the Banking Business Law as a warning notice rather than a rule imposing ongoing compliance duties on regulated entities.

Key obligations

• Any person who has had dealings with UBS TRUSTCO is requested to contact the Jersey Financial Services Commission.

Applies to

unauthorised financial services providers, investors and members of the public