Union Bancaire Private Financial Bank Corp & UBPB Private Bank (2008-08-07)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission (JFSC) under Article 48(2) of the Banking Business (Jersey) Law 1991, alerting the public that Union Bancaire Private Financial Bank Corp and UBPB Private Bank (collectively UBP PB) are not authorised to conduct deposit-taking business in Jersey.

• Unauthorised activity: UBP PB, operating via the website www.upbponl.com, has never been registered or applied for registration under the Banking Business Law, and any deposit-taking business it has carried out since 1 October 1991 breaches Article 8 of that Law.
• No connection to legitimate group: UBP PB is not connected to Union Bancaire Privée, Jersey Branch or other companies within the genuine Union Bancaire Group, which is separately authorised by the Commission.
• Fraud concern: The Commission states that documentation it holds suggests UBP PB displays warning signs of being set up for a fraudulent purpose.
• Public action requested: The Commission asks anyone who has had dealings with UBP PB to contact it, and directs the public to check the Commission's website for the list of all regulated businesses in Jersey.

This is an informational public statement rather than a rule with ongoing compliance requirements; it names an unauthorised entity and warns the public rather than imposing obligations on regulated firms.

Applies to

deposit-taking businesses, members of the public dealing with unauthorised financial services providers