Wakefield & Stern Corporation (2006-12-22)

Summary

This is a public statement issued by the Jersey Financial Services Commission warning investors and the public that Wakefield & Stern Corporation (operating via www.wakefieldstern.ch) is not authorised to conduct financial services business in Jersey. The Commission issued the warning under Article 25(2) of the Financial Services (Jersey) Law 1998, as amended, after becoming aware that the entity was cold calling local residents to offer investment advice.

• Unauthorised status: Wakefield & Stern has never been registered, nor applied for registration, under the Financial Services (Jersey) Law 1998.
• Breach alleged: Any financial service business carried out by Wakefield & Stern since 1 July 1999, as defined in Article 2 of the Law, is said to be in breach of Article 7 of the Law.
• Public guidance: The public is advised to check the Commission's website for the list of all regulated businesses before dealing with a firm.
• Call for information: Anyone who has had dealings with Wakefield & Stern is asked to contact the Commission.

This is a purely informational enforcement/warning notice rather than a rule imposing ongoing regulatory obligations on licensed entities; it is aimed at protecting the public from an unauthorised operator.

Applies to

unauthorised financial services providers, members of the public dealing with Wakefield & Stern