Wizzell Bank (2004-09-16)

Summary

This is a public warning statement issued by the Jersey Financial Services Commission on 16 September 2004, alerting investors and the public that Wizzell Bank and related entities (collectively the 'WB entities') are not authorised to conduct investment, deposit-taking, or collective investment fund business in Jersey.

• Unregistered under Financial Services Law: The WB entities have never registered or applied for registration under the Financial Services (Jersey) Law 1998; any financial service business conducted since 1 July 1999 breaches Article 6 of that Law.
• Unregistered under Banking Business Law: The WB entities have never registered under the Banking Business (Jersey) Law 1991; any deposit-taking business conducted since 1 October 1991 breaches Article 7 of that Law.
• Unlicensed under Collective Investment Funds Law: The WB entities have never registered or applied for licenses under the Collective Investment Funds (Jersey) Law 1988; any collective investment fund business conducted since 1 June 1989 breaches Article 4 of that Law.
• No genuine Jersey links: The Commission found no genuine links between the WB entities and the Jersey addresses listed on their website.
• Legitimate use of similar terms unaffected: The statement does not apply to properly regulated businesses that legitimately use words such as 'international', 'premier', or 'personal banking'.

The notice asks anyone who has had dealings with the WB entities to contact the Commission, and reminds the public that all regulated businesses are listed on the Commission's website.

Key obligations

• Any person who has had dealings with the WB entities is requested to contact the Commission.