Jersey Financial Services Commission Logo

2004

First Choice Bank ("FCB") - 20 April 2004

Public Statement - First Choice Bank

This statement is made in order to warn investors and others against dealing with unauthorised financial services providers.

First Choice Bank
First Choice Bank Group
First Choice Bank Group Limited
First Choice Bank Offshore
First Choice Bank Offshore Group
First Choice Bank Offshore Group Limited
First Choice Bank Jersey Limited
First Choice Bank Offshore Trust Company Jersey Limited
First Choice Bank Unit Trusts Jersey Limited
First Choice Bank Fund Administration Jersey Limited
www.firstchoicebank.net

The purpose of this statement is to advise the public that First Choice Bank ("FCB") which is purportedly represented by the website www.firstchoicebank.net, has not received authorisation to conduct financial services within the meaning of the laws stated below.

The Commission has recently been made aware that the FCB website implies that FCB has an office in Jersey when it does not.

The Jersey Financial Services Commission ("the Commission") has issued this public statement under Article 22 of the Financial Services (Jersey) Law 1998, as amended ("the Financial Services Law"), Article 45B of the Banking Business (Jersey) Law 1991, as amended ("the Banking Business Law") and Article 14A of the Collective Investment Funds (Jersey) Law 1988, as amended ("the Collective Investment Funds Law").

The Commission wishes it to be known that:

1. FCB has never been registered, or applied for registration, under the Financial Services Law. Therefore any financial service business, as defined in Article 2 of the Financial Services Law and carried out since 1 July 1999, is a breach of Article 6 of the Financial Services Law.

2. FCB has never been registered, or applied for registration, under the Banking Business Law. Therefore any deposit-taking business, as defined in Article 3 of the Banking Business Law and carried out since 1 October 1991, is a breach of Article 7 of the Banking Business Law.

3. FCB has never held, or applied for, licenses under the Collective Investment Funds Law. Therefore any collective investment fund business, as defined in Article 2 and 3 of the Law, carried out since 1 June 1989 is in breach of Article 4 of the Collective Investment Funds Law.

It would appear that FCB is in no way connected to the First Choice Bank located at 2000 West State Street, Suite E, Geneva, Illinois 60134 which is a member of the Federal Deposit Insurance Corporation ("FDIC") in the US.

Any person who has had dealings with FCB is requested to contact the Commission.

Helen Hatton
Deputy Director General
Jersey Financial Services Commission.


Nelson House,
David Place,
St. Helier,
Jersey,
JE4 8TP.

20 April 2004

Top

< Back to contents