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Interface Management Limited - 14 July 2004

Public Statement - Interface Management Limited

Financial Services (Jersey) Law 1998 (the "Law")

The Jersey Financial Services Commission (the "Commission") is issuing this public statement in accordance with its powers under Article 22 of the Law.

The purpose of this statement is to advise the public that the Commission, acting in accordance with Article 8 and Article 10 of the Law, has refused to register the following persons to carry on financial services business.

Interface Management Limited
and its participating members
Interface Trustees Limited
Interface Secretaries Limited
Interface Nominees Limited
(collectively referred to as "Interface")

Registered office of Interface:
23 Pier Road
St Helier

The refusal was made by the Commission on 5 March 2003 on the grounds that Interface did not meet the necessary standards of:

1. financial resources, span of control, structure and organisation; and
2. compliance with the Trust Company Business Codes of Practice.

Subsequent to the refusal by the Commission, Interface appealed to the Royal Court against the Commission's decision. This appeal was heard on 18 September 2003 and dismissed by the Royal Court. Accordingly, the Commission's refusal to register Interface was upheld. The period allowed for Interface to appeal the Court's decision having now expired, the Commission considers it appropriate to issue this statement.

As a result of this refusal to register Interface, it is illegal for Interface to carry on trust company business (or any other financial services business) in or from within Jersey, or in any part of the world, according to Article 6 of the Law. Consequently, the Commission has issued a direction under Article 20 of the Law requiring Interface to wind up its trust company business in an orderly manner.

For any further information contact:

Helen Hatton
Deputy Director General
Jersey Financial Services Commission.

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

Telephone (+44) 1534 822020

14 July 2004


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