Public Statement - SPEACC Finance
This statement is made in order to warn investors and others against dealing with unauthorised financial services providers.
The purpose of this statement is to advise the public that SPEACC Finance ("SPEACC") which is purportedly represented by the website www.speacc.com, has not received authorisation to conduct deposit-taking business or insurance business within the meaning of the laws stated below.
The Commission has recently been made aware that the SPEACC website implies that SPEACC has an office in Jersey when it does not.
The Jersey Financial Services Commission ("the Commission") has issued this public statement under Article 45B of the Banking Business (Jersey) Law 1991, as amended ("the Banking Business Law") and Article 39A(2) of the Insurance Business (Jersey) Law 1996, as amended ("the Insurance Business Law").
The Commission wishes it to be known that:
1. SPEACC 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.
2. SPEACC has never been registered, or applied for registration, under the Insurance Business Law. Therefore any insurance business, as defined in Article 1 of the Insurance Business Law and carried out since 1 October 1996, is a breach of Article 4 of the Insurance Business Law.
Any person who has had dealings with SPEACC is requested to contact the Commission.
Jersey Financial Services Commission.
4 May 2004