Public Statement - Wizzell Bank
This statement is made in order to warn investors and others against dealing with unauthorised financial services providers.
Wizzell Bank Finance Company (Jersey) Limited
Wizzell Bank International Funds
International Personal Banking
International Premier Banking
(Collectively the "WB entities")
www.wizzellbank.com (the "website")
The WB entities have not received authorisation to conduct investment, deposit-taking or collective investment fund business within the meaning of the laws stated below.
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. The WB entities have 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. The WB entities have 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. The WB entities have never been registered, 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 a breach of Article 4 of the Collective Investment Funds Law.
4. The Commission has established that no genuine links exist between the WB entities and the Jersey addresses quoted on the website.
5. Clearly words such as "international", "premier", and "personal banking" may be used, in various combinations, from time to time by legitimate regulated businesses. This notice does not apply to the use of such words by financial businesses that are properly regulated.
6. All regulated businesses are listed on the Commission's web site at www.jerseyfsc.org.
Any person who has had dealings with the WB entities is requested to contact the Commission.
Jersey Financial Services Commission
16 September 2004