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2008

Bank National TSB Offshore Limited - 24 January 2008

Public Statement - Bank National TSB Offshore Limited

The Jersey Financial Services Commission has issued this public statement under Article 48(2) of the Banking Business (Jersey) Law 1991, as amended (the “Banking Business Law”) and Article 25(2) of the Financial Services (Jersey”) Law 1998, as amended (“the Financial Services Law”)

This statement is made in order to warn investors and others against dealing with unauthorised financial services providers. The entity named below has not received authorisation to conduct deposit-taking business within the meaning of the Banking Business Law and financial service business within the meaning of the Financial Services Law.

Bank National TSB Offshore Limited (“Bank National”)


The Commission believes that Bank National is carrying on or holding out that it is carrying on deposit-taking business and financial service business in Jersey, when it is not authorised to do so pursuant to the provisions of the above laws. It appears from the documentation held by the Commission that Bank National is attempting to utilise the genuine name and address of Lloyds TSB Offshore Limited, a bona-fide registered financial services provider in Jersey and other jurisdictions. Bank National, is not, in any way, connected to Lloyds TSB Offshore Limited or companies within the Lloyds TSB Group.


The Commission wishes it to be known that:

1. Bank National 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 8 of the Banking Business Law.

2. Bank National 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 7 of the Financial Services Law.

3. Bank National is not connected in any way to Lloyds TSB Offshore Limited and companies within the Lloyds TSB Group. The Lloyds TSB Group has headquarters in the UK and has a presence in various jurisdictions including Jersey. Companies within the Lloyds TSB Group (Lloyds TSB Offshore Limited and others) are authorised by the Commission to conduct regulated activities.

4. From the documentation held by the Commission, it would appear that Bank National displays warning signs of being set up for a fraudulent purpose.

 

All regulated businesses in Jersey are listed on the Commission’s website, which can be accessed by clicking here.

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


Barry Faudemer
Director, Enforcement
Jersey Financial Services Commission

14 - 18 Castle Street
St. Helier
Jersey
JE4 8TP
Email: B.Faudemer@jerseyfsc.org

24 January 2008

 

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