Public Statement - Hanover
Company Limited
This statement is made in order to warn customers and others
against dealing with unauthorised financial services providers.
Hanover Company Limited (“HCL”) (Incorporated in Jersey)
HCL (Administration) Limited (“HCL (Admin)”) (Incorporated
in UK)
Mr. Gary Vernon Shugg, now known as Miss. Gina Ramsey (“Mr.
Shugg”)
Mrs. Veronique Beatrix Shugg (nee Groenestein) (“Mrs. Shugg”)
The Jersey Financial Services Commission (the “Commission”)
believes that HCL (being a Jersey incorporated company) has carried
on, is continuing to carry on, or holding out that it is carrying
on, financial services business as defined when it is not authorised
to do so pursuant to the provisions of the Law stated below.
The Commission has issued this public statement under Article
25(2) of the Financial Services (Jersey) Law 1998, as amended (“the
Financial Services Law”).
The Commission wishes it to be known that:
- The Commission is in possession of information and documents
that show that HCL, a Jersey incorporated company, has been carrying
on unauthorised trust company business. HCL has never been registered,
or applied for registration, under that Law to carry on trust
company business as defined in Article 2(3) of the Financial Services
Law.
- Specifically the Commission wishes it to be known that the unauthorised
trust company business referred to in 1 above relates to HCL having
acted as a trustee of an express trust. This is a trust company
business service as defined in Article 2(4)(g) of the Financial
Services Law.
- In carrying on the above unauthorised trust company business,
the Commission has information and documents which show that HCL
has, through HCL (Admin) as an agent for HCL, entered into a Declaration
of Trust with a UK resident whereby HCL was appointed to act as
the trustee. Mr. and Mrs. Shugg have signed off as directors of
HCL (Admin) on the Declaration of Trust.
- HCL, HCL (Admin) and Mr. and Mrs. Shugg are not authorised by
the Commission to conduct any activities that would fall under
the Financial Services Law, therefore any financial services business,
as defined in Article 2 of the Financial Services Law and carried
out by HCL, HCL (Admin) or Mr. and Mrs. Shugg since 1 July 1999
is a breach of Article 7 of the Financial Services Law.
- All regulated businesses in Jersey are listed on the Commission’s
website at www.jerseyfsc.org.
Any person who has had dealings with HCL, HCL (Admin) or Mr. and
Mrs. Shugg in respect of any financial service business carried
on as defined in Article 2 of the Financial Services Law is requested
to contact the Commission.
Gary Godel
Director Enforcement
Jersey Financial Services Commission
Nelson House,
David Place,
St. Helier,
Jersey,
JE4 8TP.
24 January 2007
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