Schorders CI

Public Statement - Schorders CI

This statement is made in order to warn investors and others against dealing with unauthorised financial services providers.

Schorders CI ("Schorders")
Entity purporting to be Schroders (C.I.) Limited

The purpose of this statement is to advise the public that an entity calling itself Schorders has not received authorisation to conduct financial service or deposit-taking business within the meaning of the laws stated below.

The entity calling itself Schorders is listed in the Jersey telephone directory as having a Jersey telephone and fax numbers. The Commission is concerned that this may be taken to suggest that it has a locus within the Island when it does not.

Furthermore, the Commission has recently become aware of a website, www.schroders-ci.com which is connected to the entity calling itself Schorders and in which it falsely purports to represent the genuine Schroders entity.

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") and Article 45B of the Banking Business (Jersey) Law 1991, as amended ("the Banking Business Law").

The Commission wishes it to be known that:

1. The entity calling itself Schorders 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 6 of the Financial Services Law.

2. The entity calling itself Schorders 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.

3. The entity calling itself Schorders is not connected in any way to the Schroder Holdings plc group of companies, which includes Schroders (C.I.) Limited (an authorised banking and investment business in Jersey).

4. All regulated businesses are listed on the Commission's web site at www.jerseyfsc.org.

Any person who has had dealings with the entity calling itself Schorders is requested to contact the Commission.

Gary Godel
Director Enforcement
Jersey Financial Services Commission

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

23 July 2003