Midlandfinance.com and Connected Names - 9 September 2002
Financial Services (Jersey) Law 1998, as amended ("the Financial Services Law")
Banking Business (Jersey) Law 1991, as amended ("the Banking Business Law")
The Jersey Financial Services Commission ("the Commission") has issued this public statement under Article 22 of the Financial Services Law and Article 45B of the Banking Business Law.
The purpose of this statement is to advise the public that the persons named below have not received authorisation to conduct either investment or deposit taking business within the meaning of the above Laws.
Midland Finance.com Bank Finance Company (Jersey) Limited
International Premier Banking
International Personal Banking
The Commission has recently become aware of the activities of the above entities, which, according to a website www.midlandfinance.com, purported to have offices in this jurisdiction and are licenced by the Commission.
The Commission wishes it known that:
1. None of the above entities have ever held, or applied for, a licence under the Financial Services Law. Therefore any financial services business, as defined in Article 2 of the Law carried out by any of the above entities since 1 July 1999 is a breach of Article 6 of the Financial Services Law.
2. None of the above entities have ever held, or applied for, a licence under the Banking Business Law. Therefore any deposit taking business, as defined in Article 3 of the Law carried out by any of the above entities since 1 October 1991 is a breach of Article 7 of the Banking Business Law.
3. The Commission has established that no genuine links exist between the above entities and the Jersey addresses quoted on the website.
4. 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. All regulated businesses are listed on this Commission's web site.
The Commission requests that any person who has had dealings with any of the above entities contact the Commission.
9th September 2002
Director of Enforcement
Jersey Financial Services Commission
PO Box 267,
Jersey JE4 8TP.
Telephone: 01534 822058