Public Statement - Pan National Bank and Connected Names
This statement is made in order to warn investors and others against dealing with unauthorised financial services providers.
Pan National Bank
Pan National Bank Bank Finance Company (Jersey) Limited
International Premier Banking
International Personal Banking
The purpose of this statement is to advise the public that the above mentioned entities have not received authorisation to conduct financial service or deposit-taking business within the meaning of the laws stated below.
The Commission has recently become aware of the activities of the above entities that, according to the website www.pannationalbank.com purported to have offices in this jurisdiction and also implies that they are subject to regulation.
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. None of the above entities have ever 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. None of the above entities have ever 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 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.
5. All regulated businesses are listed on the Commission's web site at www.jerseyfsc.org.
Any person who has had dealings with any of the above entities is requested to contact the Commission.
Jersey Financial Services Commission
5 March 2003