JFSC issues warning about non-regulated commercial property investments
Wednesday 14 June 12:35
The Jersey Financial Services Commission (JFSC) is aware that Jersey residents have made commercial property investments in a UK entity called Store First Limited, which is currently the subject of a contested petition for a High Court Winding Up in Manchester, brought by the UK Secretary of State for Business Energy and Industrial Strategy.
It is important to state that this investment is not as regulated product in Jersey or elsewhere and the JFSC understands, in the case known to the regulator, that it has been marketed by a UK broker firm called Croceus.
There may be other Jersey investors who have contributed monies to Store First Limited, via Corceus or other entities, and in this situation the JFSC feels it appropriate to draw attention to this matter. However, unless an investment in this entity has been sold by a regulated Jersey investment business, the JFSC has no powers of intervention in the case of Jersey investors who may be concerned about their investment.
In the event that any Jersey-based investors have concerns about their dealings with Store First Limited they are advised in the first instance to contact Croceus or the broker who may have sold the investment in this company. If the outcome is inconclusive, investors should contact the UK Property Ombudsman: www.tpos.co.uk
Before making an investment, Jersey investors should seek appropriate advice from a regulated financial adviser, a list of which is available on the regulator’s website: http://www.jerseyfsc.org/investment_business/regulated_entities/index.asp