Tuesday, January 25, 2005

FSC welcomes Fiduciaire ITP Limited winding-up order

The Financial Services Commission (FSC) has welcomed the news that the Supreme Court has granted a Winding-Up Order in respect of Fiduciaire ITP Limited (FITP). A liquidator has been appointed in order to wind up the company’s affairs and act in the interests of FITP’s clients and their companies. This follows a lengthy investigation by officers of the FSC into unlicensed company management activities undertaken by FITP.

Under the powers set out in Schedule 10 of the Companies Ordinance Kieran Power, Head of Fiduciary Services Supervision and Albert Yome, Manager, Enforcement at the FSC, were appointed as investigators, to report on the affairs of the company. Albert Yome said:

This brings towards a close an enforcement action that the FSC began following the amendment to the Financial Services Ordinance in November 2002. This amendment expanded the ambit of “controlled activities” to include the provision of company formation, administration, secretarial services and registered office facilities.
FITP was providing such services to a large number of client companies without a licence issued by the Financial Services Commissioner. It had refused to answer repeated warnings issued by the FSC, which then sought to resolve this issue through legal action.

The FSC takes a proactive approach to ensure that unauthorised activity does not take place and to this end employs a dedicated Manager, Enforcement.

The FSC investigates all cases of possible unlicensed activity with a particular emphasis on the prevention of fraud. It gathers intelligence on such activities from complaints from individuals or institutions, and from information passed to it from overseas regulators and other agencies. The FSC monitors the Internet, news and other sources, to enable it to detect and disrupt possible illegal activities in relation to financial services at the earliest opportunity.

Locally the FSC co-operates closely with law enforcement agencies in the prevention and detection of fraud and other economic crime, said a spokesman.

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