James Elliot International Limited, Private Members Club

Published on: 20 December 2002

This notice is issued by the Financial Supervision Commission (“the Commission”) in accordance with the powers conferred upon it under Section 22 of the Financial Supervision Act 1988.

The Financial Supervision Commission have been sent a document headed James Elliot International Limited, Private Members Club. This entity purports to have an address at Arnside House, 32 Hutchinson Square, Douglas, Isle of Man. Arnside House is a large premises sub-let into 6 flats.

There is no reference to this company on any nameplate. The Financial Supervision Commission wrote to James Elliot International Limited at this address in November 2002. No reply has been forthcoming.

James Elliot International Limited is not a company incorporated within the jurisdiction of the Isle of Man nor is it registered as a foreign company having established a place of business on the Isle of

Man. The telephone numbers on the received document do not relate to Isle of Man subscribers. One area code ((01268) is Basildon in Essex and the other (01983) is the Isle of Wight. The document advises that individuals can join the James Elliot Private Members Club by making a one-off payment of [their] choice. There are then a number of options identified. The document goes on to identify the amount [you] pay, the value of [your] policy and, after 56 days the amount of interest [you] will receive every 31 days thereafter.

For example it states that for the amount you pay (£4,000) your policy value is £10,000 and YOUR interest (in this option) is £3000.

Investment business that is undertaken in, on or from the Isle of Man needs to be licensed by the Financial Supervision Commission. James Elliott International Limited have not been so licensed. A full list of entities licensed by the commission.

The Commission would strongly urge persons considering dealing with any of these entities to exercise the greatest possible caution before proceeding, bearing in mind the contents of this public notice. Should any member of the public receive the above described documentation we would consider it prudent to seek professional independent financial or legal advice.

Any persons who are already involved in any dealings with the above entity and have concerns should contact the Enforcement Division on +44 1624 689313 or by e-mail to fsc@gov.im.