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IOM Contractor, offshore risk alert!
The Government of the Isle of Man have a Financial Supervision Commission (FSC) which is responsible for licensing and supervising the activities of banks, building societies etc., in the Isle of Man and for investigating among other things potentially fraudulent financial services companies and companies that misinform clients.
The FSC released a Public Warning Statement about Standard Offshore Bank and its site http:// standardoffshoreonline .com
The site infers that it relates to the entity known as Standard Offshore Bank and that the bank is registered in the Isle of Man, does business in the Isle of Man or has links to the jurisdiction. The FSC report that they have investigated the claims and that the bank (or entity) is not incorporated or registered in the Isle of Man and furthermore it is not registered with the FSC and therefore not subject to their regulations and supervision.
The FSC goes on to point out that as a result of its in-depth investigations into this ‘company’ no genuine association has been found between it and any legitimate company in the Isle of Man. However, links have been established to other potentially fraudulent companies who also purport to be registered in the Isle of Man. Similarities were found between the website of Standard Offshore Bank and the websites of companies who have been the subject of previous FSC Public Warning Statements. Furthermore the alleged officers of Standard Offshore Bank were also listed as being president, chairman, director etc., of these other previously investigated companies.
According to the Financial Supervision Commission anyone considering doing business with the entity should “exercise the greatest possible caution before proceeding” and anyone who has already done business should contact the FSC’s enforcement division. If you have already entered into a financial transaction with the entity then please contact your local police fraud unit immediately.
Please note that this offshore bank warning from the Isle of Man’s FSC does not relate to the genuine entity known as Standard Bank Offshore which is part of the correctly registered and legitimate group of companies known as Standard Bank Group. To find out more about the genuine Standard Bank Group you can visit their site https://www.sboff.com
To find out more about the Financial Supervision Commission or to contact them visit their site http://www.fsc.gov.im
Tarpon is an employment benefits company which offers contractors a tax-efficient payroll service. We are experts at giving impartial tax advice. We’ll claim up to 100% of your expenses back for you. And we’ll provide you with a personal business manager to handle both your admin and your invoicing. Plus many additional benefits making contracting more rewarding.
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