According to the City watchdog, the regulator believes the firm has been providing financial services or products in the UK without authorisation. The FCA said: “This firm is not authorised by us but has been targeting people in the UK.”
Project Finance Bank is not on the FCA’s financial services register. According to the Project Finance Bank’s website, it carries out property funding, provides bank accounts and savings products, such as the Guaranteed Account, which is linked to stockmarket performance.
There is no listing on Companies House for Project Finance Bank Plc, or Project Finance Bank Holdings, which are the names given on the website.
However, it also appears to be using names of former FTSE100 company directors to legitimise its operation.
On its website, it claims that former FT chief executive Ms Fairhead is a non-executive director. When asked, Ms Fairhead confirmed she has nothing to do with the company and had never heard of it.
According to its website, under the listing “The Board of Directors of Project Finance Bank Holdings”, it cites “S K Green, group chairman”, together with what appears to be a picture of Lord Green of Hurstpierpoint, as having been the group chief executive from 2003 to May 2006 – during which time Stephen Green, now Lord (Stephen) Green, was chief executive of HSBC UK.
Lord Green’s office has been informed and it is understood his office is looking into the claims.
Various attempts to call the Project Finance Bank switchboard went unanswered.
