Request about a bank and an interest rate (FOI)

​Request

A.

I would like to know if the following information received from [a named] bank [name of bank redacted] is correct?  [The named bank] were advertising a 4% interest rate on current accounts and when I enquired I was informed at the branch the offer did not apply locally due to the fact the bank would not be complying with local regulation regarding what they could offer?

B.

If this is the case I ask why? As it would assist the economy recovery re more to spend.

Response

A.

Freedom of Information requests only apply to information held by the States of Jersey whereas this request asks for the analysis of various laws which are publically accessible on the Jersey Law web site.

Jersey Law website

The States of Jersey does not give legal advice to third parties however it is our understanding that there is no law which restricts what interest rate banks in Jersey can offer. However, there are rules that limit the scope of advertising. Should you have a complaint against the bank concerned then it would be appropriate to discuss this with the Jersey Financial Services Commission who regulate banks.

B.

This request falls away due to the answer given above.