WeRe Bank - Public Warnings

The Isle of Man Financial Services Authority (FSA) has advised the Office of Fair Trading that it has recently become aware of a United Kingdom based entity named WeRe Bank using the website www.werebank.com.

WeRe Bank offers services relating to the issuance of cheque books on receipt of an introductory and monthly fees together with the production of a £150,000 promissory note. The UK Financial Conduct Authority (FCA) has issued a consumer notice concerning WeRe Bank which can be found at http://www.fca.org.uk/news/consumer-notice-were-bank

Although WeRe bank is not based or incorporated in the Isle of Man, the IOM FSA is aware of local residents taking up the services offered by this entity. The FSA would endorse the comments of the FCA in the aforementioned consumer notice and would recommend that individuals take proper advice before considering whether or not to sign up with WeRe Bank.