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16.   Restricted words, names, and practices

Revised Laws of Saint Lucia (2021)

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16.   Restricted words, names, and practices

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    (1)   No licensed financial institution shall be granted or continue to hold a licence under a name which so closely resembles the name of an existing licensed financial institution in the Currency Union or elsewhere as would be likely, in the opinion of the Central Bank, to mislead the public.

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    (2)   Except with the written consent of the Central Bank, no person other than a licensed financial institution shall —

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      (a)     use the words “bank”, financial institution”, “savings” and “loan”, or any of their derivatives or any mutations in any language, or any other word indicating the carrying on of banking business, in the name, description or title under which a person is carrying on business in the Currency Union; or

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      (b)     make any representation to the effect in any other manner for the purpose of indicating that a person is carrying on banking business in the Currency Union.

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    (3)   Nothing shall prohibit an association of institutions licensed under this Act formed for the pursuit of common interests from using the words “bank”, “financial institution”, “savings”, or “loan” or any of their mutations or derivatives in any language as a part of its name or description of its activities.

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    (4)   No person other than a licensed financial institution shall, except with the written consent of the Central Bank —

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      (a)     make or continue to make representations in any billhead, letter, letterhead, circular, paper, notice, advertisement or in any other manner that the person is carrying on banking business;

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      (b)     in any manner solicit or receive deposits from the public, or any employee of that person.

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    (5)   Any person who contravenes the provisions of this section commits an offence and is liable on summary conviction to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 5 years or to both such fine and imprisonment andin the case of a continuing offence to a further penalty of $2,000 for each day on which the offence is continued after conviction.

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