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- WeRe Bank is a movement which has come to the attention of the Financial Conduct Authority and other governing bodies. Created by sovereign citizen Alan Peter Smith, now calling himself "Peter of England.” England claims to have support "both on planet and off planet" for his project. The concept has gained publicity mainly via websites promoting alternative lifestyles, conspiracy theories and fringe theories. The basis of WeRe Bank's philosophy for financial liberation is that of the "promissory note, futures contract," The Bank Charter Act of 1844 and The Bills of Exchange Act 1882 which Peter of England claims to use to provide "lawful backing to the issuance of cheques" for the payment exclusively of debt burdens incurred by WeRe Bank of England members. The most prominent feature of the concept is the "WeRe Bank cheque books" provided by Peter of England to Re Movement members. These have the appearance of a standard British bank cheque, and several websites have encouraged their readers to become WeRe members and attempt to use the cheques to settle debts such as mortgage arrears, loan repayments or utility bills. Because WeRe Bank is not a bank within the British Cheque and Credit Clearing Company system or even a company, and because WeRe Bank does not subscribe to the standards of the UK Payments Administration nor any of the world's clearing houses, the payees will not receive payment of the amounts on the cheques, meaning that the debt is unpaid, and can be increased by late payment fees, return check charges and legal costs. Financial regulators in the UK (including the Financial Conduct Authority and the Financial Ombudsman Service) and in several other jurisdictions have published warnings to the public about WeRe Bank. (en)
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