Thursday 31st October 2024
Twitter Facebook Twitter LinkedIn RSS

Comsure operates in:the UK, Jersey, Guernsey

JFSC’s Amendments to Codes of Practice

On 15 December 2015, the Jersey Financial Services Commission (Commission) published Consultation Paper No.12 2015 which proposes amendments to the Codes of Practice (Codes) with the following three key changes proposed:

  1. Notification requirements are to be made clear and unambiguous:
    1. The Codes will be amended to explicitly state that all required notifications must be provided to the Commission in writing. At present, some provisions of the Codes do not make this clear.
  1. To include regulatory requirements on the handling of consumer complaints following the establishment of the Channel Islands Financial Ombudsman (CIFO):
    1. As a result of the opening of the CIFO in 2015 the complaints handling sections of the relevant Codes have been updated.
    2. It is now a regulatory requirement for firms to advise complainants that in the event that they are dissatisfied with a firm’s response to their complaint they may be able to refer it to the CIFO.
    3. Furthermore, relevant firms must notify the Commission if the CIFO requires that the firm pays compensation to a complainant or directs the firm to take certain steps in relation to the complaint.
    4. Firms must deal with the CIFO in an open and transparent manner (as is currently required in the case of dealings with the Commission).
  1. To make minor updating and consequential changes:
    1. A few further updates are proposed to the codes which include amendments to the introduction of each Code, updates for the new civil penalties regime and the definition of anti-money laundering legislation across a number of the Codes.

Responses are required by the Commission by 19 February 2016. It is anticipated that the revised Codes of Practice will be issued in the first half of 2016.

What should businesses be thinking about?

  1. Business should review the full Consultation Paper as communicated by the JFSC and consider their current internal policies and procedures in light of the proposed changes to the codes. In particular this might include:
  1. Notifications:
    1. Firms should consider reviewing their breaches register for any trends resulting from failure to notify the Commission.
    2. Firms should consider if this indicates a deficiency in internal control and policies and procedures should be updated where necessary.
    3. Staff training may be required to ensure that all staff are aware of a firm’s obligations regarding the reporting of notifications;
  1. Complaints:
    1. Firms should review their complaints handling procedures and ensure that updates are communicated to staff.
    2. Complaints logs should be reviewed to identify if any historical trends in complaints require addressing in light of the introduction of the CIFO.

Read more – http://bit.ly/1YlRXOP


1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

WP2Social Auto Publish Powered By : XYZScripts.com