The Jersey Financial Services Commission (JFSC) has today announced the appointment of a new Commissioner to its Board. Tracy Garrad will be sworn in by the Royal Court for a five year term on Friday 8 February. A former Chief Executive Officer (CEO) of HSBC Channel lslands and Isle of Man, Tracy’s career spans 14 […]

By way of background “Thematic examinations” allows the JFSC to better understand particular thematic risks that cut across a range of firms in a specific sector or affect a sector as a whole.  In conductiong these thematic reviews the JFSC, address thematic risks using a range of tools including questionnaires, on-site visits and guidance. For […]

THE finances of Jersey Mutual Insurance Society are being investigated by the police after ‘potential fraudulent activity’ spanning a number of years came to light. On Thursday, the organisation, which has served the Island for just under 150 years, sent a letter to all of its members informing them of the situation and confirmed that […]

JFSC approach for collecting 2018’s data, Phase III of our Supervisory Data Collection Exercise. Key facts This exercise will begin promptly in the New Year on 14 January 2019. The JFSC will be asking for the same data for 2018 as we previously collected for Phase 1 and Phase II. This is to determine whether […]

After stepping down from the JFSC for hedalth and burn out related reasons, John Harris returns to the Jersey regulatory world. It was announced on the 12 October 2018 that the Chief Minister, Senator John Le Fondré, has signed a Ministerial Decision to appoint four Non-Executive Directors to the board governing the Office of the […]

A MIDDLE-EASTERN bank has been fined £25,000 and ordered to pay £2,805 in compensation after transferring $401,103 from a deceased man’s Jersey account without the correct authorisation. Abu Dhabi Commercial Bank PJSC appeared in the Royal Court on Friday after pleading guilty to the offence of ‘intermeddling’. Crown Advocate Julian Gollop, prosecuting, explained how on […]

UPDATING the Island’s cyber-crime laws is one of the key priorities for the Home Affairs Minister, who said fresh legislation could be debated by the States in October. Home Affairs Minister Len Norman – who has been in the role for about two months – said that cyber-crime was one of the biggest threats to […]

This document provides an update for Industry regarding structural changes to Supervision, as outlined in the JFSC 2018 Business Plan, where they shared their revised Target Operating Model for the division. They say:- These changes have now been implemented across Supervision to ensure ongoing effective risk based supervision in line with international standards, with resourcing […]