THE 8 SHARED BUSINES RISK The Jersey Financial Services Commission (JFSC) and Industry agree that the following pose the most severe of the different risks facing companies in Jersey with financial crime risks being the most severe risks. Terrorist funding and Secondarily financial crime more generally Other risks cited included Financial failure, loss of confidential […]

As we enter September, it is worth taking a look back over the summer months to remind ourselves what has been happening down at the JFSC-Towers. Amendments to codes of practice On May 18, 2016, the JFSC published feedback on its Consultation on Amendments to Codes of Practice. These amendments seek to: ensure that all […]

An area that many Jersey firms forget about particularly those with overseas ownership is the change Of Control Obligations under The Financial Services (Jersey) Law 1998.  This briefing is of interest to entities carrying on financial service business for the purposes of the Financial Services (Jersey) Law 1998, as amended (the “FSJL”) and highlights a […]

According to the latest 2015 annual report from the Jersey Financial Services Commission, the JFSC Opened 76 new enforcement cases last year, compared to 93 in 2014 Issued 95 formal notices requiring information and Issued 21   notices requiring people to come in for formal interview. Issued 15 Fifteen public statements – these identified regulatory or […]

The Jersey Financial Services Commission has recently issued [16 August 2016] a public statement on its website with reference to Mr Stephen Andrew Homyard. The public statement can be viewed here – or read below Public Statement Mr Stephen Andrew Homyard (“Mr Homyard”), born 25 June 1952 Former Schedule 2 Business (and Principal Person) Proceeds of Crime […]

JFSC issue Statement re investigation into Lumiere Wealth Limited On the 11th August 2016 the JFSC issue Statement re investigation into Lumiere Wealth Limited – in the release John Harris, Director General of the Jersey Financial Services Commission said “The Jersey Financial Services Commission (JFSC) is aware of the recent action taken by the Guernsey […]

JFSC Consultation Paper No. 7 2016 Class O Financial Service Business – Consultation on Consequential Provisions to the Proposed Rewording of the Class O Definition In July 2012 the JFSC published the Original CP to seek views on proposed changes to legislation under which Industry is regulated. One of the proposed amendments comprised a change […]