BANKING BUSINESS

Frequently Asked Questions (FAQ)

Q: If I am not sure if a banking activity needs authorisation from the Commission can I ask you for advice?

Banks are regulated under the provisions of the Banking Business (Jersey) Law 1991. Commission staff will be happy to provide general explanations of what activities that law covers. However, Commission staff cannot provide legal advice in respect of specific circumstances and if you are in any doubt as to the position you should seek advice from a lawyer qualified in Jersey law.
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Q: How can I find out if a bank is regulated by you?

The Commission’s website lists all regulated banks. On the home page, click on the “Regulated Entities” box or click here to go direct to the relevant page.

If the bank you are looking for does not appear on the list but it is advertising itself as being registered in Jersey, please let us know as it might represent some form of fraudulent activity.
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Q: Does Jersey have a depositor-protection scheme?

There is presently no depositor-protection scheme in Jersey but the introduction of such a scheme is being considered.
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Q: What can I do if I have a complaint against a bank?

The Commission has issued a guidance note on this subject. The guidance note can be found in the ‘Investors’ Corner’ part of this website or can be viewed by clicking here.
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Q: I would like to open a bank account in Jersey - can you recommend a bank?

The Commission is unable to recommend a particular bank. However, please click here to access a full list of banks regulated by the Commission.
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Q: I have been turned down for a business loan, personal overdraft or other credit facility by a Jersey registered bank and feel that the decision is wrong.

The Commission does not regulate commercial decisions taken by banks in relation to the granting of credit facilities. You may wish to approach the declining bank directly with further information in support of your request or, alternatively, approach other banks which might be more receptive to your request.

It might be worthwhile checking that your credit history is recorded correctly with credit reference agencies, because incorrect credit information could affect a lender’s decision. The Jersey Citizens Advice Bureau has a helpful guidance note on how to check your credit history. It can be found on their website at http://www.cab.org.je
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Q. I have recently arrived in the Island to take up a new position, or I am here on a temporary basis, and I am having difficulty in opening a bank account. Can you assist in any way?

The Commission is unable to assist in the opening of a banking relationship or recommend a preferred provider. Banks retain the right to accept or decline business at their own discretion.

However, in order to smooth the process of opening an account, it would be useful for you to have as much information available as possible before approaching your chosen bank. Examples of the type of information that may be required are; identification, proof of address and details of previous or existing banking relationships. You may also be asked to provide three months’ bank statements or a letter from your employer confirming your employment and salary details.

Some employers make arrangements with their own banks to set up staff accounts so it is worth checking with your employer to see if they have made such an arrangement. An introduction by your employer may also help if they are providing your accommodation and you have not yet received any utility bills in your own name.
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