Feedback on consultation No. 3 2026 – amendments to the Civil Financial Penalties Methodology for Registered Persons
Feedback on consultation No. 3 2026 – amendments to the Civil Financial Penalties Methodology for Registered Persons1 Executive summary
1.1 Overview
1.1.1 On 26 March 2026, we published Consultation No. 3 2026 – Amendments to the Civil Financial Penalties Methodology for Registered Persons, seeking views on proposed updates to the methodology for determining civil financial penalties.
1.1.2 The consultation was principally prompted by the Financial Services Commission (Financial Penalties) (Jersey) Amendment Order 2026, which reintroduced monetary caps for Bands 1, 2 and 2A for registered persons. We also used the consultation to propose targeted amendments to the methodology based on operational experience.
1.1.3 The proposed amendments included changes to reflect the revised statutory maximum penalties, and targeted guidance on voluntary reporting, rectification and prevention of recurrence, settlement discounts, clearer allocation of certain matters to dedicated steps, and the reference to the guiding principle of having regard to the best economic interests of Jersey at Step 11.
1.1.4 Respondents generally recognised the need to update the methodology to reflect the amended legislative framework, and generally supported including reference to the guiding principle of having regard to the best economic interests of Jersey at Step 11. Some respondents also made suggestions or requested further clarity on aspects of the draft methodology. In particular, some raised concerns that certain proposed amendments could be interpreted as signalling a more prescriptive or stringent approach, including in relation to the availability or practical effect of mitigation.
1.1.5 Having considered the feedback, we have made targeted amendments to improve clarity and support a flexible and proportionate approach. The revised methodology remains a guideline framework, not a checklist. It will continue to be applied flexibly and proportionately by reference to the circumstances of each case.
Civil financial penalties on Registered Persons - methodology for determining the amount