Whilst the Commission is an independent body, it is accountable for its overall performance to the States of Jersey through the Chief Minister. Under powers granted by Article 12 of the Financial Services Commission (Jersey) Law 1998 (the "Commission Law"), the Chief Minister may, after consulting the Commission and where he considers that it is necessary in the public interest to do so, give to the Commission guidance or give in writing general directions in respect of the policies to be followed by the Commission in relation to the supervision and development of financial services in Jersey and the manner in which any function of the commission is to be carried out. The Commission has a duty in carrying out its functions to have regard to any guidance and to act in accordance with any directions given to it by the Chief Minister.
The Commission and the Chief Minister have entered into a Memorandum of Understanding to clarify the circumstances and the manner in which the powers granted under Article 12 of the Commission Law would be exercised.
The Memorandum can be viewed by clicking here (1Mb)