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THE COMMISSION

Accountability Arrangements

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)

 

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