We are the regulator for financial services in the Channel Island of Jersey.
We are responsible for regulating, developing and supervising the Island’s financial services industry. We aim to deliver balanced, progressive, risk-based financial regulation, built on insight, integrity and expertise.
Our mission is to maintain Jersey's position as a leading international finance centre, with high regulatory standards, and to adhere to our guiding principles which are:
- reducing risk to the public of financial loss due to dishonesty, incompetence, malpractice or the financial unsoundness of financial service providers
- protecting and enhancing the reputation and integrity of Jersey in commercial and financial matters
- safeguarding the best economic interests of Jersey
- countering financial crime both in Jersey and elsewhere
Our statutory responsibilities are set out in the Financial Services Commission (Jersey) Law 1998 (the Commission Law) and include:
- authorising, supervising, overseeing and developing financial services in Jersey
- enforcing the Commission Law
- reporting, advising, assisting and informing the Government of Jersey and public bodies
- developing policies
- operating the Companies Registry.
We aim to fulfil these responsibilities by:
- ensuring that all authorised financial services businesses and individuals meet the appropriate criteria and that we, as the regulator, match international standards of banking, securities, trust company business, and insurance regulation
- playing our role in combatting the financing of terrorism and financial crime as part of the wider international effort
- working closely with fellow regulators and law-makers to ensure access to efficient and effective markets for financial services
- reacting to and, where appropriate, anticipating changes in markets and the financial services industry by developing policy and the way we supervise
- acting as an agile, thoughtful, proportionate regulator that gives fair consideration to both the costs and benefits of regulation
We regulate the following:
- collective investment funds
- fund services business
- general insurance mediation business
- insurance business
- investment business
- money service business
- trust and company service providers
We also supervise the following for anti-money laundering and countering the financing of terrorism (AML/CFT):
- estate agents
- high value dealer
- casinos (online)
- virtual currency exchange businesses
and certain other businesses eg lenders.
We also register non-profit organisations for countering of terrorist financing purposes.
Another of our core functions is to operate the Companies Registry which registers Jersey companies, partnerships, foundations and business names.
Our Registry responsibilities include:
- acting as Jersey’s first line of defence (second line for regulated businesses) for AML/CFT defence checks
- assessing and recording beneficial ownership and control details
- monitoring and vetting adherence to the Sound Business Practice Policy
Within the international registry community, Jersey is regarded as a centre of excellence for our registries. This can be seen for example by our agreement to provide shared services to government on request. The Registry manages global continuance, cross-border mergers and international transparency requirements.