Accountability

We are an independent body, accountable for our overall performance to the States of Jersey.

Under powers granted by the Financial Services Commission (Jersey) Law 1998 (the Commission Law), we carry out the function of financial regulator in Jersey.

Article 12 of the Commission Law gives the Minister for External Relations and Financial Services the power to give guidance or written directions for policies the JFSC need to follow for supervising and developing financial services in Jersey. In December 2014 we entered into a Memorandum of Understanding with the Chief Minister to clarify how we can exercise the powers granted to us under Article 12 of the Commission Law. In May 2019, the powers granted to the Chief Minister were transferred to the Minister for External Relations and Financial Services through the States of Jersey (Transfer of Responsibilities and Functions) (Chief Minister to External Relations) Order 2019.

The Memorandum limits the circumstances in which the Minister may exercise their power. In addition, if this power is used, they must have regard to our Guiding Principles. This must only be done in exceptional circumstances.