We are an independent body, accountable for our overall performance to the States of Jersey.
Under powers granted by Article 12 of the Financial Services Commission (Jersey) Law 1998 (the Commission Law), the Minister for External Relations can give us guidance or written directions for policies we need to follow for supervising and developing financial services in Jersey.
At the JFSC, we have a duty to carry out our functions in accordance with any directions given to us by the Minister.
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 through the States of Jersey (Transfer of Responsibilities and Functions) (Chief Minister to External Relations) Order 2019.