Consultation on amendments to the JFSC’s civil financial penalty methodology for registered persons
Consultation on amendments to the JFSC’s civil financial penalty methodology for registered persons1 Executive summary
1.1 Overview
1.1.1 We are seeking feedback on proposed amendments to our published methodology for determining the amount of a civil financial penalty imposed on a registered person, as shown in the marked-up version of the methodology at Appendix A.
1.1.2 The proposed amendments follow recent legislative change and a wider opportunity to update aspects of the methodology in light of operational experience.
1.1.3 This consultation paper is limited to the registered persons methodology. We will consider the natural persons methodology separately at a later stage.
1.2 What is proposed and why?
1.2.1 On 12 March 2026, the Financial Services Commission (Financial Penalties) (Jersey) Amendment Order 2026 came into force.
1.2.2 The Amendment Order reintroduced maximum penalties for Bands 1, 2 and 2A for registered persons. Band 3 remains uncapped. We therefore propose consequential amendments to the registered persons methodology so that it reflects the amended legislative framework.
1.2.3 We are also taking this opportunity to make targeted updates to certain parts of the methodology in light of our experience of applying the regime in practice.
1.2.4 The proposed updates include, in particular, amendments that would:
- provide clearer guidance on how voluntary reporting, and steps taken to rectify a contravention and prevent its recurrence, are considered, including when they may justify mitigation and reduce a penalty
- address certain matters more expressly through dedicated steps within the methodology
- include express reference to the guiding principle of having regard to the best economic interests of Jersey, by explaining how that principle may be engaged, where relevant, through the potential financial consequences step
- provide more detailed guidance on settlement discounts
1.2.5 Overall, these proposed changes are intended to keep the methodology aligned with the legislation and to improve clarity, transparency and predictability in its application, while preserving the flexibility needed to address the circumstances of individual cases.
1.3 Who would be affected?
1.3.1 The proposals in this paper may affect:
- registered persons subject to our civil financial penalties regime
- professional advisers acting for persons involved in JFSC enforcement matters
- other stakeholders with an interest in our enforcement framework and published methodology
1.4 Invitation to comment
1.4.1 We welcome views from stakeholders on all aspects of the proposals in this paper, including the consequential amendments, the targeted guidance updates, the proposed express reference to the guiding principle and the proposed clarifications on settlement discounts.
1.4.2 Please submit your response by 4:00pm on 23 April 2026.