Completing your personal questionnaire
Approval needed to hold a senior position in a financial services business operating in Jersey
We are required by relevant legislation to consider the fitness and propriety of anyone seeking to fulfil certain senior positions.
Although, we don’t “approve” individuals for senior positions, once we have considered their fitness and propriety, we need to decide whether we wish to object to their appointment to the proposed position(s).
The relevant legislation is:
- Article 14 of the Financial Services (Jersey) Law 1998 (FS(J)L)
- Article 12B of the Collective Investment Funds (Jersey) Law 1988 (CIF(J)L)
- Articles 14 and 24 of the Banking Business (Jersey) Law 1991 (BB(J)L)
- Article 23 of the Insurance Business (Jersey) Law 1996 (IB(J)L)
(Together referred to as the Regulatory Laws).
Occupying certain senior positions and the considerations of fitness and propriety
We generally refer to these positions as Principal Persons and Key Persons. In all instances the nature of the role will define whether the individual is a Principal Person or Key Person.
The following provides further information regarding Jersey Regulatory Laws and the term Principal Person:
FS(J)L and CIF(J)L
Principal Person is defined in Article 1 of the respective laws.
These laws cover:
- Alternative Investment Fund Services Business
- Fund Services Business
- General Insurance Mediation Business
- Investment Business
- Money Service Business
- Trust Company Business
- Recognized Funds
- Recognized Fund Functionaries
- Certified Funds.
As defined in Article 1 of the BB(J)L, a Principal Person means a:
- Senior Officer (as defined by the Banking Business (General Provisions) (Jersey) Order 2002).
(NB: Whilst you may be referred to as Principal Persons, the no objection will refer specifically to director, controller, manager and/or senior officer as applicable).
For a Category B insurance permit, we consider Principal Person to mean:
- a chief executive and shareholder controller as defined in Article 1 of the IB(J)L;
- the Actuary appointed in line with Article 25 of the IB(J)L;
- any person intending to act as a director.
For the avoidance of doubt, if you meet the definition of a Principal Person or Key Person for a Category A permit holder (IB(J)L) you aren’t required to complete a PQ.
Key Person is a defined term in each of the Regulatory Laws and covers individuals fulfilling any one of the following three roles:
- Compliance Officer (as appointed in accordance with the relevant Codes of Practice, issued by the JFSC)
- Money Laundering Compliance Officer (as appointed in accordance with Article 7 of the Money Laundering (Jersey) Order 2008)
- Money Laundering Reporting Officer (as appointed in accordance with Article 8 of the Money laundering (Jersey) Order 2008).
NB: Key Persons should complete and submit the PQ as this has been designed to satisfy the notification of appointment requirements of Articles 7 and 8 respectively of the Money Laundering (Jersey) Order 2008 and the requirements of the Regulatory Laws in respect of Key Persons.
Why you need to provide information to us using the PQ
Our decision on whether to object to you becoming a Principal Person or Key Person needs to take into account, among other things, your integrity, competence and financial standing.
We have designed the PQ with this requirement in mind; to capture your information to help us form an opinion.
Span of control
Span of control is a regulatory term used to describe individuals who have effective day-to-day control and oversight of a regulated business’ operations in Jersey.
We are required to consider a number of factors when determining whether an applicant (e.g. company or partnership) is fit and proper to conduct financial services business. The structure and organisation of the applicant is a key factor in our determination.
For some financial services businesses, we have detailed, in the Codes of Practice, the minimum number of individuals that we consider necessary for the applicant to demonstrate adequate structure and organisation. In the majority of cases, the span of control will comprise individuals that meet the definition of a Principal Person. However, there are circumstances where this will not be the case, most notably where the regulated business operates in Jersey as a branch of a company incorporated in another jurisdiction.
In the limited circumstances where the span of control requirements will not be, or are not, met by individuals that are Principal Persons, we may assess an individual for the purpose of the applicant meeting the structure and organisation element of the fit and proper test. This assessment is conducted via the PQ process and we will notify you of the outcome of this assessment.
Can your employer complete the PQ on your behalf?
We prefer communicating directly with you and believe you can complete the process more efficiently if we are in direct communication with you. In some circumstances there may be reasons for your employer to complete the PQ, but they are not permitted to submit it on your behalf.
Refer to Third Party Assistance.
Taking up your position before we have completed our assessment and issued our no objection
We understand there will be circumstances when it may not be possible for you to give us prior notification of your intention to become a Principal Person or Key Person. If this is the case, please contact your Supervisor or Regulatory Maintenance as soon as possible to let us know the circumstances and agree next steps.
For the purposes of the PQ, 'Registered Person' includes any legal person who has applied to, or who has been granted permission by, the JFSC to undertake a financial services business that falls to be regulated under one of the Regulatory Laws.
The following financial services businesses are Registered Persons in the context of the PQ:
- Investment business, as described in Article 2(2) of the FS(J)L
- Trust company business, as described in Article 2(3) of the FS(J)L
- General insurance mediation business, as described in Article 2(7) of the FS(J)L
- Money service business, as described in Article 2(9) of the FS(J)L
- Fund services business, as described in Article 2(10) of the FS(J)L
- Alternative investment funds services business, as described in Article 2(11) of the FS(J)L
- Deposit-taking business, as defined in Article 3 of the BB(J)L
- Insurance business, encompasses the following defined terms from Article 1 of the IB(J)L: “general business”, “long-term business” and “insurance”
- Certified fund, as defined in Article 1 of the CIF(J)L
- Recognized funds and their functionaries, as defined in Article 1 of the CIF(J)L
Information required in the PQ
The PQ contains 14 sections which you will need to complete before submitting to us.
The first 12 sections capture the following information:
Sections 1 to 3 - Your personal details including your current and previous contact details
Section 4 - Your current and prospective Principal Person and/or Key Person positions
Section 5 - The Regulatory Laws relevant to the Registered Person(s) for whom you intend to act
Section 6 - Your employment history over the past ten years
Section 7 - Your relevant qualifications and membership of professional bodies
Sections 8 to 10 - Details of your involvement with any legal actions, disciplinary actions, professional bodies and regulatory authorities
Section 11 - Details of any adverse financial matters that you have been involved with e.g. litigation or bankruptcy
Section 12 - Other information relevant to your application
Section 13 - This is a review function that allows you to check that all mandatory fields have been completed before submitting your PQ to us.
Section 14 Facilitates:
- Submitting the PQ
- Printing the Declaration and Consent page, which must be signed and sent to us in PDF format via email (failure to provide this may delay the processing of your PQ).
Other documents required when submitting your PQ
You will need to send us PDF certified copies of certificates or confirmation from a professional body to verify your qualifications and professional memberships. You will need to send these with your declaration and certified identification (or as soon as possible).
If we need any further information from you, usually to clarify an aspect of your submitted information, we will send you a specific request detailing the information you need to provide us with and the format in which it should be delivered.
We have included a dropdown list of qualifications, including those listed in our Codes of Practice and guidance notes. If your qualification is not listed, select “other” and use the text box to give details of your qualification.
Leaving mandatory fields blank when submitting PQ
You need to complete all mandatory fields.
If you need to answer any question on a 'best efforts' basis e.g. the date you moved house or the obtained a qualification, highlight this using the 'Other Information' section.
Alternatively, contact your Supervisor.
Saving a partially completed PQ
You can save and exit your PQ at any stage. When you next log in and access it, you will return to that screen.
The PQ automatically saves when you move between sections of the form.
If you attempt to sign out of the portal without saving, the system will prompt you to save your work.
Printing or saving a copy of your PQ post-submission
The print function of the PQ can be found in section 13 (Review). Once you have completed all mandatory fields, a “print review” button will appear at the bottom of the webpage. After you have submitted your PQ, the “print review” button remains enabled.
It isn’t possible to save a soft copy of the submitted information directly onto your own system. You can view any of previously your submitted PQs via the “My Forms” section.
Advising the Registered Person when your no objection is issued
We will only issue the no objection to your personal email address. Make sure we have your correct and current email address.
You will need to inform your employer.
Important: You need to notify us of the date your appointment takes effect with your employer.
Submitting your PQ via the PQ portal
To set up your profile on the PQ portal, you will need to register an email and password.
If you have registered to use the PQ portal but have forgotten your password, click “forgotten password” on the login page to reset your password.
If you have registered to use the portal but can’t remember your registration e-mail, you can re-register by contacting RegulatoryMaintenance@jerseyfsc.org
If you try to use an existing e-mail address, the system will let you know that the e-mail address already exists and you will be able to follow the “forgotten password” process.
Third party access to your PQ
Your information remains confidential and will only be shared with a third party with your permission.
The Declaration and Consent page is designed to facilitate provision of your permission, in writing, for us to share your personal information with third parties, in particular when:
- requesting information from police records
- conducting checks with any relevant financial services regulator
- gaining confirmation about previous employment, membership of professional bodies or qualifications
- using credit rating agencies.
Updating your PQ details
You can update previously submitted PQ information via the portal, including letting us know of any additional appointments.
Updating your personal details
To update your personal details, access the “My profile” section of the PQ portal and amend any/all of the following fields as appropriate:
- first name(s)**
- home address
- home phone
- mobile phone
- business phone
- NB: REMEMBER TO SAVE AND NOT TO SUBMIT.
**For a name change, you need to send us a certified PDF copy of your passport or national identity card, which matches your new name.
Applying for a new position only
To update your information for a new appointment and apply for a no objection from us:
- Log in to the portal
- Select “My Forms”
- Create a replica of your most recently submitted PQ by clicking the green plus icon
- Update the relevant sections of your PQ
- Submit your updated PQ.
- You are resubmitting all PQ information i.e. not just the sections that have been updated.
- You don’t need to print and send a signed Declaration and Consent page when you’re updating your information through the portal.
Change of email address
To change your email address, you will need to re-register with your new personal email address by completing “My Profile” section.
If you use your business email address as your contact details for your PQ, you are consenting to the disclosure of your personal data to another party. If you leave the employment of the business and do not amend your contact details, or notify us, then there is a risk that disclosure of your personal information could continue to be made to the business.
Any disclosures made to another party will also be subject to their internal retention and disposal policies and may be retained following your departure from the business.
Once you have created the new profile, you need to notify us with your consent so that we can transfer all the information from your old account. You will need to include your old email address as well as your new email address when you notify us.
The transfer might take up to five working days.
Third party assistance
Another person can start and partially complete your PQ but, as the information belongs to you, you will need to check and submit your completed form. You will need to register on the portal before you are able to check and submit your PQ.
The other person will need to register and log in using their own details. They will need to transfer the PQ to you so you can finish and submit it.
You can review the PQ at any stage. The review function confirms that you have completed all mandatory fields and provides the third party with a consolidated view of your PQ information before you submit.
The third party will not receive an automatic email notification when you submit your PQ. All PQs that they create, including the ones transferred to another applicant, will be listed on the “My Forms” section of the portal.
When you submit your PQ, the list will update with the date and time of your submission. As each PQ is linked to a single email address, once the third party has transferred it, they will not be able to access the document. If they created the PQ, they will be able to see it in the “My Forms” section, but they will not be able to access the information.
Once your PQ has been transferred to you, you will need to check the information and submit the form. You don’t need to do this immediately. Your PQ will be available indefinitely under the “My Forms” section. If you try signing out of the portal without saving, the system will prompt you to save your work.
If you want to update your personal details, you will need to do this through the “My Profile” section of the portal. A third party can’t do this for you.
If you’re applying for another or alternative position then a third party may be able to help. You will need to create a copy of your latest submission and transfer it to the person to fill in the form. They will need to return the document to you to submit.
Ceasing to act
Notifying us that you have ceased to act
You need to email the 'Ceasing to Act Form' to us in PDF format and notify us as soon as possible.
Notification by a Registered Person that you have ceased, or are about to cease, acting as a Principal Person or Key Person.
Your PQ will not be automatically updated if a Registered Person notifies us that you have ceased to act. Your PQ is a reflection of the information you have provided us with.
When you next use the portal to submit an updated PQ, you will need to remove any previous positions held before you add new appointments.
Timescales and JFSC communication
Length of time to consider your PQ and issue your no objection
If this is your first application, it may take up to six weeks for us to carry out the necessary external checks once we have received all your information. We may need you to give us additional information.
If you are updating your details, it should take less than six weeks.
We are not able to give a definitive timeframe as we will need to consider each individual and the relevant regulated business person.
Progress of your application
You will receive notification as soon as we complete our checks.
The date and time of your submission is recorded in the “My Forms” section of the portal.
If we don’t have any questions, based on the information you have provided and verified with third parties, you are likely to receive a no objection.
Problems with your application
If we have concerns about your application, we will let you know that we cannot consider it based on the information you have provided us with. In this instance, we will consider your application in accordance with our decision-making process.
Informing us when you are formally appointed to your new position
You need to inform us when you are have been formally appointed to your new position as we complete the assessment process and issue the no objection before you start your new role. We understand that there may be a delay before you formally take up your new position.
If your no objection relates to a position covered by either the FS(J)L or the CIF(J)L then our no objection expires one year after the date of the letter, if the position is not taken up in this period.
If you can't find answer to your question, contact us RegulatoryMaintenance@jerseyfsc.org