Consultation launched on updates to our bank licensing policy

We’ve published a consultation on proposed updates to our bank licensing policy to support growth in Jersey’s financial services industry, while maintaining high regulatory standards.

These changes aim to modernise the policy, remove unnecessary barriers, and give clearer expectations to new and existing banks that want to operate in Jersey.

This work is being carried out in two phases, so we can make necessary improvements now while giving industry time to consider longer‑term changes:

• phase 1, which this consultation focuses on, updates and simplifies the current policy, removes parts that are no longer used, and gives clearer expectations to applicants
• phase 2 will look at broader improvements, including whether legislative changes could help ensure Jersey remains an attractive and well‑regulated place for banks to operate

Read the full consultation and submit your response by 5:00pm on Friday 12 June 2026.

Who does this effect?

The proposals will affect banks already registered under the Banking Business (Jersey) Law 1991, and anyone considering applying for a licence.

Summary of proposals

• remove the ‘top 1,000’ requirement for banking groups applying for a licence
• introduce clearer expectations for Jersey start up banks, including a mobilisation phase where a start up operates with limits while it shows that its systems and controls work effectively and that depositor risks are addressed
• remove unused routes in the policy, such as managed banks and business continuity only registrations
• remove guidance that is now covered more effectively on our website
• update the policy to remove duplication and simplify the language

We also ask for your views on two areas outside the policy because they form part of the wider bank licensing and supervision framework:

• the proposed removal of letter of comfort requirements
• our expectations for the senior officer role

Read the full consultation on phase 1 updates to our bank licensing policy.

Next steps

We encourage banks, potential applicants, industry bodies and other stakeholders to read the consultation and respond to the questions using the published response form by 5:00pm on Friday 12 June 2026.

We will then review all feedback received, publish a summary of responses by the end of August 2026 and issue an updated version of the bank licensing policy, subject to feedback.

Contact us

If you have questions about the proposals, contact our policy team.