Independent review recommends changes to regulatory authorisation framework

An independent review of our authorisations framework that we commissioned has made some positive recommendations for changes we can make to how we grant and revoke licences for businesses and individuals.

Published today, the review has identified that we currently follow many good practices and overall make robust, pragmatic decisions when vetting and processing applications. At the same time, it recommends a range of changes that we can make to bring us in line with best international practices.

JFSC Director General, Martin Moloney commented:

“Jersey needs a speedy but efficient process for authorising licences that doesn’t stifle innovation or competitive edge, but ensures a robust perimeter where businesses and individuals meet the standards required of them. We commissioned this independent review to see how effective our current framework is for granting and revoking licences and whether we can make any improvements. It’s positive to note that the review identified many good practices. Equally, we fully accept the report’s recommendations and are committed to implementing them all.

We recognise the need to adapt our approach to keep up with the changes we are making to how we supervise and the changes we are seeing in innovation in the finance industry. The financial services sector is constantly evolving. So must we.”

Our decision to look at our authorisations framework was driven by our commitment to continually improve how we operate and forms part of our wider programme of organisational improvements set out in our four-year strategic roadmap.

Report of the independent review of authorisations at the Jersey Financial Services Commission