Proposed changes to our decision making process for imposing regulatory sanctions
We have recently reviewed the process we follow for deciding whether a regulatory sanction should be imposed at the conclusion of an enforcement case. Our review concluded that our current process could be more efficient for both the JFSC and the businesses and individuals that find themselves subject to it.
We are therefore proposing to make some changes to streamline how we reach these decisions for imposing regulatory sanctions, which can include a civil financial penalty (fine). The changes are designed to make the process quicker and less complex, as well as reduce costs for the JFSC, businesses and individuals.
The main aim is to provide an internationally compliant and clearer approach to our decision making process that also complies with the principles of fairness. Importantly, it would still ensure that a business or individual is treated fairly and given an opportunity to put their side of the story in person to the JFSC’s decision-makers.
Share your views
We would like your feedback on our proposals. As this change will impact any business or individual regulated by the JFSC, we are extending our usual consultation period from 28 days to two months to give you more time to share your views.
You can send your responses directly with us or to Jersey Finance by Wednesday 1 September 2021.
Read our full consultation for more information on what are proposing.
Civil financial penalties legislation – Government consultation
Over the next two months, the Government of Jersey will also be consulting on proposals to update the legislation for civil financial penalties. These changes would see the existing regime extended so that the JFSC would have the powers to impose fines:
- on money laundering compliance officers/reporting officers and compliance officers
- on senior management within regulated businesses
- on designated non-financial businesses and professions (ie lawyers, estate agents, accountants)
- for breaches of the Money Laundering Order.
As both consultations are related, we are advising Industry to review them simultaneously. Government’s consultation will also close on Wednesday 1 September.
You can read the full consultation on the civil financial penalties legislation on gov.je
Industry event hosted by the JFSC and Government of Jersey
On Wednesday 21 July, members of Industry will have the opportunity to find out more about these two consultations by attending a joint event hosted by the JFSC and Government.
Representatives from both agencies will provide an overview of the consultations and answer any questions from Industry. The aim of the session is to provide businesses and individuals with greater context around the proposals and the chance for open dialogue before submitting their official feedback.
Send us your questions in advance or ask on the day via Sli.do using the hashtag #GovJFSC