Regulating for success: enabling Jersey’s resilience, competitiveness and innovation
At the 2025 Future of International Finance Centre Summit hosted by the School of International Financial Services (SIFS), Jill Britton, Director General of the Jersey Financial Services Commission, delivered a compelling address on the evolving landscape of international financial regulation. Her message was clear: while global standards are essential, their implementation must be balanced, pragmatic, and tailored to Jersey’s local context.
Global framework through a local lens
Britton began by acknowledging the value of international standards in shaping Jersey’s financial services sector over the past six decades. These standards have helped the island build a reputation as a stable, respected, and well-regulated international finance centre. However, she emphasised how these standards are interpreted and applied must reflect Jersey’s unique position and needs.
Britton noted that regulatory excellence does not mean unthinking adherence, but rather intelligent adaptation.
Learning from the past
To understand the present, Britton took the audience back through the history of international regulation. From the Great Depression to the 2008 financial crisis and the COVID-19 pandemic, each global event has left its mark on the regulatory landscape. Institutions like the IMF, World Bank, FATF, and the Basel Committee emerged from these crises, evolving to address emerging risks and promote financial stability.
Yet, as Britton pointed out, evolution must be purposeful. Regulation should respond to risk, not create unnecessary complexity or duplication.
Jersey’s proactive stance
Jersey’s approach to international standards has long been proactive. From the Edwards Report in 1998 to recent MONEYVAL assessments, the island has consistently met and often exceeded global benchmarks. This success, Britton explained, is no accident. It stems from sustained effort, political will and regulatory ambition.
She paid tribute to figures like the late Senator Le Marquand and Colin Powell, CBE, whose foresight helped embed a culture of quality and responsibility in Jersey’s regulatory framework. Their legacy continues to shape the island’s approach today.
A critical inflection point
Britton acknowledged that the global regulatory environment is becoming increasingly complex. With overlapping frameworks and diverging approaches, particularly in areas like sustainable finance and data governance, there is a risk that regulation could become counterproductive.
Rather than asking whether international regulation has gone too far, Britton reframed the question as: how can we ensure Jersey responds wisely, proportionately and competitively to global change?
Principled and pragmatic regulation
The JFSC’s answer lies in a principled yet pragmatic approach. Britton highlighted several examples of how Jersey has implemented international standards in a way that supports both compliance and competitiveness:
- a bifurcated regime under the Alternative Investment Fund Managers Directive II, allowing access to EU markets while maintaining flexibility for non-EU investors
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a tailored implementation of the Markets in Financial Instruments Directive II that preserves investor protection without unnecessary complexity
She made clear that these examples are not about avoiding regulation, but about designing it with intention, through close partnership with industry and government, one of Jersey’s key strengths.
A voice on the global stage
Britton also underscored Jersey’s active role in shaping international standards. Through participation in bodies such as FATF, IOSCO, and the Global Financial Innovation Network, Jersey ensures that the perspectives of smaller jurisdictions are heard.
“We’re not just listening,” she said. “We’re contributing.”
Looking ahead
In her closing remarks, Britton reminded the audience that regulation must continue to evolve with clarity, purpose, and a focus on outcomes. She noted that regulation must always serve the public interest, including fostering economic resilience, competitiveness, and innovation.
The JFSC remains committed to upholding business integrity, protecting Jersey’s reputation, and supporting sustainable growth.
“Success,” she concluded, “will not come from being the most regulated, or the least. It will come from being the most trusted, the most agile, and the most prepared for what lies ahead.”