Update to the deposit taking code of practice clarifies disclosure requirements
We have updated section 7.9 of the code of practice for deposit-taking business to make sure disclosure requirements are clear and consistent.
This is a clarification only and does not introduce new requirements.
The change aligns the Jersey Depositors Compensation Scheme disclosure standard with our banking code. While the disclosure standard applies to a range of depositor-facing materials, the previous wording in section 7.9 referred only to deposit advertisements. Account statements, terms and conditions, and similar documents were not explicitly covered.
What has changed
We have clarified the wording in section 7.9 to better reflect the original intent and remove any ambiguity.
The updated wording now states:
“All deposit advertisements, account statements or other documents or publicity produced for depositors or potential depositors issued in respect of a registered person’s Jersey operations must meet the Jersey Depositors Compensation Scheme Disclosure Standard published by the Jersey Resolution and Depositors Compensation Authority, available on its website, subject to any variances or waivers granted.”
What this means for you
This update ensures that:
- all relevant depositor-facing materials are clearly in scope
- expectations remain consistent with the disclosure standard
- firms and advisers have clarity on their obligations
There is no change to the underlying policy. Firms should continue to apply the disclosure standard as before.