Business Plan 2020

I find that I am reconciling competing emotions while writing this, my last Chairman’s statement for the JFSC before I retire in April. First comes optimism for the future. Second comes pride in the achievements of the JFSC. Third comes a personal sense of impending loss. I will truly miss working amongst the community of islanders and those people further afield who all play important roles in the success of the JFSC.

Lessons from the past should and do inform the best decisions that we make about our future. This is why it is appropriate for me to celebrate the achievements of the JFSC since I joined as a Commissioner in 2010 and became Chairman in 2014. These achievements include the JFSC’s development towards being a more agile regulator in the face of constantly evolving expectations, both of the JFSC and the Island that we serve.

Highlights from my tenure include the JFSC’s work to secure and maintain market access into Europe under AIFMD and the exceptional work of our Registry in delivering Jersey’s best-in-class register of beneficial ownership and control. There has also been the privilege of working with an outstanding Board of Commissioners, together with the committed, hardworking, ever questioning, and occasionally irreverent, JFSC staff. They are people of whom Jersey can be proud.

With the focus of my fellow Commissioners on staying ahead of the dynamic financial crime threat, I remember well the Island’s achievement through the 2015 MONEYVAL assessment. I am heartened to see the outstanding work already being done in partnership with Industry and Island agencies to achieve strong outcomes in the next assessment. The work that the JFSC has done to deliver the National Risk Assessment is a significant part of this – another example of the contribution made by the Island’s financial services regulator.

I am proud also of the sometimes unsung contributions made by our staff to the community. For several years, we have supported the work of Jersey MenCap by helping landscape their Rozel pond project. For my part, I brought a Dutch Elm Disease resistant sapling from my Cambridge college. The challenge of checking a tree onto a flight and the decision of colleagues that I should dig it in myself will not be forgotten (I am not a natural gardener). This is but one example of the frequent contributions to Jersey life made by the JFSC’s people.

As I prepare to hand over to the next Chair, I am optimistic for the future of the organisation because of the calibre of its people. I am proud of the foundations for success that we have laid together and, on a personal level, I will miss so frequently engaging with the Island community that the JFSC serves.

It has been an honour for me to serve as Commissioner, then Chair, and I must thank the people who have made the organisation what it is today. My fellow Commissioners, the Executive team and the wider body of staff are all uniquely talented. They have responded to change in the way we work, the uncertainty surrounding the role of regulators globally, and the occasional unpopularity that is the fate of all effective regulators with a professionalism and dedication that is remarkable.

These are the people who have been integral in composing this business plan, which I hope you will find engaging. It is for them to deliver. I will look on with fond interest to see their future achievements bring success for the JFSC in its mission to serve Jersey. I shall no doubt visit, not least to make sure the elm tree flourishes.

John Eatwell Chairman