Our four year strategic roadmap

Introduction

In the face of dynamic risks to businesses in Jersey, the Jersey Financial Services Commission (JFSC) must strive to make the most efficient and effective use of its resources. To achieve this, we need a robust operating model that enables us to allocate our finite resources responsively, as risks change, and we must continually assess how effective we are.

This four-year strategic roadmap explains how we intend to build our capacity to do this.

It is a break from our past one-year business plans delivered on a rolling basis. We will continue to publish a business plan each year, which will give more detail about how we are implementing our strategic priorities and our other targets for the year ahead.

We will also keep our roadmap under review to ensure we are still going down the best path as the international financial sector evolves. We will continue to engage with Government, Industry and the wider community to inform our reflection on the best way forward.

At a glance

Our strategic roadmap is ambitious so it is important that the individuals and businesses we engage with have clarity on our focus – including the hard choices we have made in designing our approach. To communicate this clarity we have developed three key strategic priorities:

Build even more effective supervision

Embed risk-focused choices throughout our work

Strengthen our organisational resilience

Championing the need for Jersey to stay ahead of the financial crime threat

Increasingly data rich assessments of regulatory risk

Enhanced yet protected digital connectivity with Industry and data management

Moving from a fixed supervisory engagement model to more dynamic approaches

Considered allocation of supervisory resources to the areas of greatest risk

Sustainable fee structures

Focusing our enforcement work to have the most positive impact

Constantly evolving risk system

People strategy which supports a strong team of skilled and expert staff

What can businesses and the public expect?

  • More effective interactions with us as we strengthen our digital channels
  • An evolving, risk-focused approach for our supervisory examination programme
  • A clearer authorisation process for all businesses, which offers greatest challenge to the applicants who pose the greatest risk to Jersey
  • Commitment to robust, yet transparent, conditions for higher risk businesses models
  • Challenging engagement on all aspects of financial crime compliance
  • An increasing focus on operational risk in our engagement with businesses
  • More feedback on lessons learned, sharing good and poor practice
  • An enforcement engagement model which accommodates prompt settlement with businesses which acknowledge their failings
  • Hugely ambitious changes to our registry services, which will strongly benefit all businesses, including the most digitally adept
  • Increased access to our registers for enforcement authorities and a move towards public access to the central register of beneficial ownership information, in line with developing international standards on accessibility and transparency
  • More functionality through our portals, including improved personal questionnaires (PQs) so that businesses have more opportunities to automate their own information processing
  • Consultation and agreement on appropriate fee structures
  • A continually improving website which features better statistics, access to guidance, and current and emerging issues.

Our Strategic Roadmap

Download a full copy of our Strategic Roadmap 2020-2023.