Our strategic framework 2021-2024

Introduction

This document builds on our roadmap published in February 2020. We reflected then that we cannot stand still and, in 2021, we underwent a planning process led by the Executive team which included staff, our Board, the Government of Jersey, and Industry representatives. We have distilled our thinking, sharpened our collective understanding of our purpose, and agreed our three year vision, top strategic priority and  strategic anchors.

We made a commitment in 2020 to ‘building even more effective supervision’, and that commitment is reflected here in our top strategic priority to achieve sustainable, long term excellence in regulatory effectiveness. Technology and digitalisation remain core to our evolution and feature prominently in our strategic anchors.

Our focus on organisational resilience served us well through the pandemic.

This work continues to provide clarity, inform our prioritisation, and support our efforts to build capability and efficiency across the organisation.

A changing international landscape and the evolution of products and platforms within the financial services sector present challenges and opportunities, within which lies the sweet spot of what will serve Jersey well as a competitive and successful international finance centre.

For the JFSC, change requires us to be agile, outward looking, and ready to manage healthy tensions such as:

• managing the rising costs of regulation for both regulators and entities, driven by increasing market complexity
• facilitating mature and thriving businesses while identifying and acting on bad practice and wrongdoing
• determining what successful innovation looks like for Jersey
• the balance of our focus is on anti-money laundering and combatting the financing of terrorism, as well as conduct and prudential regulation
• addressing our current and future requirements for people, systems and capability, and our ability to attract and retain talent
• the impact of Covid-19 on our cohesion and productivity

Our Vision

“To be a high performing regulator, building for the long-term success of Jersey”

Our vision seeks to galvanise and motivate our team, and provide clarity and context for our stakeholders   

• It reflects our commitment and contribution to the success of Jersey

• We are invested in building ‘long-term success’ which reflects that our plans have longevity

• ‘High performing’ requires us to be active, alert, and hold ourselves to account

Our top strategic priority

Achieving sustainable, long-term excellence in regulatory effectiveness, and increased capability for the Island in combatting financial crime.

Our strategic anchors

Three strategic anchors provide the lens through which we make our decisions:

From strategy to workplan

We have set out below examples of how our core workplan for the next three years delivers our strategic anchors. Greater detail of the work underway will be provided in our Business Plan to be published in February 2022.

What success will look like

• Jersey will pass Round 5 of the MONEYVAL assessment and will be well placed to pass Round 6, and consequently will be a highly-regarded, competitive jurisdiction with flow-on benefits to the local community and economy.
• The value of the JFSC within the Island’s ecosystem will be well established and understood.
• JFSC will be an ally in keeping pace with technology and digitalisation, building Jersey’s competitiveness, reputation, effectiveness, and removing barriers to innovation.
• We will see evidence of improved Industry compliance - rules will be clearer and our guidance will be timely and of higher quality.
• Our people will have broader skillsets and the JFSC will be a sought-after place to work.
• We will have the funding, capability, skills, thinking and culture we need to deliver.