Press Release - 24 June 2002
COMMISSION PROPOSALS TO KEEP FINANCIAL SERVICES ADVERTISEMENTS ACCURATE
New proposals to extend Jersey's powers to set minimum standards with regard to financial service advertisements have been put to the Island's finance industry and public in a consultation document issued by the Jersey Financial Services Commission.
The proposals, if adopted, would strengthen the powers the Commission currently has to protect the Island's reputation and reduce the risk to the public.
Jersey's Financial Services (Jersey) Law already insists that an advertisement does not contain a statement, promise or forecast which is untrue and or misleading. The proposals provide more detail and greater certainty. They will apply to all registered persons under the Financial Services (Jersey) Law 1998.
The proposals, together with current arrangements, will ensure the public know the origin of advertising information. This would mean that all Jersey businesses would be required to keep a record of all financial services advertisements issued. Additionally, all financial advertisements would be required to:
Richard Pratt, Director General of the Jersey Financial Services Commission, said today: " Advertisements can come in a variety of forms from a complicated prospectus produced in the financial press to a simple newsletter. The Commission already has powers to monitor advertising in relation to financial services. These new proposals, if adopted, will give more detail to existing requirements and ensure that both the Island's reputation and, the public are protected from carelessly drafted copy."
The consultation paper on Advertising Standards can be viewed by clicking here.