JFSC Consults On Widening Civil Financial Penalty Scope And Streamlined Decision-Making Process

Changes proposed by the Jersey Financial Services Commission (“JFSC”) will enable the regulator to operate more streamlined investigations and decisions with regards to regulatory sanctions, and will also broaden the regulator's reach in terms of imposing civil financial penalties.

The changes have been proposed to make the existing processes more efficient, and to bring the Island's regulatory regime in line with the global Financial Action Task Force (“FATF”).

The changes are set out in two consultation documents, and are summarised below.

Consultation – Review of the JFSC's civil financial penalties regime

The JFSC is proposing changes to its civil financial penalties regime aimed to strengthen its powers in line with those of other international regulators, and to comply with a recommendation of the FATF (in line with a commitment made by the Island's Chief Minister).