Overview
On 19 January 2018 the Jersey Financial Services Commission (the
JFSC) published its Supervisory Examination Guide (the Guide). The
Guide, which is effective immediately, gives a detailed overview of
the Supervisory Examinations (Examinations) conducted by the JFSC.
Examinations are a key tool used by the JFSC to detect and deter
breaches of regulatory standards as well as improving
compliance.
Material update to Examinations
Although the Examinations process remains relatively unchanged,
there are now key changes to the remediation process of the
Examination. During the remediation process, the JFSC will no
longer issue recommendations and timescales for completion to
address any findings. It will be the responsibility of the entity
to devise a plan detailing how, and by when, any issues will be
addressed. We set out below a summary of the Examination
process.
