Mastering Remediation: Commitment, Planning And Consistency

The Jersey Financial Services Commission (JFSC) published guidance on Remediation Action Plans in April of last year, marking a clear line in the sand as to its expectations in relation to remediation and offering practical suggestions on the structure and content of remediation plans.

The JFSC has clearly highlighted in the guidance and subsequent examination feedback papers, that where remediation is not found to be effective or sustainable, supervisory strategy will be considered. Regulatory action will be taken, where appropriate.

Businesses will be required to give attestations to the regulator in respect of the completion of remediation. In addition, assurance will be required on the effectiveness and sustainability of the work undertaken, once the changes have been embedded.