Practical Implications Of The JFSC's Revised Outsourcing Policy – An Overview And FAQs

The Jersey Financial Services Commission's ("JFSC's") revised outsourcing policy (the "Policy") became effective on 1 January 2024.

Overview

It is likely that a significant number of entities will be newly caught by the Policy. Those entities will need to seek no objections from the JFSC in respect of existing and new outsourcing arrangements, to the extent that those arrangements meet the materiality threshold and do not fall within an exemption or concession.

Where an arrangement includes sub-outsourcing, both the originator and the primary service provider will need to consider whether the Policy gives rise to any new notification and compliance obligations.

To assist administrators and in-scope entities to determine if a person is in scope for the purposes of the Policy, our online tool is available here.