Changes To The JFSC Codes Of Practice

The Jersey Financial Services Commission's (the Commission) consultation paper on amendments to the Codes of Practice, which was published in July 2017, closed last week. The changes proposed could have an impact on all Jersey regulated financial services businesses, including:

• A broad new definition of "complaint" to include "any oral or written expression of dissatisfaction".
• An end to the exemption from compliance with the Outsourcing Policy for money service businesses.
• The minimum regulatory capital for a custodian/depository to a closed-ended fund to raise from £10,000 to £250,000.

Once issued, businesses are only likely to have a two-month period before they will have to comply with the amended Codes.