Jersey Codes Of Practice Updates Effective From Today

Updates to various regulatory Codes of Practice covering matters including referrals to the new Channel Islands Financial Ombudsman and clarification of notification requirements have come into force in Jersey today.

The updates to the Codes follow a consultation by the Jersey Financial Services Commission last year, and were previewed in Ogier's Jersey Funds Legal and Regulatory Quarterly Update in July.

The amended Codes – which can be viewed in full on the JFSC's website – include stipulations that:

• Complainants must be advised that they may be able to take complaints to the Ombudsman if not satisfied by the initial response they receive.
• Any compensation awards levied or directions applied by the Ombudsman after a complaint must be notified to the JFSC, and regulated businesses must deal with the Ombudsman in an open and transparent manner.