Revised JFSC Codes Of Practice Issued

The Jersey Financial Services Commission (the JFSC) has released its revised Codes of Practice (the Codes) which will be effective from 21 March 2018. There are some important changes which could have an impact on all regulated financial services businesses, banking businesses and insurance businesses in Jersey, as well as collective investment funds and alternative investment funds and AIF services business, including:

• Incorporating a broad definition of "complaint" which must be dealt with within the parameters of the relevant Codes' complaint systems and procedure requirements;
• Adding a requirement to notify the JFSC of any decision of an auditor to qualify its audit report or to raise a matter of emphasis;