Jersey Key Persons & Senior Managers: New Maxima of Nil, £100k and £200k

On 11 August 2026, the Minister for External Relations made the Financial Services Commission (Financial Penalties) (Jersey) Amendment No. 2 Order 2026. It comes into force on 1 September 2026.

The Order amends the 2015 Penalties Order by separating the maximum civil financial penalties that can be imposed on individuals. Principal persons now face lower maxima of £5,000 / £100,000 / £150,000 / £250,000 across the four bands. Key persons and those performing senior management functions face even tighter limits: Nil for Bands 1 and 2, £100,000 for Band 2A, and £200,000 for Band 3.

Also, some minor changes were made to grammar and definitions.

The change provides clearer and reduced personal exposure while retaining the existing legal test that links any individual penalty to the firm’s significant and material contravention.

Read more here:-

Financial Services Commission (Financial Penalties) (Jersey) Amendment No. 2 Order 2026

Made: 11 August 2026 Coming into force: 1 September 2026

• The Minister for External Relations (Senator I.J. Gorst) has made the Financial Services Commission (Financial Penalties) (Jersey) Amendment No. 2 Order 2026.
• It amends the Financial Services Commission (Financial Penalties) (Jersey) Order 2015 after consultation with the Jersey Financial Services Commission.
• The Order updates the framework for civil financial penalties that the JFSC may impose on individuals in connection with contraventions by registered persons.

Key Changes

1. Article 3 (Level of penalties) substituted

The Commission may impose a penalty for a contravention of a type described in the Schedule:

• On a registered person – up to the maximum in the third column of the table.
• On a principal person – up to the maximum in the fourth column.
• On a key person or a person who performs or performed a senior management function – up to the maximum in the fifth column.

If a person is both a key person and a principal person, the higher (principal person) maximum applies.

2. Schedule – maximum levels for individuals amended

Column 4 of the Schedule table is replaced so that principal persons and key persons / senior management function holders now have separate maxima. The new figures are:

“Nil” is a hard zero maximum. The Commission has no power to impose any financial penalty on those individuals for Band 1 or Band 2 contraventions.

These replace the previous single set of maxima that applied to principal persons, key persons and senior management function holders alike (£10,000 / £200,000 / £300,000 / £400,000).

For a key person or person performing a senior management function, the first two bands are Nil.

A financial penalty can only be imposed from Band 2A onwards.

Band 2A – Maximum £100,000

Applies when the firm’s significant and material contravention was committed negligently and met one or more of the following:

• Caused or risked causing financial loss to the public
• Damaged or risked damaging Jersey’s reputation and integrity in commercial and financial matters
• Damaged or risked damaging Jersey’s economic interests
• Jeopardised or risked jeopardising the need to counter financial crime (in Jersey or elsewhere)
• Took place for commercial reasons

Band 3 – Maximum £200,000

Applies when the firm’s significant and material contravention was committed intentionally or recklessly and met one or more of the same five criteria listed above.

Reminder of the fundamental test

• In every case the individual must still satisfy the legal threshold under Article 21A:
• The firm’s contravention must have been committed with the
• Iindividual’s consent or connivance, or
• Bbeen attributable to their neglect, or
• They must have aided, abetted, counselled or procured it.
• Only once that personal link is established does the band (and therefore the maximum) above apply.

3. Minor amendments

• Definitional tidy-up in Article 1 (insertion of a short definition of “Law”).
• British English spelling corrections in the Schedule (“jeopardized” / “jeopardizing” → “jeopardised” / “jeopardising”).

Context

• This follows the earlier Financial Services Commission (Financial Penalties) (Jersey) Amendment Order 2026 (in force 12 March 2026), which reintroduced monetary caps on penalties for registered persons in Bands 1, 2 and 2A while leaving Band 3 uncapped for firms. The present Order focuses on the individual (natural person) side of the regime and differentiates the maximum exposure according to the individual’s regulatory status.
• The full text of the Order is available here: https://www.jerseylaw.je/laws/enacted/Pages/RO-090-2026.aspx (PDF version also linked on that page.)
• Firms and individuals subject to the JFSC’s civil financial penalties regime should review the revised maxima and the updated Article 3 wording ahead of the 1 September 2026 commencement date.

SOURCE

https://www.jerseylaw.je/laws/enacted/Pages/RO-090-2026.aspx

Financial Services Commission (Financial Penalties) (Jersey) Amendment No. 2 Order 2026 

Made   11 August 2026 / Coming into force  1 September 2026

THE MINISTER FOR EXTERNAL RELATIONS makes this Order under Articles 21B (having consulted the Jersey Financial Services Commission) and 22 of the Financial Services Commission (Jersey) Law 1998 –

1. Financial Services Commission (Financial Penalties) (Jersey) Order 2015 amended
   • This Order amends the Financial Services Commission (Financial Penalties) (Jersey) Order 2015.
2. Article 3 (level of penalties) substituted

For Article 3 there is substituted –

1. Level of penalties
   • The Commission may, for a contravention of a type described in the second column of the table in the Schedule, impose a penalty –
   • On a registered person up to the maximum level set out in the third column of the table;
   • On a principal person up to the maximum level set out in the fourth column of the table;
   • On a key person or a person who performs or performed a senior management function up to the maximum level set out in the fifth column of the table.
2. If the Commission imposes a penalty on a person who is both a key person and a principal person, the amount of the penalty may be up to the maximum level applicable to a principal person.
3. Schedule (maximum level of penalties) amended

In the Schedule, for column 4 of the table there is substituted –

4. Minor amendments

• In Article 1 –
  • In the definition of “contravention”, for “Financial Services Commission (Jersey) Law 1998” there is substituted “Law”;
  • After the definition of “contravention” there is inserted –

“Law” means the Financial Services Commission (Jersey) Law 1998;

1. In the Schedule, in column 2 of the table –
   1. In item 2A(d) –
   2. For “jeopardized” there is substituted “jeopardised”;
      1. For “jeopardizing” there is substituted “jeopardising”;
      2. In item 3(d) –
         1. For “jeopardized” there is substituted “jeopardised”;
         2. For “jeopardizing” there is substituted “jeopardising”.

5. Title

This Order is the Financial Services Commission (Financial Penalties) (Jersey) Amendment No. 2 Order 2026.

6. Commencement

This Order comes into force on 1 September 2026.

Senator I.J. Gorst

https://www.jerseylaw.je/laws/enacted/Pages/RO-090-2026.aspx