JFSC civil penalties cover the costs of regulatory activities and enforcement actions, but not for much longer.
01/07/2025
The Jersey Financial Services Commission (JFSC) imposes civil financial penalties on registered entities for significant breaches of regulations, such as the Money Laundering (Jersey) Order 2008 or JFSC Codes of Practice.
These fines are part of their enforcement regime, which ensures compliance and maintains the integrity of Jersey's financial system.
- The funds collected from these penalties are typically used to cover the costs of regulatory activities and enforcement actions.
- The JFSC has ALSO lowered fees following the collection of civil fines. For example, IN December 2022, after a 15.4% increase in costs for Trust Company Businesses (TCBs), the JFSC applied a discount of approximately 20% from civil financial penalties, effectively reducing the invoiced fees. This means that the final costs were about 4% lower than the previous year's levels
This approach helps ensure that the offending entities, rather than the public, bear the financial burden of regulatory breaches, promoting a fair and accountable financial environment.
ALL CHANGE
- The JERSEY Minister for External Relations approved the submission of law drafting instructions for the preparation of an Order under Article 21G (4) and (5) to enable monies levied by the Jersey Financial Services Commission (JFSC) as penalties to be paid to the States of Jersey.
- It is intended that such monies be dedicated to the Financial and Professional Services budget to support the growth and competitiveness of Jersey's financial and professional services industry.
Sources
- Civil Financial Penalties on Registered Persons https://www.jerseyfsc.org/industry/guidance-and-policy/civil-financial-penalties-on-registered-persons/
- Regulatory Briefing: Overview of JFSC Enforcement regime - Amati Law https://www.amatilaw.com/briefings-blog/pb9odrkuthtradlklkpo2e03gpvdtk
- Snapshot: overview of JFSCs enforcement powers - Ogier https://www.ogier.com/news-and-insights/insights/snapshot-overview-of-jfscs-enforcement-powers/
- JFSC TCB Fees 15.4% increase explained https://www.comsuregroup.com/news/jfsc-tcb-fees-154-increase-explained-to-note-the-20-fine-discount-is-still-to-be-added/
- JERSEYGOV https://www.gov.je/Government/PlanningPerformance/Pages/MinisterialDecisions.aspx?docid=CAF9C0E7-4E64-4D72-A65E-6401201AA53C
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.