JFSC event: Driving efficiency and competitiveness: insights from the Central Authorisations Unit update

On 29 October 2025, the Jersey Financial Services Commission (JFSC) held an event to share insights into current authorisations work. The team shared progress, highlighted operational improvements, and outlined upcoming policy changes.

Performance and service levels

The team reported improvements in turnaround times across its core services. Key highlights included:

• myProfile applications: 309 applications were processed in Q3 2025, with 84% completed within the 30-day service level agreement (SLA). The average turnaround was 21 days, with many now approved in just five days.
• Jersey Private Funds: following the removal of the 50-offer cap, applications are now processed within 24 hours and in Q3 93% of applications were completed in this timeframe.
• Anti-money laundering service providers (AMLSPs) Schedule 2 applications: 96 applications were processed in Q3 2025, with 92% completed within five working days. The average turnaround is three days.

Policy and guidance updates

Policy development was a central theme of the session, with several important updates, covering:

• Article 36 guidelines: a comprehensive review is underway to improve clarity, structure and alignment with international standards. The new framework will support consistent interpretation without retrospective changes.
• AMLSPs: the regime covers nearly 4,000 entities, and continues to evolve with updated forms, improved portal functionality, and guidance
• Virtual asset service providers (VASPs): 13 firms are currently registered, with the JFSC maintaining an “open door” approach for applicants to discuss submissions. The process to these applications is speeding up as knowledge grows within the JFSC
• Informal meetings: the JFSC have met with five law firms, as well as a number of funds services business and trust company business entities for the first time and will continue to with outreach in 2026

myJFSC enhancements

The JFSC are continuing to expand on myJFSC. Enhancements included:

• New forms and straight through processing
• Self-service role management and application tracking
• Support features, such as a chat feature and online help pages

Business risk assessments

Speakers emphasised the importance of high-quality business risk assessment in reducing turnaround times. They outlined:

• Good practice: clear statements of risk appetite, effective control assessments, and demonstration of AML/CFT/CPF expertise
• Common pitfalls: incomplete record keeping, insufficient conflict of interest mitigation, and inadequate customer activity assessments

As well as describing business risk assessments as living documents, which should evolve alongside business models and risk profiles.

Competitiveness programme

Jersey continues to adapt to support competitiveness while maintaining robust standards. These changes include:

• Key reforms, such as the removal of the investor limit for Jersey Private Funds, streamlined Schedule 2 processes, and enhanced clarity in Sound Business Policy
• A consultation on CoBO repeal, and the introduction of the Schedule 2 local lender exemption, aims to modernise requirements and reduce unnecessary compliance burdens
• Updated guidance on reliance frameworks to strengthen proportionality and oversight

Practical guidance for industry

Alongside policy updates and performance statistics, the team shared practical advice to help you streamline your applications and interactions with the JFSC:

• Outsourcing Policy: the revised Outsourcing Policy requires you to submit outsourcing applications and material changes via myJFSC. This includes arrangements ceasing, sub-outsourcing, or changes to existing structures
• Application pitfalls: common issues that delay approvals include incomplete source of wealth/funds information, insufficient beneficial ownership disclosure, and incomplete forms

Top tips

• Urgent or innovative business models should be flagged directly to the team
• Use the chatbot “Reggie” to assist with queries
• Use online help pages, chat, and email for assistance with submissions and role management

Source:

Driving efficiency and competitiveness: insights from the Central Authorisations Unit update — Jersey Financial Services Commission