JFSC industry update - 21 December 2020 - Outsourcing Policy and Guidance Note
The JFSC has issued an industry update - 21 December 2020 - ON ITS Outsourcing Policy and Guidance Note
The update is about a Minor amendment to JFSC Outsourcing Policy and Guidance Notes and update on 2021 review
The JFSC has made a minor amend to our Outsourcing Policy and Guidance Note.
This amendment IS in paragraph 5.4.1 provides clarity in relation to corporate governance.
5.4.1 The Outsourcing Policy is premised on an understanding that, amongst other things, Registered Persons remain fully responsible and accountable to the JFSC for any Outsourced activity.
Since the Governing Body is ultimately responsible for the management and conduct of a Registered Person’s affairs; the JFSC would expect to see, upon request, board meeting minutes of the Governing Body evidencing that it had carefully considered any Outsourcing arrangements it implemented.
The Governing Body should also receive reports regarding any issues of non-compliance with the Outsourcing Policy (i.e. exceptions) identified as a result of the monitoring and assessment required by Core Principle No. 3 and the JFSC would expect to see these recorded and considered in the board meeting minutes.
- A full review of the Outsourcing Policy and Guidance Note is planned for 2021, with a particular focus on Information Technology providers.
- Outsourcing Policy and Guidance Note