News

The Jersey finance industry is told - You don’t need an independent tribunal

22/07/2021

Today [21 July], the Jersey-Gov and JFSC went LIVE (YouTube) to explain increasing powers of Civil financial penalties legislation and decision making process consultations.

One area discussed was tribunals and independence of decision making.

What was raised by several delegates (via slido) was:

  • There was no proposal/suggestion to provide for an independent (and cheaper alternative to going to the Royal Court) administrative and judicial review procedure for regulated persons caught in the cross-hairs of JFSC enforcement.

George Pearmain, the lead policy adviser on financial crime for the government of Jersey, suggested that Jersey was only following most other jurisdictions.

However, it seems the OECD have a different view:-

  1. Rule-makers must apply and enforce regulations systematically and fairly, and
  2. Regulated citizens and businesses need access to administrative and judicial review procedures for
    • Raising issues related to the rules that bind them,
    • As well as timely decisions on their appeals.
  3. Tools that may be deployed include
    • Administrative procedures acts,
    • The use of independent and standardised appeals processes, and
    • The adoption of rules to promote responsiveness, such as “silence is consent”.
  4. Access to review procedures ensures that rule-makers are held accountable.

https://www.oecd.org/gov/regulatory-policy/45973631.pdf

JERSEY