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Home News The JFSC changes its decision-making process for regulatory sanctions [10 February 2022]
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The JFSC changes its decision-making process for regulatory sanctions [10 February 2022]

11/02/2022

In July, The JFSC  launched a consultation on the process it follows when deciding whether a regulated person should be subject to enforcement action [or not]

https://www.jerseyfsc.org/news-and-events/proposed-changes-to-our-decision-making-process-for-imposing-regulatory-sanctions/

The consultation followed a review that identified that its process could be more efficient for both the JFSC and the businesses and individuals that find themselves subject to it.

The JFSC proposal and consultation focused on

  1. Streamlining the decision-making process for imposing regulatory sanctions, including a civil financial penalty (fine).
  2. To make the process quicker and less complex,
  3. Reducing costs for the JFSC, businesses and individuals.
  4. To comply with the principles of fairness. And
  5. Ensure that a business or individual is treated fairly and allow them to put their side of the story in person to the JFSC's decision-makers.

Outcome of consultation

The JFSC will be implementing the proposed revised decision-making process, with two minor amendments:

  • The JFSC has clarified that
    • A Subject will have one month to make written representations on a Notice of Intent.
  • The JFSC has clarified
    • The provision of draft proposed directions/public statements.

Please read its full consultation feedback. https://www.jerseyfsc.org/industry/consultations/dmp-consultation-feedback/

New policies

Following the outcome of this consultation, The JFSC has now issued an updated decision making process policy and published a new settlement policy.

JERSEY SANCTIONS

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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.  

news disclaimer -

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.