The JFSC changes its decision-making process for regulatory sanctions [10 February 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]
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
- Streamlining the decision-making process for imposing regulatory sanctions, including a civil financial penalty (fine).
- To make the process quicker and less complex,
- Reducing costs for the JFSC, businesses and individuals.
- To comply with the principles of fairness. And
- 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/
Following the outcome of this consultation, The JFSC has now issued an updated decision making process policy and published a new settlement policy.
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