News

Worried industry listen to Jersey-Gov and JFSC explain increasing powers

22/07/2021

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

Attendees (industry ) gave feedback on Slido hashtag #GovJFSC and to be fair; it was like an avalanche - It seems the industry is not happy - many concerns were raised – examples below

Questions  copied from slido

Is it now time for the JFSC to provide an "advisory" type function to businesses who may be seeking a view of the adequacy of something prior to implementing?

Is there a risk that will result in a rules based regulatory regime?

CO/MLCO/MLRO are not decision makers in FSBs. They may advice and assist with drafting P&P etc., but the Board runs the business and is responsible for AML

By moving back the input of business/individuals aren’t we saying that they can only appeal a decision that has already been made?

If a key person suggest changes to RP control regime which is rejected by the board, & lack of the change results in a breach does the key person have defence?

Will the protection for whistleblowers be reviewed and cross reference when considering who to subject to penalty to give those in scope more options

The following did not make is as they were Waiting for review

Why is there no requirement for the JFSC to adopt a proper structure like the UK senior managers accountability - Managers & Certification Regime (SM&CR)

Before increasing powers should Jersey Gov not take stock and hold an independent public review of the JFSC and how they do their job?

There has never been an independent public review of the JFSC with their current powers is this not now a good time before more are given to them?

Without a proper structure like the UK senior managers accountability - Managers & Certification Regime (SM&CR) the proposals are flawed

Without an independent Tribunal (EU expectation rules) there will always be questions about fairness, proportionality and consistency

End

JERSEY