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Jersey FSC Explains How It Probes Regulated Entities

by Amanda Banks, Lowtax.net, London
23 January, 2018

Jersey's financial services regulator, the Jersey Financial Services Commission, has published a guide setting out how it will conduct examinations of regulated persons, from first contact to conclusion.

The guide explains that examinations will primarily be undertaken by a specialist team of staff from the Commission's Supervision Examination Unit, who are trained and experienced in planning and executing examinations.

The guide says, when an entity is first contacted in connection with a proposed examination, the entity will be given a high-level overview of the examination's intended scope, and the Commission will explore suitable dates. When dates have been agreed, the entity will receive formal notification of its upcoming examination, by way of an email or letter, which will include examination dates, the examination's duration and scope, and information on the Commission staff who will be conducting the examination.

Following the examination, a draft report will be issued to the entity to allow it to make any observations as to the report's factual accuracy. The entity can provide written comments, which will be considered by the Commission and incorporated into the report where relevant.

Once the draft report is agreed, a final report will be issued setting out an "action plan" detailing how, and by when, any Commission findings should be remedied.

The examination guide is available on the Commission's website.

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