Jersey Regulator Issues 2016 Business Plan
by Jason Gorringe, Lowtax.net, London
12 February, 2016
The Jersey Financial Services Commission (JFSC) has set out its objectives and priorities for the coming year in its 2016 Business Plan and Budget.
The regulator said, over the course of 2016, it will take a new approach to supervision and restructure its supervision divisions. A new supervisory approach will see the Commission embrace an increasingly risk-based approach, and adopt an entity-based – as opposed to licence-based – supervisory model, with higher-risk firms subject to more oversight.
A new Supervisory Risk Unit will be tasked with identifying risks in the financial sector and how best they can be addressed.
The JFSC said the switch to entity supervision will make interaction with the Commission easier; firms with multiple financial service licences will now have just one point of contact at the Commission, and supervisory interactions will be less fragmented and understanding of entity risk enhanced.
The Commission will also invest more resources in IT and Human Resources (HR) systems. Key developments will include electronic payment and data collection, one portal for industry to communicate electronically with the Commission, new systems in finance and HR, and enhanced cyber-security measures, the regulator said.
In addition to these changes, the Commission has committed to undertake efforts to:
- Facilitate industry market access and other benefits to industry;
- Match international standards;
- Continue to improve its performance; and
- Meet legal and other requirements.
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