Skip to main content Skip to accessibility
This website is not compatible with your web browser. You should install a newer browser. If you live in Jersey and need help upgrading call the States of Jersey web team on 440099.
Government of Jerseygov.je

Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Memorandum of Understanding between Jersey Bank Depositors Compensation Board and Jersey Financial Services

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 13 October 2010 regarding: Memorandum of Understanding between Jersey Bank Depositors Compensation Board and Jersey Financial Services.

Decision Reference: MD-E-2010-0162 

Decision Summary Title :

MOU between Jersey Bank Depositors Compensation Board and Jersey Financial Services Commission

Date of Decision Summary:

October 2010

Decision Summary Author:

Director, Finance Industry Development

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written 

Person Giving

Oral Report:

n/a

Written Report

Title :

MOU between Jersey Bank Depositors Compensation Board and Jersey Financial Services Commission

Date of Written Report:

October 2010

Written Report Author:

Director, Finance Industry Development

Written Report :

Public or Exempt?

Public

Subject:    

MOU between Jersey Bank Depositors Compensation Board and Jersey Financial Services Commission.

Decision(s):  

The Minister agreed to sign the Memorandum of Understanding (“MOU”) with the Jersey Financial Services Commission (“JFSC”) on behalf of the Jersey Bank Depositors Compensation Board (“the Board”).

Reason(s) for Decision: 

The MOU will provide a formal basis for co-operation between the Board and the JFSC, including for the exchange of information, and will allow the parties to more effectively perform their functions.  The Minister is carrying out the functions of the Board until such time as the Board are formally appointed by the States.

Resource Implications: 

There are no financial or manpower costs for the States.

Action required: 

The Minister to sign the MOU on behalf of the Board.

Signature: 

Position: 

Economic Development Minister

Date Signed: 

Date of Decision (If different from Date Signed): 

Memorandum of Understanding between Jersey Bank Depositors Compensation Board and Jersey Financial Services

MOU between Jersey Bank Depositors Compensation Board and

Jersey Financial Services Commission  
 

      THE ISSUE 

1.     The Memorandum of Understanding (“MOU”) will provide a formal basis for co-operation between the Jersey Bank Depositors Compensation Board (“the Board”) and the Jersey Financial Services Commission (“the JFSC”), including for the exchange of information.

 

2.     It is recommended that the Minister signs the MOU on behalf of the Board.

 

3.     There are no financial or manpower implications for the States.

 
 

      BACKGROUND 

4.     The Board is a statutory body established under the Banking Business (Depositors Compensation) (Jersey) Regulations 2009.  The Board’s main functions are to facilitate public awareness of the bank depositors compensation scheme established by Part 3 of the aforesaid Regulations, and in the event of a bank becoming bankrupt, to establish a fund in respect of a bank in default and make compensation payments to eligible depositors.

 

5.     The JFSC is a statutory body established under the Financial Services Commission (Jersey) Law 1998.  The JFSC’s main function is the supervision of financial services providers.  This includes the licensing and supervision of banks under the Banking Business (Jersey) Law 1991.

 

6.     The Board and the JFSC wish to enter into a Memorandum of Understanding to provide a formal basis for co-operation, including for the exchange of information. The MOU will enable the Board and the JFSC to more effectively perform their functions.

 
 

   RECOMMENDATION   

7.     It is recommended that the Minister signs the MOU on behalf of the Board.

 
 
 
 
 

Director, Finance Industry Development

 

Back to top
rating button