06 September 2021
Islanders have until 30 September to share their views on proposed legislative changes which will provide better protection for people seeking advice on their pension arrangements.
Under the current law, advice given about financial services products must be accompanied by a Suitability Letter which sets out the consumer's goals, which products have been discussed, and which the consumer has opted for. This gives the Jersey Financial Services Commission (JFSC) assurance that consumers have been provided with advice to make the most prudent financial choice for their situation and investment goals.
The requirement for a Suitability Letter already applies to advice given about the transfer of a customer's defined benefit pension but, following feedback from industry representatives and the JFSC, the Government of Jersey is proposing two new pieces of legislation which will extend this condition to advice on pension arrangements and pension products.
In addition to Islanders providing feedback, industry representatives can provide feedback via Jersey Finance. Details of how these changes will work, and how to submit feedback, are available as part of the consultation, which is on the Government of Jersey website, gov.je/consultations.
gov.je