What is the financial services industry in Jersey?
Jersey is rated as one of the most successful international finance centres in the world. The financial services industry is a significant contributor to the Island's economy. The industry is made up of the following sectors:
-
banking
- trusts
- fund management
- company administration
- legal
- accountancy
- investment advisory services
- the servicing of a wide range of corporate vehicles
About the Financial Services Unit
The
Minister for External Relations has responsibility for financial services legislation and policy in Jersey. He is assisted by the
Minister for Treasury and Resources.
The Financial Services Unit (FSU), which sits within the
Department for the Economy,
has the overarching goal of supporting Jersey's financial services industry and its economic wellbeing and sustainability for the benefit of all Islanders, whilst maintaining Jersey's reputation as an international finance centre of choice.
FSU works with stakeholders both locally and internationally on policy initiatives that benefit the financial services industry and the Island.
FSU's strategic policy priorities are set out in the Government of Jersey's
policy framework for the Jersey financial services industry.
What we do
The Financial Services Unit develops legislative proposals to meet the needs of the financial services industry. With our colleagues in the
Financial Crime Strategy Unit, FSU also works to maintain Jersey's standing as an international finance centre of excellence through adherence to the highest international standards. We give advice to Ministers on both policy and legislative proposals affecting the financial services industry.
Along with its support for legislative initiatives, FSU co-ordinates inter-department and agency activities. This includes establishing working groups across Government, the JFSC and the financial services industry through JFL, as well as through direct engagement with industry sector trade bodies.
Along with our support for the financial services industry, FSU:
- promotes Jersey as an international finance centre
- advocates for innovation in the financial services sector
- supports the development of education and skills for the future
Current projects and consultations
Sustainable Finance
Working to deliver a shared programme between Government, Jersey Finance and JFSC.
Policy Framework for Financial Services Industry of Jersey
Jersey for Good - A Sustainable Future from Jersey Finance
Sustainable finance from Jersey Financial Services Commission
FinTech
We have completed a public consultation on encouraging and facilitating the adoption of digital ID in the Jersey financial services sector. We also have ongoing industry engagement to bring the benefits of moving to a more secure and cost effective means of onboarding new clients, whilst continuing to meet the highest international regulatory standards.
We are also working with industry, the JFSC, Digital Jersey and Jersey Finance to shape a clear FinTech Sector Strategy, examining the state of the sector in Jersey and the challenges it faces with the goal of identifying emerging opportunities for the Jersey economy. Among the areas under examination is the evolving role of digital assets in global finance.
Pensions
We are currently in the process of phased delivery of pension regulation for Jersey and have completed a public consultation,
Introducing pension regulation: feedback and further consultation.
Banking Review
Undertaking a review of Jersey's banking industry to ensure we retain and attract banking institutions which support the needs of both the IFC and domestic market.
Open Banking
Working with Jersey Finance, Digital Jersey, the JFSC and industry to facilitate the delivery of open banking opportunities to Jersey consumers.
Credit cards
Engaging with credit card providers to support continued provision of services to Jersey.
Trusts Law
The Working Group meets as required to consider topics of interest to trust practitioners and trustees with consideration of amendments to the Trusts (Jersey) Law as may be required.
Specific projects related to trusts currently being undertaken include examining current developments in sanctions and other UK legislation which will affect the Jersey trusts industry.
Consumer Lending
We are working to deliver a complete consumer credit regime that would regulate consumer credit business and ancillary activities, as well as secured residential lending in Jersey. This is being done through amendments to the
Financial Services (Jersey) Law 1998 and will be regulated by the JFSC.
Activities currently in scope of regulation, subject to certain exemptions, include:
- consumer credit and hire business (giving advice, credit brokering, debt adjustment, debt counselling, debt collecting, debt administration, credit information services, and providing credit references)
- secured residential lending business (administering, arranging and advising)
The regime will be closely aligned to the UK and Guernsey's regimes and will be for the benefit of individuals (for an unspecified amount) and micro enterprises (as defined in the
Financial Services Ombudsman (Jersey) Law 2014) up to £30,000.
Limited Liability Companies (Jersey) Law 2018 amendments
Amending the
Limited Liability (Jersey) Law 2018 (LLC law) to allow for the election of body corporate status at the time of registration. The LLC law will also be amended to mirror the creditor's winding up and dissolution amendments made to the
Companies (Jersey) Law 1991.
Beneficial Ownership Transparency
Supporting the continued development of Jersey's beneficial ownership transparency policy, particularly access to the beneficial ownership register, in line with developing international standards. This work is in collaboration with the Financial Crime Strategy team.
Companies Law
We are working on amendments to the
Companies “Jersey” Law 1991, to ensure the legislation remains up to date and attractive.
The team
Trade associations and the regulator
Jersey Finance Limited is the representative body for financial services. It is funded through members of the financial and professional services industry and the Government of Jersey. JFL has a presence in Jersey, Dubai, Hong Kong SAR, Johannesburg, London, New York, Shanghai and Singapore.
Jersey Financial Services Commission regulates Jersey's financial services sector. Jersey’s company registry is also housed within the JFSC
The financial services industry is also represented by a number of trade associations and professional bodies.
Resources
Financial Services in Jersey: An Overview
Financial Services in Jersey: a snapshot
Reports and statistics about the role of financial services in Jersey
JFSC – The Regulator of Financial Services in Jersey
About us — Jersey Financial Services Commission (jerseyfsc.org)
The Contribution of Financial Services to Jersey's economy and Employment
FS industry contribution to GVA
FS industry contribution to employment
Industry Briefing 2023
Slides from the industry event of 21 November 2023, covering MONEYVAL, the update to the Money Laundering national Risk Assessment, and an update to the Consumer Credit Regime.
Guidance and notices made by the Minister regarding the financial services industry
gov.je