PRESS RELEASE 5 FEBRUARY 2016
JFSC unveils Business Plan for 2016 to Industry
Facilitating market access, matching international standards, improving operational performance and protecting island investors are among the top priorities for the Jersey Financial Services Commission (JFSC) for the year ahead.
Unveiling its Business Plan for 2016 to around 300 local Industry participants and politicians at the Hotel de France on Friday 5 February, the JFSC sent out a clear message that these objectives are in keeping with its overall mission of serving the best economic interests of Jersey, and protecting and enhancing the island's reputation in a challenging international financial environment.
Giving the keynote addresses, JFSC Chairman Lord Eatwell and newly appointed Deputy Chairman Debbie Prosser focussed on the internal and external changes that the Commission is making to achieve these objectives by becoming more efficient, flexible, responsive and easier to do business with.
JFSC Chairman Lord Eatwell commented: “In the past 18 months the JFSC has embarked on a programme of substantial change which will affect the way regulation is done in Jersey. In addition, developments in the international regulatory environment in the UK, the EU and other global markets are imposing change on the Commission. To ensure Jersey firms have access to markets around the world, we have to adapt our procedures to meet international demands. As I have said before, to succeed we need to become a more thinking, agile and inquisitive regulator.”
Debbie Prosser added: “We have a very busy and exciting year ahead; we are phasing in our new Supervision Structure and Risk Unit, implementing new internal and external operating systems to make us more efficient and cost-effective to engage with, investing in our Registry infrastructure, particularly in Cyber-security, and focusing even more on protecting islanders with a variety of outreach programmes and initiatives to highlight the dangers of financial crime and scams.”
A panel session with Chief Minister Ian Gorst, Lord Eatwell and JFSC Deputy Director General John Everett, facilitated by Director General John Harris, led to a lively interactive debate discussing the relationship between Government and the Commission, the impact of the proposed new Supervision Structure on local firms, and reaction to the JFSC's intended fee increases, as well as looking at more strategic issues such as the potential impact of a UK exit from the EU and Jersey's continuing strategy of remaining at the forefront of observing international regulatory standards.
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For further enquiries, please contact:
Head of Communications
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822166