Financial Stability Board consultation

About the consultation

In 2019, the shadow Financial Stability Board (FSB) was created by the Government of Jersey in order to provide advice on systemic risks to the stable functioning of Jersey's financial system.

The shadow FSB's role has been to examine the range, probability and impact of systemic risks, identify and advise on the best ways to minimise those risks and mitigate fiscal impacts, and so minimise the potential costs to Islanders. 

The operation of the FSB in its current 'shadow' basis has highlighted some practical difficulties which have limited the usefulness of the advice that the FSB can give.

The proposals involve providing the FSB with legal gateways and duties to enable it to operate more effectively with, for example, the appropriate access to information, appropriate interaction with relevant bodies and organisations and appropriate enshrined independence.

Consultation on the appropriate legal powers and duties to establish the Jersey Financial Stability Board including summary and questions

How to submit comments to the consultation

Government is seeking responses to three questions:

1. Do you agree with the proposed strategy to establish information gateways for the Financial Stability Board with relevant bodies to enable it to operate most effectively?
   
2. Do you agree with the proposed structure for the Financial Stability Board?
3. Do you agree with the proposed funding approach and review period?

Government also invites any general comments respondents may have on the proposals.

Consultation on the appropriate legal powers and duties to establish the Jersey Financial Stability Board including summary and questions

Responses should be submitted by email to s.watkins@gov.je, Financial Stability Board Lead in the Department for the Economy.

Industry response

Jersey Finance will be collating an industry response. Responses sent to Jersey Finance will be shared with the Government of Jersey unless the respondent indicates that they wish to remain anonymous. Please indicate clearly on your response if this is the case.

To contribute, email Lisa.Springate@jerseyfinance.je, Head of Legal and Technical, Jersey Finance.