|Office of the Chief Executive
|Type of consultation
|Deadline for comments
About the consultation
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
Decision following consultation
In November 2023 it was decided to move the responsibility for advice on financial stability from the Financial Stability Board to the Fiscal Policy Panel (FPP).
The Chief Minister, Deputy Kristina Moore, made the decision in part after listening to stakeholders, as well as following her priority to require governance arrangements to support a culture of delivery and robust decision-making – enabling services to be efficient, effective and value for money, while also being transparent and accountable.
The Fiscal Policy Panel provides Jersey's Minister for Treasury and Resources and States Members with independent advice on the economy, the sustainability of public finances and fiscal policy. Expanding its role also to encompass financial stability consideration is a more efficient, effective and value for money approach than continuing to develop a dedicated body solely to provide financial stability advice.
The FPP will assume the role initially in shadow form, while Regulations to amend the Public Finances (Jersey) Law 2019 are prepared.
How to submit comments to the consultation
Government sought responses to three questions:
- 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?
- Do you agree with the proposed structure for the Financial Stability Board?
- Do you agree with the proposed funding approach and review period?
Government also invited any general comments respondents may have had on the proposals.
The information provided has been processed in compliance with the Data Protection (Jersey) Law 2018. For more information, read the Department for the Economy privacy notice.
Responses to the consultation
Consultation response and policy paper: The appropriate legal powers and duties to establish the Jersey Financial Stability Board