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
In 2015, the finance industry generated a total revenue of £2.38 billion and employed over 12,500 people. It also:
made a net profit of £1.18 billion
spent £300 million on goods and services locally
recruited 360 local school leavers / university graduates
contributed to 42% of the Island’s GVA
Why the States of Jersey supports the financial services industry
As the finance industry is one of the largest on the Island and with a global profile, it's important that we protect and develop its reputation and the opportunities it presents, both in Jersey and internationally.
It's also important we support the industry to:
- develop employment opportunities
- protect current and create future revenue streams
- facilitate growth
- support innovation
How the Financial Services Unit supports the financial services industry
We aim to provide appropriate support to enable the financial services industry to continue to flourish and to uphold our reputation as a jurisdiction. We:
- work and communicate with key stakeholders locally and internationally to enhance the reputation of the financial services industry
- communicate any government policy on matters that might affect the industry
- develop legislative proposals that benefit the financial services industry and meet international standards
- provide advice to Ministers on both policy and legislative proposals affecting financial services
- co-ordinate inter-department and agency actions, as well as forming working groups across the government, the regulator and the financial services industry
- have developed and implemented a strategic policy framework for the development of the Island’s financial services industry
enable legislative change - support the financial services industry in maintaining international standards
- support the provision of infrastructure to support growth
- assist with the promotion of Jersey as an international finance centre
- ensure ongoing support for innovation
- support the development of education and skills for the future
The Financial Services Policy Framework can be:
Notices made by the Minister regarding the financial services industry
The Chief Minister made the following two notices permitting Foundations to merge or continue into or out of Jersey.
January 2015 notice designating Recognized Entities under Foundations (Continuance) (Jersey) Regulations 2009
January 2015 notice designating Recognized Entities under Foundations (Mergers) (Jersey) Regulations 2009
Guidelines produced by the Minister regarding the financial services industry
The Chief Minister issued the following guidance notes in connection with the policies and procedures to be followed by the banks pursuant to the Dormant Bank Accounts (Jersey) Law 2017 which came into force 17 July 2017.
Guidance Notes - Dormant Bank Accounts
Notice 1 - Article 7(1) - Notice of Dormant Accounts held
Notice 2 - Article 7(7) - Notice of Intended Transfer
Notice 3 - Article 12 - Annual Notice of Repayments
Notice 4 - Article 13 - Reclaim Certificate
Spreadsheet for notices
Documents released by the Government concerning the Financial Services Industry
You can read the Government of Jersey's response to the European Commission Green Paper on building a Capital Markets Union below.
Government of Jersey response to the European Commission Green Paper on Building a Capital Markets Union: submitted May 2015
You can read the Channel Islands response to the European Commission Consultation Document on the Review of the European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF) Regulations below.
Channel Islands response to the European Commission Consultation Document on the Review of the European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF): submitted January 2016
You can read the Government of Jersey response to the European Supervisory Authorities (ESAs) joint consultation paper on risk factor guidelines concerning the 4th Money Laundering Directive of the EU (Directive (EU) 2015/849) below.
Government of Jersey response to the European Supervisory Authorities (ESAs) joint consultation paper on risk factor guidelines concerning the 4th Money Laundering Directive of the EU (Directive (EU) 2015/849): submitted January 2016
You can read the Channel Islands response to the European Commission Call for Evidence: EU Regulatory Framework for financial services (submitted on 29 January 2016) below:
Channel Islands contribution to call for evidence: submitted 29 January 2016
You can read the Channel Islands response to the European Commission Consultation Paper: FinTech: A More Competitive and Innovative European Financial Section - June 2017 (submitted on 15 June 2017) below:
Channel Islands response to the European Commission Consultation Paper: FinTech: A More Competitive and Innovative European Financial Sector June 2017
You can read the Chief Minister's department consultation paper on the proposal to enact a law enabling the creation of limited liability companies (dated 20 November 2017) below:
Limited Liability Companies (Jersey) Law 201-
Beneficial Ownership Register Policy
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