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Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Future Direction of Financial Services in Jersey: Transfer of Functions Regulations

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

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  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 5 June 2013:

Decision Reference:  MD-C-2013-0051

Decision Summary Title:

Transfer of Functions Regulations

Date of Decision Summary:

5th June 2013

Decision Summary Author:

Director, Financial Services

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

n/a

Written Report

Title:

Transfer of Financial Services Functions Regulations from EDD to CMD

Date of Written Report:

5th June 2013

Written Report Author:

Director, Financial Services

Written Report :

Public or Exempt?

Public

Subject:   Future Direction of Financial Services in Jersey

Decision(s):  The Chief Minister agreed to receive the transfer of functions from the Minister for Economic Development and the Minister for Treasury & Resources as specified in the Ministerial Decisions MD-E-2013-0059 and MD-TR-2013-0037 and to lodge ‘au Greffe’ the States of Jersey (Transfer of Functions No.6) (Economic Development and Treasury and Resources to Chief Minister)(Jersey) Regulations 201-.

 

The Chief Minister agreed to accept the transfer of revenue budget of £996,800 for 2013, £1,016,500 for 2014 and £1,016,500 for 2015 and 5 FTEs from the Minister for Economic Development. These changes will be substantiated in the next Medium Term Financial Plan 2016 to 2019.

 

Notwithstanding the transfer of these functions, the Chief Minister and the Minister for Economic Development agreed that the oversight of Jersey Finance Limited (JFL), and the management of the grant awarded to the JFL, would remain within the remit of the Economic Development Department. The Accounting Officer for the administration of the JFL grant will be vested with the Director of Financial Services.

 

The Chief Minister is to prepare a set of Terms of Reference to be drafted that set out the specific responsibilities and accountabilities of the Chief Minister, the Minister for Treasury and Resources and the Minister for Economic Development, and sets out the delegations being put in place by the Chief Minister to the Treasury and Resources Minister for Financial Services matters and the Minister for Economic Development for public sector reform.

 

The Chief Minister will present a Report to the States outlining the changes to Ministerial reporting

Reason(s) for Decision:  The Chief Minister has considered the recommendations from the McKinsey Review and discussed them with the Economic Development Minister and Treasury & Resources Minister.  The Chief Minister and Economic Development Minister are of the view that overall accountability and responsibility for financial services should reside with the Chief Minister. The Regulations in question carry out this aim.  

Resource Implications: There are no resource implications involved with this Ministerial Decision other than departmental budget and staffing transfers.

Action required:  The Greffier of the States to be requested to arrange for the Draft States of Jersey (Transfer of Functions No.6) (Economic Development and Treasury and Resources to Chief Minister)(Jersey) Regulations 201- to be lodged ‘au Greffe’ for debate by the States at the earliest opportunity.

Signature:

Position:

 

 

Chief Minister   

Date Signed:

Date of Decision:

 

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