30 November 2022
âThe delivery of advice to Government on how Jersey can maintain financial stability is expected to be
strengthened following a public consultation into proposals to strengthen Jerseyâs Financial Stability
Board (FSB).
The FSB, which advises the Government on how to minimise the risk of Jersey being affected by
financial instability, has been operating in shadow form since 2019, with limited ability to access
relevant data. The public consultation was run at the end of 2021 into legislative proposals designed
to increase the FSBâs effectiveness by enabling it to access relevant information, setting out its duties,
and enshrining its independence.
The results of the consultation, which have today (30 November) been published, show support for
the proposals and objectives among the small number of people and organisations who responded,
although there were some questions on the FSBâs role and whether there was overlap with the
existing bodies.
The Chief Minister, Deputy Kristina Moore, said: âIt is vitally important that Government receives
effective independent advice on the decisions that have to be taken to ensure that Jerseyâs economy
and the finances of government, individuals and businesses remain stable and protected as much as
they can be from financial instability. I am grateful to everyone who took time to carefully consider the
proposals, and respond to the consultation.
âWe will look to ensure that there is clarity about the boardâs role, particularly in relation to other
advisory bodies, and to ensure that the legal powers are in place so that information that is needed to
provide comprehensive advice can be obtained. This action is part of the commitment I made in my
Ministerial Plans to ensure that governance arrangements are in place to support a culture of robust
decision making, that is efficient, effective, value for money, transparent and accountable.â
The FSBâs role is to identify and assess risks that might destabilise Jerseyâs financial system and affect
Islandersâ, organisationsâ and businessesâ access to their money and their ability to invest it and
borrow as required. The FSB advises the Chief Minister on how to reduce risks of financial instability
and how to prepare and weather such crises were they to occur.
The consultation ran from 20 September to 15 November 2021 and Government received four
responses and one set of informal comments. The consultation response paper is available.
gov.je