Financial Services Unit

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

About the Financial Services Unit

The Financial Services Unit (FSU) sits within the Department for the Economy. It has the overarching goal of supporting Jersey's financial services industry and its economic wellbeing and sustainability to the benefit of all Islanders, whilst maintaining Jersey's reputation as an international finance centre of choice.

FSU works with key stakeholders both locally and internationally on policy initiatives that benefit the financial services industry and the Island.

FSU's strategic policy priorities are set out in the Government of Jersey's policy framework for the Jersey financial services industry.

What we do

The Financial Services Unit develops legislative proposals to meet the needs of the financial services industry. With our colleagues in the Financial Crime Strategy Unit, FSU also works to maintain Jersey's standing as an international finance centre of excellence through adherence to the highest international standards. We give advice to Ministers on both policy and legislative proposals affecting the financial services industry.

Along with its support for legislative initiatives, FSU co-ordinates inter-department and agency activities. This includes establishing working groups across Government, the JFSC and the financial services industry through JFL, as well as through direct engagement with industry sector trade bodies.

Along with our support for the financial services industry, FSU:

promotes Jersey as an international finance centre
advocates for innovation in the financial services sector
supports the development of education and skills for the future

Current projects and consultations

Sustainable Finance

Working to deliver a shared programme between Government, Jersey Finance and JFSC.

Policy Framework for Financial Services Industry of Jersey

Carbon Neutral Roadmap

Sustainability goals for the finance industry is also set out in:

Jersey for Good - A Sustainable Future from Jersey Finance

Sustainable finance from Jersey Financial Services Commission

FinTech

We have completed a public consultation on encouraging and facilitating the adoption of digital ID in the Jersey financial services sector. We also have ongoing industry engagement to bring the benefits of moving to a more secure and cost effective means of onboarding new clients, whilst continuing to meet the highest international regulatory standards.

We are also working with industry, the JFSC, Digital Jersey and Jersey Finance to shape a clear FinTech Sector Strategy, examining the state of the sector in Jersey and the challenges it faces with the goal of identifying emerging opportunities for the Jersey economy. Among the areas under examination is the evolving role of digital assets in global finance.

Pensions

We are currently in the process of phased delivery of pension regulation for Jersey and have completed a public consultation, Introducing pension regulation: feedback and further consultation.

Banking Review

Undertaking a review of Jersey's banking industry to ensure we retain and attract banking institutions which support the needs of both the IFC and domestic market.

Open Banking

Working with Jersey Finance, Digital Jersey, the JFSC and industry to facilitate the delivery of open banking opportunities to Jersey consumers.

Credit cards

Engaging with credit card providers to support continued provision of services to Jersey.

Trusts Law

The Working Group meets as required to consider topics of interest to trust practitioners and trustees with consideration of amendments to the Trusts (Jersey) Law as may be required.

Specific projects related to trusts currently being undertaken include examining current developments in sanctions and other UK legislation which will affect the Jersey trusts industry.

Consumer Lending

We are working apace to deliver a complete consumer credit regime that would regulate consumer credit business and ancillary activities, as well as secured residential lending in Jersey. This is being done through amendments to the Financial Services (Jersey) Law 1998 and will be regulated by the JFSC.

Activities currently in scope of regulation, subject to certain exemptions, include:

consumer credit and hire business (giving advice, credit brokering, debt adjustment, debt counselling, debt collecting, debt administration, credit information services, and providing credit references)
secured residential lending business (administering, arranging and advising)

The regime will be closely aligned to the UK and Guernsey's regimes and will be for the benefit of individuals (for an unspecified amount) and micro enterprises (as defined in the Financial Services Ombudsman (Jersey) Law 2014) up to £30,000.

Limited Liability Companies (Jersey) Law 2018 amendments

Amending the Limited Liability (Jersey) Law 2018 (LLC law) to allow for the election of body corporate status at the time of registration. The LLC law will also be amended to mirror the creditor's winding up and dissolution amendments made to the Companies (Jersey) Law 1991.

Beneficial Ownership Transparency

Supporting the continued development of Jersey's beneficial ownership transparency policy, particularly access to the beneficial ownership register, in line with developing international standards. This work is in collaboration with the Financial Crime Strategy team.

The team

Name	Title	Email
James Silverston	Director	j.silverston@gov.je
Charlotte Brambilla	Associate Director: Sustainable Finance	c.brambilla@gov.je
Frank De Mita	Associate Director: LLCs, Digital ID; Crypto Assets	f.demita@gov.je
Julie Keir	Associate Director: FinTech; Consumer Lending	J.Keir2@gov.je
Louise Richardson	Associate Director: Private Wealth	L.Richardson@gov.je
James Roberts	Associate Director: Banking	Currently on leave until March 2023
Thomas Wright	Associate Director: Banking Review; Beneficial Ownership Transparency	T.Wright@gov.je

Resources

Guidance and notices made by the Minister regarding the financial services industry

Notices

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

Guidance

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