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Financial Services Commission (Financial Penalties) (Amendment) (Jersey) Order 2018

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.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • 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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 on 26 July 2018

MINISTERIAL DECISION REFERENCE:    MD-C-2018-0130

DECISION SUMMARY TITLE:  Financial Services Commission (Financial Penalties) (Amendment) (Jersey) Order 2018

DECISION SUMMARY AUTHOR:

Lead Policy Adviser:  Financial Crime

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:  Financial Services Commission (Financial Penalties) (Amendment) (Jersey) Order 2018

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT:  (if different from Decision  Summary Author)

Lead Policy Adviser: Private Wealth

IS THE REPORT PUBLIC OR EXEMPT 

Public

DECISION AND REASON FOR THE DECISION:

The Assistant Chief Minister made the Financial Services Commission (Financial Penalties) (Amendment) (Jersey) Order 2018 (the “Order”).

The Order is made further to the States Assembly adopting P.74/2018, the draft Financial Services Commission (Amendment No.7) (Jersey) Law 201- (the “Law”). The Law made a variety of amendments extending the current Civil Penalties regime operated by the Jersey Financial Services Commission. The Order makes a complimentary amendment that is linked to the passing of the Law.

The Order amends the Financial Services Commission (Financial Penalties) (Jersey) Order 2015 to include in the Schedule to that Order a new band of financial penalty that the Commission may impose to cover negligent contraventions of a Code of Practice to which Article 21A of the Financial Services Commission (Jersey) Law 1998 applies.

The maximum level of penalty that would be imposed for such a contravention is 7% of relevant income (as defined in, and calculated in accordance with, Article 2 of the Financial Services Commission (Financial Penalties) (Jersey) Order 2015) up to a maximum of £4,000,000.

RESOURCE IMPLICATIONS: There are no resource implications for the States of Jersey as a result of this decision.

ACTION REQUIRED:

That the Asssitant Chief Minister signs and seals the Financial Services Commission (Financial Penalties) (Amendment) (Jersey) Order 2018 and it be returned to the States Greffe for immediate publication, and that the Greffier of the States be requested to arrange for the making of the Order to be notified to the States.

 

SIGNATURE:

 

 

Connétable Richard Buchanan

POSITION:

 

 

Assistant Chief Minister

 

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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