JEP DAY 3 JFSC EXPOSE - Saturday 5 October 2024
07/10/2024
OVER the last three days, the JEP has probed the Jersey Financial Services Commission and the dysfunctional relationship that it has with the industry it is supposed to regulate.
This is what they have published on Saturday 5 October 2024
As probed the Jersey Financial Services Commission and the dysfunctional relationship that it has with the industry it is supposed to regulate.
We’ve heard from dozens of people who have had their lives ruined by an enforcement system that acts as judge, jury and executioner, and from one of the only individuals in island life who has taken on the JFSC and won, Advocate Olaf Blakely.
Since our reporting began we’ve been contacted by many more people who have
had similar experiences with the JFSC, and hoping that this newspaper will keep up the pressure on the regulator to be what the industry needs it to be: a critical friend, a resource, not an enemy.So what does the JEP want to achieve with this investigation? Well, first we want to highlight an injustice that has been done to a number of people on this island due to a vindictive and unfair enforcement process.
We would urge the government to consider introducing a formal right of appeal – as in other jurisdictions – that does not involve recourse to the Royal Court, a process beyond the means of most. Until this is in place, the public statement system of naming and shaming should be halted.
Secondly, we would urge the government to finally enact a decade-old decision by the States to add the JFSC to the Freedom of Information Act so that people – including the media – can obtain information about what it is doing and why.
This is the case in the UK with the Financial Conduct Authority and there is no reason that it couldn’t be the case here.
Thirdly, the JFSC needs to accept that it is deeply unpopular and take responsibility for the role it has played in fostering that. As Advocate Blakely said earlier this week: “If I was a regulator, I would want to be liked by the people I regulate.”
It is time for the JFSC to re-engage with the industry that pays for it – and needs it.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.