JFSC 2024 updates to Supervisory Risk Data Collection – be ready for more work!!

In January 2025, the JFSC will launch the JFSC annual SUPERVISORY RISK DATA COLLECTION (SRDC) to collect data from supervised businesses and individuals.

The JFSC has published a paper setting out updates to the 2024 SRDC, including:

1. An additional question asking for the number of customers that carry out any activity listed in table 2 of the JFSC Sound Business Practice Policy
• https://www.jerseyfsc.org/industry/guidance-and-policy/sound-business-practice-policy/#table-2-activities-that-pose-a-potential-risk-to-the-reputation-of-the-island-and-are-not-within-the-scope-of-table-1
2. An additional conduct-related question asking for the number of COMPLAINTS RECORDED in the period in the following categories:
• Poor administration, including customer service
• Customer due diligence process
• Fees/charges
• Mis-selling/unsuitable advice
• Withdrawal/refusal of services
• Fraud
• On-payment of claim
• Transaction error
3. Collection of data on Schedule 2 businesses serviced via an anti-money laundering service provider (AMLSP)
4. Collection of data on DNFBPs in two phases:
• Phase one: 
• An ad hoc data collection exercise for DNFBPs supervised by the JFSC DNFBP/NPO/VASP team in early October 2024
• Phase two: TCSPs, including those serviced via an AMLSP, in Q1 2025
5. Collection of data from TCB-administered.
• NPOs and
• Prescribed NPOs
6. Clarification on data validation and integrity checking
7. Use of late filing fees for non-submissions of supervisory risk data
8. Withdrawal of the trust company business private trust company (PTC) workbook
9. Clarification that Category A insurance business permit holders WILL NOT BE required to complete the insurance business SRDC workbook.

 The JFSC has also outlined future SRDC changes the JFSC is likely to implement, which include:

1. Prudential questions
2. Conflict of interest categories
3. Wire transfer purpose of payments
4. Prudential data questions, primarily to inform the Jersey Resolution Authority’s critical function assessment of the banking sector
5. MONEYVAL Mutual Evaluation Report recommendations to obtain more granular inherent risk data about key areas

 Read the JFSC paper detailing the updates to the JFSC 2024 supervisory risk data collection: 

• Updates to the JFSC supervisory risk data collection
• https://www.jerseyfsc.org/industry/guidance-and-policy/updates-to-our-supervisory-risk-data-collection/