JFSC Conflicts of Interest thematic examination 2024/2025 – questionnaire is available.

The JFSC cross-sector thematic examination on conflicts of interest will commence soon. A questionnaire will be issued to a wide range of entities. 

The JFSC questionnaire has been made available for all to see and use – it is here:-

• Conflicts of interest thematic examination: questionnaire = https://www.jerseyfsc.org/media/7805/conflicts-of-interest-examination-questionnaire.pdf

Whether the JFSC selects you, you can self-assess yourselves.

• Principle two of the Codes of Practice for each industry sector requires entities to implement adequate procedures to avoid conflicts of interest or where conflicts arise, keep proper records of such conflicts, and address them appropriately.
• Using the questionnaire, Entities may wish to review and consider their arrangements regarding conflicts of interest to ensure they meet the requirements in the Codes of Practice

The JFSC onsite examinations will follow in Q1 2025.

• Both the questionnaire and the onsite examinations will assess how entities identify, record, and manage conflicts, such as:
• Disclosure to the customer
• The application of internal rules relating to confidentiality
• Declining to act where the risk is considered too high to proceed.

Questionnaire guidelines

• Details of how and when to complete the questionnaire will be included in a cover letter sent to all recipients.
• The questionnaire will help the JFSC understand current practices for managing conflicts of interest and provide an initial view of whether entities have implemented adequate and effective systems and controls, including policies and procedures relating to conflicts of interest. 
• The JFSC will use the data from the questionnaire to help inform the JFSC entity selection for the thematic examinations in Q1 2025.  Entities will be notified in due course if selected for an onsite examination.

Next steps

• On completing the thematic examination, the JFSC will publish a detailed feedback paper summarising current practices and giving examples of good practices. This will determine if further guidance surrounding conflicts of interest would benefit Jersey’s finance industry.

Sources

• https://www.jerseyfsc.org/news-and-events/conflicts-of-interest-thematic-examination-questionnaire/

The JFSC questionnaire has been made available for all to see and use – it is here:-

• Conflicts of interest thematic examination: questionnaire = https://www.jerseyfsc.org/media/7805/conflicts-of-interest-examination-questionnaire.pdf