JFSC next thematic visits - Conflicts of Interest [CoI]
13/09/2024
The JFSC is planning a series of cross-sector thematic reviews on conflicts of interest for the remainder of 2024 and the beginning of 2025.
CONFLICTS OF INTEREST
- Principle two of the JFSC Codes of Practice for each industry sector requires entities to implement adequate procedures to avoid conflicts of interest or, where disputes arise, keep proper records of such conflicts and address them appropriately.
THE JFSC CROSS-SECTOR THEMATIC EXAMINATION
- The JFSC cross-sector thematic examination on conflicts of interest will commence soon.
- In 2024, the JFSC will issue a questionnaire to various entities. 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.
THE QUESTIONNAIRE
- A cover letter sent to all recipients will include details of how and when to complete the questionnaire.
- 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 selection of JFSC entities for the thematic examinations in Q1 2025.
- If an entity is selected for an on-site assessment, it will be notified in due course.
NEXT STEPS AFTER THE THEMATIC EXAMINATION,
- After the thematic examination in 2025, the JFSC will publish a detailed feedback paper summarising current practices and giving examples of good practices.
- This will determine whether further guidance surrounding conflicts of interest would benefit Jersey’s finance industry.
SOURCE
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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.