‘Significant increase’ in activity for JFSC, according to its 2022 annual report
03/08/2023
The Jersey Financial Services Commission saw a ‘significant increase’ in activity last year as it and other agencies continued to prepare for a key assessment of the Island’s effectiveness in fighting crime.
In the organisation’s recently published annual report for 2022, director-general Jill Britton wrote:
- ‘Preparing for any international assessment creates pressures and challenges, but it is an excellent opportunity to ensure we have completed any outstanding work ahead of the MONEY- VAL assessment team arriving later in 2023.’
Ms Britton added
- ‘It also provides Jersey with an opportunity to review the progress we have made as we ensure that Jersey continues to be a leading international finance centre.’
- ‘These combined efforts resulted in the successful delivery of a wide range of new regulatory frameworks and regimes required to meet stakeholder needs and keep pace with increasing international regulatory requirements’
- ‘Over the course of the year, we increased our engagement programme across Jersey and internationally. We have hosted numerous events and webinars and post regular news messages on our website.
- 2022 saw a ‘significant increase in the volume of activity both internally and in co-operation with government and other external agencies.
- ‘We have our international and domestic outreach schedule, which we often undertake in collaboration with the government and agencies as we all seek to protect Jersey.
- ‘This engagement helps us stay close to the requirement for Jersey to be doing business competitively whilst consistently meeting international standards.’
In figures: What did the JFSC do last year?
- Last year, the JFSC’s authorisations team supported 510 applications, a 17% increase on 2021 and a 50% increase on 2020.
- The commission carried out 89 enforcement actions (94 were conducted in 2021) and dealt with 30 whistleblowing calls.
- The organisation compiled 726 intelligence reports, carried out 142 examinations of 148 entities, compared to 631 intelligence reports and 184 examinations across 255 entities in 2021.
- The JFSC currently comprises a team of 249 when fully resourced, compared with an average headcount of 132 in 2018.
SOURCES
The Team
Meet the team of industry experts behind Comsure
Find out moreLatest News
Keep up to date with the very latest news from Comsure
Find out moreGallery
View our latest imagery from our news and work
Find out moreContact
Think we can help you and your business? Chat to us today
Get In TouchNews Disclaimer
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.
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.