The Jersey finance industry is told - You don’t need an independent tribunal
22/07/2021
Today [21 July], the Jersey-Gov and JFSC went LIVE (YouTube) to explain increasing powers of Civil financial penalties legislation and decision making process consultations.
One area discussed was tribunals and independence of decision making.
What was raised by several delegates (via slido) was:
- There was no proposal/suggestion to provide for an independent (and cheaper alternative to going to the Royal Court) administrative and judicial review procedure for regulated persons caught in the cross-hairs of JFSC enforcement.
George Pearmain, the lead policy adviser on financial crime for the government of Jersey, suggested that Jersey was only following most other jurisdictions.
However, it seems the OECD have a different view:-
- Rule-makers must apply and enforce regulations systematically and fairly, and
- Regulated citizens and businesses need access to administrative and judicial review procedures for
- Raising issues related to the rules that bind them,
- As well as timely decisions on their appeals.
- Tools that may be deployed include
- Administrative procedures acts,
- The use of independent and standardised appeals processes, and
- The adoption of rules to promote responsiveness, such as “silence is consent”.
- Access to review procedures ensures that rule-makers are held accountable.
https://www.oecd.org/gov/regulatory-policy/45973631.pdf
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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.