The JFSC fee reform to ensure Simplicity, Fairness, Transparency

The JFSC wants a fee reform to ensure Simplicity, Fairness, and Transparency.

Heidi Peterson, Senior Policy Advisor at the JFSC, says

• Let’s work together to ensure regulatory frameworks are efficient, equitable, and sustainable.
• Keep an eye out for our fee reform update, which we will share on the JFSC website and social media soon.

Heidi said:

• I recently joined the JFSC to drive fee reform, which can be a complex and impactful topic.
• Over the past few months, I have had the opportunity to meet with many stakeholders and have learnt a lot.
• For the JFSC, which is funded by fees from those we regulate, and Registry users, our fees are the ‘fuel’ for effective oversight in Jersey.
• They fund our essential activities such as policy setting, supervision, risk management, and enforcement.
• Our challenge is balancing these critical services while staying competitive globally.
• Achieving this balance enhances regulatory effectiveness and strengthens trust among stakeholders.
• Our fee structure must remain competitive.
• An independent report showed that, in the round, Jersey is not the most expensive jurisdiction.
• But we have some work to do to, including to improve consistency across sectors.

Heidi continued:-

• My conversations with you have reinforced that at the heart of an effective fee structure lie three principles:
• Simplicity: clear, predictable fees reduce administrative burdens and build trust.
• Fairness:  fees should be proportionate to the size, risk, and complexity of entities.
• Transparency: stakeholders must see where their fees are going and how they benefit the financial ecosystem

• The question is:
• How can we innovate fee models to reflect evolving risks and industry needs while upholding these core principles? 
• This is my challenge, and I would love to hear your thoughts.
• Join the conversation or send your ideas to FeeReform@jerseyfsc.org.

Source

https://shorturl.at/4Eo4T

https://www.linkedin.com/in/heidi-peterson/