The JFSC invite you to the next round of CONSUMER CREDIT working groups

The JFSC are:-

• Developing a new consumer credit regulatory framework and working closely with industry stakeholders to ensure a proportionate and practical approach AND
• Facilitating collaborative working groups where firms can contribute their insights before our formal consultation later this year.

Why get involved?

• Participation in our working groups provides:
• Early insight into the regulatory framework as it develops
• An opportunity to discuss potential business impacts
• A chance to ensure industry perspectives are reflected in the consultation process

The Government of Jersey has published a consultation paper

• The Government of Jersey has published a consultation paper outlining the proposed legislative framework, and The JFSC encourage stakeholders to review it.
• https://www.gov.je/Government/Consultations/Pages/ConsumerCreditRegimeLegislativeAmendments.aspx

Next steps

• The JFSC remains focused on developing the policy framework, with a formal consultation planned for the year's second half.
• Once legislation and Code of Practice policy are finalised, there will be a one-year transition period before the regime comes into effect.
• If you are interested in joining a collaboration working group or providing feedback, don't hesitate to get in touch with ConsumerCredit@jerseyfsc.org.

Industry feedback

• "The level of engagement and transparency between industry and regulators was really pleasing to see, and this “listen and learn” approach is very much welcomed."— Santander
• "Consumer credit protection is important for good customer outcomes and we welcome industry collaboration and engagement."— Lloyds
• "The working group was a beneficial exercise to understand the intent of the codes from the Regulator and Legislative viewpoints, ahead of the consultation window closing. It was interesting to discuss differences in interpretation through a variety of lenses, such as Legal, Product, Regulatory, Government and Business Heads and see these considered and acted upon in real time. The process of consultative review was collaborative and engaging."— Coutts/RBSI