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Regulator shows resilience during pandemic in 2021 annual report

The Jersey Financial Services Commission (JFSC) has reflected on a second year navigating through the global pandemic in its 2021 Annual Report. In the report the JFSC outline its resilience as an organisation allowing them to continue focus on championing the need to stay ahead in responding to financial crime threats, transforming supervision with modern technology and building a new and robust Registry.

The report documents the regulator’s performance during the year and its comprehensive review of its activities and its progress.

Key highlights throughout the year include:
  • launch of strategic framework 2021 to 2024
  • upgrading the supervision CRM system and risk model allowing for greater automation, straight through processing and the focus of resources
  • working alongside Government and industry in the completion of a number of risk assessments
  • extensive engagement through feedback papers, webinars, guidance and consultation papers
  • supporting the set-up of the Jersey Resolution Authority
  • launching the new digital registry, myRegistry
JFSC Chair, Mark Hoban commented:
“2021 saw the investment we have made in our people, and our systems throughout the pandemic pay dividends. We have been able to show resilience throughout our organisation, allowing us to not only manage a difficult year, but grapple with the challenges and opportunities that Jersey will face as an International Finance Centre in the future.”

JFSC Director General, Jill Britton added:
“Through 2021, we have been able to make significant and immediate progress as an organisation, despite the problems thrown up by a global pandemic. This has been made possible through the incredible work of the team throughout the year. Not only were we able to maintain ‘business as usual’ functions, but we have also made significant strides in our strategic ambitions, in particular with the implementation of a number of new systems in Registry and Supervision. . We will continue to build on what we have achieved in 2021 in order for us to be a high performing regulator, building for the long-term success of Jersey.”

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Jersey Financial Services Commission