2019 – building a regulator for the future
2019 was a year of prioritising and planning for the Jersey Financial Services Commission (JFSC), which is reflected in its annual report and financial statements, published today.
The report documents the regulator’s performance during the year and its comprehensive review of its activities in order to plan its strategy for the next four years.
Other accomplishments for 2019 included working with the Government of Jersey on the Island’s National Risk Assessment, securing access to UK markets ahead of Brexit, setting up a dedicated team for fighting financial crime, implementing a comprehensive risk framework, and launching a new website.
While the JFSC made a surplus in 2019, for the next four years the regulator is embarking on its largest capital programme to date. Its primary aims are to remain ahead of the financial crime threat and become an even more effective regulator.
JFSC Chairman, Mark Hoban commented:
“2019 provided us with an opportunity to reflect and plan our four year strategy, as well as prepare for the challenges ahead. We did this working closely with the Government of Jersey and the financial services industry. As an Island, we understand the importance of adhering to the highest international standards to safeguard our reputation. We need to evolve as a regulator to meet these standards so, although Covid-19 paused some of our work, we are committed to achieving our goal of becoming even more dynamic and robust.”
Reflecting on his first year as JFSC Director General, Martin Moloney added:
“Alongside all of our other work in 2019, we undertook the much-needed process of prioritisation and planning that will ensure our service to the Island remains true to our guiding principles over the coming years. While we know that the picture for the remainder of 2020 presents significant challenges, the stability and growth that Jersey’s financial services industry has experienced means we are in a position of strength. And our position as the Island’s regulator is strong enough to weather the storm and support our community during harder times.”