A public consultation is asking Islanders for their views on a new regulatory framework for pension businesses operating in Jersey.
Many companies providing pension-related services are regulated by the Jersey Financial Services Commission, but there are currently no specific regulations for pension business. The new framework is intended to protect the rights and interests of people using Jersey-based products and services, and to help support business growth in the pensions sector.
Last year Government received feedback on the proposed scope of pension regulation. This new public consultation proposes a regulatory regime and sets out the requirements that regulated firms would have to follow.
Assistant Minister for External Relations, Connétable Richard Buchanan, said: “Jersey’s financial services sector is built on sound regulation and high standards. Planning for a financially sound retirement is important and consumers expect their pension arrangements to be protected and managed by companies that are subject to appropriate regulatory scrutiny and oversight. These proposals provide a framework for regulating pensions and embed further protections for users of Jersey pension products and services.
“This year we will also be consulting Islanders and the pension industry on the wider role that pensions play in helping islanders maintain financial independence in later life. Regulation will help to ensure that the pension industry is well-run and focused on the best outcomes for members.”
Government will consider responses to this consultation to ensure that the proposals are proportionate while also achieving the required consumer protection objectives. It will then, in consultation with the regulator, take the responses into account when developing detailed proposals for regulating pension business.
Connétable Buchanan added: “These proposals build on the feedback we received last year. I am grateful for the comments and support received and look forward to continuing this conversation as we work together to build a framework which further enhances the security and reputation of Jersey pension industry .”
Feedback is welcome from all stakeholders. The consultation paper is likely to be of particular interest to those involved in the pension business in Jersey.
Responses can be sent directly to Government or to Jersey Finance, and the deadline is 28 February 2020.
Government of Jersey News Release.