1. Could you outline the JFSC’s overarching mandate and how it supports Jersey’s position as a trusted, well-regulated international finance centre?
We’ve been in existence independently for nearly 30 years now as the island’s financial services regulator. Our mandate is really all-encompassing. It covers all regulated businesses on the island, banks, investment businesses, trust companies, and funds. And specifically, from an anti-money laundering and counter-terrorist finance (AML/CFT) perspective, we also regulate the legal profession, accountants, estate agents. So, it’s quite a broad mandate.
But our core remit is prudential supervision, conduct supervision, and AML/CFT. What makes us quite unique is that within the JFSC, we also house the company’s registry, meaning we’re the registrar for incorporations on the island. That’s unusual; only one or two other jurisdictions globally combine those roles.
Given Jersey is a major wealth management hub, that’s a huge advantage because it allows us to work closely with industry at the point of incorporation, but also gives us access to information that is crucial for supervision. So, as I said, we’ve been operating independently for nearly 30 years, accountable to the government but independent in decision-making and operations.
Our role is to uphold the island’s integrity from a financial services perspective, implementing international standards, supervising our industry to ensure compliance, and protecting consumers from harm. Financial crime prevention is a particular focus for us, given Jersey’s status as an international finance centre.
We also support economic growth and the viability of the island, since financial services is really our core industry, central to Jersey’s economic contribution. So, we sit at the heart of the financial services community here, maintaining strong relationships with government, industry, Jersey Finance, and internationally with our global partners. That’s a huge part of our mandate.
2. What would you say are the main differences that compare Jersey to other jurisdictions from a regulatory standpoint? What makes Jersey so unique?
I think Jersey’s reputation is built on stability, political stability but also on the deep expertise we’ve developed over the last 60 years, especially in wealth management and funds. That’s really our niche.
We were one of the first jurisdictions to bring in trust regulation and trust law, which many other jurisdictions have since adopted or adapted. Jersey punches above its weight internationally, especially given its size, because early on we recognized that adopting and often exceeding international standards gave us a real competitive advantage.
A great example is our register of beneficial owners, we were early adopters there, aligning with FATF’s 40 recommendations. That proactive stance has set us apart; many jurisdictions have had to catch up later.
3. Regulators worldwide face the challenge of balancing innovation with investor protection. How is the JFSC adapting its supervisory approach to foster fintech, digital assets, and other emerging financial services?
That’s a really interesting point and something we’re very focused on. Globally, we’re in a period of volatility, uncertainty, and complexity, which puts regulators at an inflection point.
We’ve seen many regulators broaden their mandates to include competitiveness, and Jersey has been again unusual in having that as a core part of our role for a long time, supporting economic growth alongside regulation.
But innovation means we must adapt. We’re upskilling our teams and evolving our supervision frameworks with a much greater risk-based approach. Data and technology are central to that, allowing us to focus resources on higher-risk areas.
This brings complexities too, we need expertise around digital assets, cyber threats, and supervising emerging tech. We also have a role supporting industry adoption of innovation, especially since Jersey is a small island with a population around 110,000. Embracing technology is vital for growing our industry.
Our 2021 strategy launched an innovation hub designed to help both our own technology adoption and support industry, working closely with partners like Digital Jersey. We provide guidance, develop standards, and help firms navigate the frameworks around fintech and regtech.
Being a small, close-knit jurisdiction helps, our regulator, industry, and government are literally within walking distance of each other. That proximity makes collaboration much easier.
4. How is the JFSC collaborating with international bodies and peer jurisdictions to maintain Jersey’s reputation for robust AML and CFT compliance?
That’s a huge part of our work. Our clients span over 200 jurisdictions, so international relations are absolutely critical.
First, we ensure compliance with international standards and maintain a seat at the table with key standard setters — FATF, Moneyval, IOSCO, Basel — contributing to research, guidance, and policy. We also represent many smaller jurisdictions in these forums, which is important for Jersey.
Secondly, we maintain bilateral and multilateral memorandums of understanding, 65 bilateral MOUs with 35 jurisdictions, including the US, where we have strong long-standing collaboration with regulators like the SEC.
These agreements enable information sharing critical to investigations, law enforcement, and training. In fact, two of our supervisors are soon participating in a SEC digital assets training program, very helpful for sharing knowledge and experience globally. We’re proud to be part of that international fight against financial crime.
5. You mentioned Moneyval earlier, which is quite central to Jersey’s credibility, right?
The recent Mutual Evaluation Report published last year confirmed Jersey as a global leader in meeting FATF standards.
That’s hugely powerful for credibility with the UK, EU, US, and other partners. It also supports economic growth because clients and investors want the assurance that a jurisdiction meets the highest international standards. It’s a key factor in maintaining our strong reputation.
6. Now, moving on to cyber resilience. What expectations does the JFSC have for licenses regarding cybersecurity governance, and how do you help firms raise their resilience?
Cybersecurity is absolutely key, especially as we encourage the adoption of new technologies, which bring new risks.
We work closely with partners, the Jersey Cyber Security Centre, whose head is also one of our commissioners, Digital Jersey, and the Information Commissioner’s Office.
We set standards through our codes of practice, requiring appropriate systems and controls to protect data and systems.
We supervise compliance with these standards, publish feedback and guidance, and are constantly upskilling our teams to maintain strong oversight. Cybersecurity will only grow in focus.
7. Could you tell us a bit about Jersey’s efforts in sustainable finance?
Jersey has published a roadmap for sustainable finance covering both government and JFSC responsibilities. We’ve had standards on greenwashing for some years, particularly in funds and investment businesses. Just this week, we issued two consultations aimed at enhancing our framework in line with evolving international standards, including sustainability risk management.
We’ve deliberately kept our approach flexible, recognizing that different jurisdictions (EU, UK, US) have varying standards. Since Jersey serves global clients, flexibility is crucial to meet their needs.
Sustainable finance is a growing opportunity for Jersey, especially given our strong funds and private wealth industries. We see great potential, particularly to attract US clients.
8. Could you give us a quick note on digital transformation within the JFSC? How are you leveraging analytics, regtech, and emerging technology?
Digital transformation is a core pillar of our strategy, both internally and externally. For example, we upgraded our registry system to enable advanced data analytics, helping law enforcement and improving risk understanding.
We’ve also launched “Reggie,” a chatbot to help our teams and industry easily navigate guidance, legislation, and codes.
We’re piloting supervision technology (sup-tech) to analyze documents and focus on higher-risk areas during onsite exams, which makes supervision more efficient and less intrusive.
Automation and AI are key opportunities to improve regulator efficiency and effectiveness, which in turn helps the industry.
9. Looking ahead 5 to 10 years, what do you see as the biggest regulatory challenges and opportunities for Jersey’s finance industry? How are you preparing?
We’re currently embarking on our next strategic cycle, aligned closely with the government’s 10-year financial services strategy. This includes tax strategy, improving regulatory and business environments, and competitor analysis. Our fight against financial crime remains core.
We’re focusing on evolving our digital landscape, especially AI, alongside increased cyber resilience.
We’ll continue simplifying frameworks to ease doing business, with more automation and clearer guidance. And supporting business integrity and industry growth remains central.
10. Finally, what message would you like to share with Newsweek International’s readers, especially investors and financial institutions, about the JFSC’s commitment to maintaining Jersey’s stability, transparency, and competitiveness in a rapidly evolving global landscape?
I’d say success for Jersey won’t come from being the most regulated or the least regulated. It will come from being the most trusted, agile, and forward-thinking. We’ll continue embracing international standards, but in a way that’s right for Jersey, our economy, and our people.
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