Jersey’s financial services regulator, the Jersey Financial Services Commission (JFSC) has released their Annual Report for 2024.
On 24th July 2024, MONEYVAL, the Council of Europe’s permanent monitoring body, published their Mutual Evaluation Report for Jersey. The report confirmed that Jersey’s effectiveness in preventing financial crime is among the highest levels found in jurisdictions evaluated around the world.
Jill Britton (pictured), Director General at the JFSC commented: “This positive outcome from the [MONEYVAL] evaluation is critical to Jersey’s long-term economic success. This was a significant part of our story this year, and an achievement that many JFSC colleagues contributed to and are proud of.
“We are also committed to addressing the significant challenges that 2024 presented, including two data breaches and increased scrutiny, in an open and solution-focussed way. We have strengthened our cyber security, achieving Cyber Essentials and ISO 27001 certification, and continued to increase our engagement with industry and other stakeholders to enable continuous feedback.
“We recognise the importance of balancing effective regulation with an enabling regulatory environment for reputable business. We have listened and learned on where we need to do better, including improving our service levels.
“In 2024 we continued to move through the necessary business transformation to make these improvements and remain committed to this process of renewal in 2025.”
The JFSC’s digital transformation continued in 2024, digitising key regulatory processes on myJFSC to make them quicker and smoother for industry, launching an AI-powered regulatory chatbot, ‘Reggie’, completing a core upgrade of the Registry back-office system to enable future user experience improvements and preparing systems to enable obliged entity access to beneficial ownership information, which became available in 2025.
The year ahead will see the JFSC develop their capability to add intellectual property and trademark registers to the services provided by the Registry, to deliver digital improvements for industry, including:
- more enhancements to the JFSC portals,
- improving the website’s search functionality and user experience,
- developing and enhancing how data is collected to reduce the burden on industry and ensure resources are being used effectively as part of the risk-based approach,
- working with industry to operationalise the new platform providing obliged entities access to beneficial ownership information, exploring further development of this platform alongside government to provide access to those with legitimate interest.
