The Jersey Financial Services Commission (JFSC) has reflected on a year of ‘resilience’ in its 2020 Annual Report.
The JFSC’s top priority in 2020 was to keep its people, the Jersey financial services industry and its Registry customers safe, while staying ‘open’ for business.
The report documents the regulator’s performance during the year and its comprehensive review of its activities and its progress against its four-year strategic roadmap, which was unveiled in 2020.
Key highlights throughout the year include:
- keeping the Registry fully operational when other jurisdictions did not, contributing in large part to an influx of new business to the Island
- doubling Industry engagement and outreach with website updates, webinars and virtual meetings
- launching its new regulatory platform myProfile
- completing the initial build work for the new digital Registry and myRegistry, which went live early in 2021.
While the JFSC made a surplus in 2020, mainly due to lower than planned expenditure, it is still working on bolstering its financial reserves to strengthen its organisational resilience.
JFSC Chair, Mark Hoban commented: “2020 was an extraordinary year. The Island, its people and its businesses were deeply affected by Covid-19. The resilience showed by the JFSC is outstanding and some of our achievements throughout the year are remarkable. We find ourselves in a strong position to exit these turbulent times and support the Island and its financial services industry as we build back better. We will continue our strong engagement with Industry so we can continue to understand the challenges businesses face and how we can adapt to them.”
JFSC Director General, Martin Moloney added: “We began 2020 with an ambitious plan for capital investment and a demanding programme of supervisory engagement. We did not anticipate the events to come. At the JFSC, we have a skilled and ambitious team who have worked incredibly hard in 2020 to deliver the kind of development, supervisory and registry work that fulfil Jersey’s unique ambitions to be among the most responsible international finance centres in the world. In my opinion, our staff deserve all our gratitude for the way in which they supported each other and delivered for Jersey in 2020. We will continue in 2021 to build on what was achieved in 2020.”
The full JFSC Annual report can be read here.