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Finance is essential to Jersey’s economy. It accounts for 40% of the Island’s Gross Value Added, funding our schools, healthcare and other vital public services.
As the regulator for financial services, we recognise how significant our role is in Island life. A strong finance sector is based on a strong regulatory environment.
The world is changing however, with more global uncertainty putting pressure on businesses and calls across many quarters to cut red tape. To protect Jersey’s reputation, we must preserve the strengths in our regulatory framework and find ways to enable growth.
We are committed to getting the balance right. We are here to serve Jersey.
Enabling Jersey’s economy
Global markets are facing headwinds and competition for business is fierce. Jersey is an international finance centre of choice, not necessity – in this environment a focus on competitiveness is crucial. To support the continued attraction of business to the Island, we are:
- supporting the Government of Jersey’s competitiveness programme
- reforming our fees to drive competitive advantage
- completing a strategic review of Registry to support users’ long-term needs
- enhancing service levels and streamlining processes to make doing business easier
Connecting every Island business
Our Companies Registry is used by every Jersey business and is therefore vital to Island life. We understand the importance of making your experience working with us as smooth as possible.
Our Registry has made significant progress in improving service levels and facilitating speed to market. We know that we have more to do and are committed to continuing to improve.
2024 improvements:
- 24% improvement in incorporation turnaround times
- 49% improvement in maintenance submissions turnaround times
- 21% improvement in phone call response rates
Ramona Muresan, registry supervision examiner, said: “Working in the Registry has brought home just how vital this service is to Jersey. Every business here will need to use the Registry at some point – we are proud to play this role in Island life.”
Melanie Bull, registry business manager, added: “We know there’s still more to do, but I am proud of how the Registry team has improved service levels. We want to be known as straightforward to do business with – the changes we are making support this.”
Protecting Islanders
Protecting Islanders from fraud and poor business conduct is core to our purpose. We are enhancing our anti-fraud strategy, focussing on payment fraud and scams, and working with the Channel Islands Financial Ombudsman and other partners to identify emerging risks and respond accordingly.
Our work to introduce new consumer credit regulation will make sure Islanders benefit from consistently high standards while enabling market access for new companies. We are also looking at how firms explain their services and fee levels to ensure transparency for consumers.
Listening, learning and improving to serve Jersey better
We regularly meet the people who use our services and send out an independent annual survey to understand how we can improve. Our next survey is launching at the end of this month, and more information will be shared soon on our website.
Taking action on complaints
When things go wrong, we welcome the opportunity to put it right, including through our complaints process. Openness is important; we have updated our complaints policy to include a commitment to publicly sharing our complaints data every year. To provide assurance, we are publishing this data in our official annual report and accounts. It will come out later this month.
We will continue to develop our complaints reporting to capture the fuller picture of issues raised, recognising that this will help us to be a more effective regulator. We are committed to high performance and treat each complaint as an opportunity to listen, learn and improve our service.
