THE Jersey Financial Services Commission has delayed the release of a long-awaited report into complaints it has received for a third time.
A JFSC spokesperson told the JEP recently that the report, which will be the first that the regulator has published, will now be rolled into its financial results in April.
It was originally due in autumn last year “or very shortly thereafter”, a JFSC spokesperson said in October last year. In January, the JFSC said it anticipated the report “by the end of February”.
“I can confirm that this will be published in April in our audited annual report and accounts,” the spokesperson said.
Asked for the reason for the delay, the spokesperson said: “Owing to the importance of reporting this information to stakeholders, our board of commissioners have decided this should be included in our audited annual report and accounts.”
The JFSC only began collecting data on the complaints it received with a commitment to publish them in November 2023, over two decades since it was set up to police the Island’s finance industry.
It covers all firms that are regulated by the JFSC, including those that are regulated only for anti-money-laundering purposes, such as estate agents and lenders.
According to information published on the JFSC website, the new procedure allows for the appointment of investigators followed by remedies should the complaint be upheld.
In September 2024, a JEP investigation revealed a litany of failings within the enforcement division of the JFSC over a number of years, including behaviour that was later defined by External Affairs Minister Ian Gorst as bullying.
In a statement following the investigation, JFSC chair Jane Platt, who had been in office for a year, refused to acknowledge any failings at the regulator, either current or historic.
Unlike regulators in other jurisdictions, the JFSC is not covered by freedom of information legislation in Jersey and has refused to release information when asked by the JEP, including data on how many employees have left with non-disclosure agreements.
The States voted to add the JFSC and other arms-length-organisations to the FoI law in 2014 but the government is yet to do so.
If you work – or have worked – at the JFSC and would be willing to share your comments with us in total confidence, please reach out to orlando@allisland.media.
