THE Island’s financial watchdog has promised to “do more” to rebuild confidence after an independent survey raised fresh concerns over whether it is acting in Jersey’s best interests.
The Jersey Financial Services Commission’s 2025 industry survey report addressed feedback collected by market research agency 4Insight.
The independent and anonymous research involved an online survey, completed by 502 respondents across of range of business types, as well as 20 “in-depth” interviews.
Among other questions, the survey sought feedback as to how well respondents believed the JFSC “as a regulator acts in the best interest of Jersey”.
Of those who responded, 37% answered “well” and 15% answered “very well” – lower than last year’s figures of 42% and 24% respectively.
The report also noted that less than half (40%) of respondents believed the JFSC was “better or much better” than other international regulators – another decrease in comparison to 2024 (51%).
“We acknowledge that a meangingful 34% of respondents believed that we are worse or much worse than other international regulators (compared to 29% in 2024),” the report added.
“Jersey is a jurisdiction of choice, and we acknowledge that we must do more to enhance our competitiveness.”
Writing in the foreword of the report, JFSC director general Jill Britton said: “Overall, this year’s survey results have trended downwards.
“This is cause for further reflection. These results show we need to do more to improve people’s experiences of working with us. We must do better.”
She continued: “While we have made progress through our previous industry survey action plans, it’s clear that a strategic response is also required to address recurring themes of competitiveness, engagement, service and online experiences.
“Alongside current activity we share in this report, our 2026-2030 strategy will play an important role in bringing about the more fundamental changes the survey responses call for.”
Ms Britton said that the results “show that we clearly have more work to do”.
“We recognise that a trusted regulator and registry must be focussed on service levels, proportionality and competitiveness alongside our core mandate of protecting consumers and the Island’s reputation, and combatting financial crime,” she added.
“We value industry engagement and feedback and are committed to delivering noticeable change for our stakeholders in these areas.
“We will build on work already in train to improve service levels, including quarterly service reports introduced this year on our website so you can track our progress. We will also share our progress in responding to stakeholder feedback in our annual reports.”
It follows an investigation by the JEP last year in which various individuals raised concerns about transparency and accountability within the organisation, whose use of public statements to name and shame those accused of financial misconduct or professional malfeasance were strongly criticised. It included interviews with individuals whose lives and careers were ruined by the regulator’s enforcement arm.
At the time, the JFSC said it took the allegations “extremely seriously” and would “carefully review them using our core values of professionalism, integrity and respect”.
