Our strategy

Our strategy

Our Strategic Framework for 2021-2024 outlines our long-term vision and key areas of focus for delivery.

Our vision

To be a high performing regulator, building for the long-term success of Jersey.

Our top strategic priority

Achieving sustainable, long-term excellence in regulatory effectiveness, and increased capability for the Island in combatting financial crime.

Our strategic anchors

Three strategic anchors provide the lens through which we make our decisions:

• Facilitate business integrity
• Harness technology and influence the digitalisation of Financial Services
• Develop our people, systems and capability to be a high performing organisation

Progress in 2022

To drive progress on our strategy we have delivered a significant amount of change within the JFSC in 2022, including the further enhancement of our Registry and Supervisory systems. These activities have supported the development of critical processes and tools to capture and manage our regulatory effectiveness and have helped to drive a continuous cycle of review and enhancement in our regulatory approach.

In addition, 2022 saw a significant increase in the volume of activity both internally and in cooperation with Government and other external agencies, as we prepare for the upcoming 2023 MONEYVAL assessment.

These combined efforts resulted in the successful delivery of a wide range of new regulatory frameworks required to meet stakeholders’ needs and keep pace with increasing international regulatory requirements, primarily focusing on demonstrating effectiveness in our ability to combat financial crime. This included:

1. Broadening our supervisory responsibilities through new and amended regimes such as VASPs and MVTS, changes to exemptions, and through our work with Government on NPOs.
2. Extending our regulatory powers in relation to Designated Non-Financial Businesses and Professions (DNFBPs), Partnerships, and Senior Managers.
3. Creating a Registry Supervision function to increase oversight of user compliance levels of the respective frameworks.

Our extended responsibilities have a material impact for our teams. As new rules and legislation are implemented, and change programmes delivered, we must deliver ongoing supervision work. Consequently, increased resource is needed to maintain specific frameworks and enable related downstream activities and infrastructure, such as updating systems, administration and training.

In 2023 we will build on our recent achievements, enabling the JFSC to focus on increasing our effectiveness in combatting financial crime, seeking to enhance our Island's reputation and add value to Jersey’s vibrant finance industry.

The year ahead at a glance

We will deliver on three core work streams this year, each one directly linked to a Strategic Anchor and guided by our Vision and Top Strategic Priority.

This will ensure that we:

1. Continue to increase our effectiveness, and therefore the Island's effectiveness, in the combatting of financial crime to achieve higher business integrity
2. Establish the JFSC as a technology-oriented regulator enabling the digitalisation of Financial Services
3. Deliver positive employee experiences that attract and retain talent in support of a high-performing organisation