The Jersey Financial Services Commission is introducing new ‘focus examinations’ to assess how financial firms meet their regulatory requirements while saving time and minimising disruption.
The focus examination will require minimal advanced documentation, with only essential extracts requested, while it will only require a short on-site period of around half a day. It said this should minimise disruption to business as usual activities.
The new format will also be open and interactive, allowing firms to demonstrate how their controls operate in practice, including walking the regulator through relevant processes without lengthy written requests. It will then provide targeted feedback.
The regulator will then share anonymised industry-wide feedback and observations to help firms going forward.
The focus examinations will take place in early June, with the initial focus topic being targeted financial sanctions. Firms selected will be notified by email shortly, including confirmation of the process and the information needed in advance.
The regulator said: “Focus examinations allow us to understand how you meet your regulatory requirements in a specific, clearly defined area, without the scale or disruption of a full examination”.
