Regulated by the JFSC – what does it mean
Regulated by the Jersey Financial Services Commission – what does this really mean?
The Commission is the Island’s financial services regulator. It is responsible for regulating and supervising businesses involved in banking, funds, investment, insurance, money service and trust company business – these are “regulated” activities.
If you deal with a regulated business this means that important checks have been carried out by the Commission to try and ensure that it is legitimate and will operate its business to the high standards which the Commission expects. These checks cannot guarantee that everything will run smoothly. However, if the Commission finds that the business has not behaved properly it may be able to take action against the business.
Not all financial activity is regulated in Jersey. Some types of activity are not regulated (e.g. advising purely on loans or mortgages) and some types of activity which are generally regulated may have exceptions (e.g. investment activity is generally regulated but, investments in stamps, fine wines, antiques and other so-called “collectible” items are not regulated). If a business is not regulated, the Commission does not carry out checks to make sure that it is operating to high standards.
You can check if businesses you are dealing with are regulated by going to the Commission’s website (www.jerseyfsc.org) and clicking “The Commission” and then “Regulated Entities”. This provides a list of regulated businesses.
Before buying financial products or services you should also read the free and impartial advice which the Commission provides to help consumers at www.protectyourmoney.je.