Jersey

Regulatory pace and an island economy

David Carse OBE, Director General of the Jersey Financial Services Commission

The financial services legislation in Jersey has undergone radical changes over the last five years. These changes have been designed to ensure that Jersey has a legal and regulatory framework for financial services in keeping with their importance to the Island’s economy. The finance industry accounts for over 55% of its GDP and keeps pace with the evolving international standards set by bodies such as the Basel Committee, IOSCO and the FATF. Although Jersey is not a member of the EU it also has to pay increasing regard to the regulations that flow from Brussels, since these set the ground rules for firms wishing to do business with EU member countries.