Delegation of Powers (16 October 2025)

Summary

This is an internal governance policy of the Jersey Financial Services Commission (JFSC) setting out how the Board of Commissioners delegates its statutory powers to JFSC officers under Article 11 of the Financial Services Commission (Jersey) Law 1998. It does not impose requirements on regulated firms; it explains the JFSC's internal decision-making structure, including which matters cannot be delegated and which are reserved to the Board.

• Non-delegable powers: The Board cannot delegate the power of delegation itself, statutory functions relating to company winding up or bankruptcy (desastre) declarations, or the review of any of its own decisions.
• General delegation: Subject to those exceptions and the Schedule, the Board delegates all other powers to one or more JFSC officers, with the Director General deciding which officer exercises each power based on its impact on the JFSC's purposes, finances or reputation.
• Reporting and escalation: The Board receives regular reporting on the exercise of delegated powers, and officers may refer material, novel, controversial or principle based matters back to the Board.
• Reviews and reconsiderations: Reconsideration of a decision due to changed circumstances or new material information is treated as a new (delegable) decision, except that if the original decision was made by the Board, only the Board can make the new decision.
• Schedule of reserved matters: A schedule lists matters reserved exclusively to the Board, including changes to key policy documents, approval of the annual fees consultation paper, budgets and financial statements, large unbudgeted expenditure or contracts, senior appointments/removals, and decisions to initiate or defend most legal proceedings.

Because this document governs the JFSC's own internal delegation practice rather than regulated entities' conduct, it creates no compliance obligations for industry participants.

Key obligations

• The Director General must determine which officer or officers may exercise each delegated power based on its effect on the JFSC's key purposes, finances or reputation.
• The Director General must maintain a list of powers that are delegated, including at minimum those exercised under statute.
• Matters considered material and either novel, controversial or involving fundamental principle must be referable to the Board rather than decided under delegated authority.
• Reconsideration of an original Board decision due to changed circumstances or new information must be handled by the Board itself, not delegated.