Financial Services Commission (Financial Penalties) (Jersey) Order 2015

Summary

This Order sets the maximum level of civil financial penalties that the Jersey Financial Services Commission (JFSC) may impose for contraventions of a Code of Practice or relevant enactment under the Financial Services Commission (Jersey) Law 1998. It does not itself create new conduct requirements; rather it establishes a banded penalty schedule and specifies who can be penalised and by how much.

• Who can be fined: Penalties may be imposed on a registered person, a principal person, or a key person/person performing a senior management function, with a separate maximum cap for each category.
• Band 1: Repeated failure (more than once in 2 years) to make a required notification to the Commission under a Code of Practice, or to make it within the required timeframe, after the Commission has given written warning: capped at the lower of 4% of average annual turnover or £100,000 for a registered person, £5,000 for a principal person, and nil for a key person.
• Band 2: A contravention not falling into band 2A or 3 and not rectified within a reasonable Commission-set timeframe: capped at the lower of 6% of average annual turnover or £4,000,000 for a registered person, £100,000 for a principal person, and nil for a key person.
• Band 2A: A negligent contravention causing or risking specified harms (financial loss to the public, damage to Jersey's reputation or economic interests, undermining anti financial crime efforts, or done for commercial reasons): capped at the lower of 7% of average annual turnover or £4,000,000 for a registered person, £150,000 for a principal person, and £100,000 for a key person.
• Band 3: An intentional or reckless contravention causing or risking the same specified harms: capped at 8% of average annual turnover for a registered person, £250,000 for a principal person, and £200,000 for a key person.

The Order has been amended several times since 2015 (including changes effective 2018, 2022 and 2026), which have updated the penalty bands and definitions such as average annual turnover and affiliation, but the underlying structure of the penalty regime remains as set out above.

Key obligations

• Registered persons must make notifications required by a Code of Practice, and must do so within the timeframe required by that Code, to avoid exposure to Band 1 penalties for repeated failures.
• Registered persons must rectify a contravention within the timeframe determined by the Commission (after reasonable discussion) to avoid a Band 2 penalty.

Applies to

registered persons, principal persons, key persons, persons performing senior management functions, trust company business affiliations

Related documents

• This document is made under Financial Services Commission (Jersey) Law 1998