Forex Regulatory Tips
JFSC of Jersey regulates forward foreign exchange rather than spot foreign exchange.
Jersey JFSC was established in 1998.
The Jersey Financial Services Commission (JFSC) is the financial services regulator in Jersey. It is responsible for the oversight, authorisation, supervision and development of financial services in and out of Jersey. Ensure that all authorised financial services businesses and individuals meet appropriate standards and that JFSC complies with international standards for banking, securities, trust company business and insurance regulation, as well as anti-money laundering and terrorism financial safeguards.
1. Effectively combat the financing of terrorism and financial crime as part of a wider international effort in this regard
2. Work closely with regulators and lawmakers to ensure access to an efficient and efficient market for financial services
3. Be an agile and thoughtful regulator that reduces risk to depositors and investors while maintaining proportions so that regulatory costs do not outweigh their benefits.
Maintain Jersey's status as an international financial centre and maintain it by:
1. Reduce the risk of financial loss to the public due to dishonesty, incompetence, impropriety or financial unsoundness of financial service providers;
2. To protect and strengthen the reputation and integrity of Jersey in commercial and financial matters;
3. Safeguarding the best economic interests of Jersey; fighting financial crime in Jersey and elsewhere.
In support of our primary goals, the committee's goals are:
1. Ensure that all authorized entities meet appropriate standards;
2. Ensuring that all regulated entities operate under recognized standards of good regulatory practice;
3. Comply with international standards in banking, securities, trust company business and insurance supervision, anti-money laundering and terrorist financing defense;
4. Identify and deter abuses and breaches of regulatory standards; ensure that the Commission operates effectively and efficiently and is accountable to the Chief Minister.
Email: [email protected]
Tel: 44 (0)1534 822000 (Jersey time: Monday to Friday 8:30-17:15)
Address: PO Box 267 14 – 18 Castle Street St Helier Jersey JE4 8TP
When you enter the official website of JFSC in Jersey https://www.jerseyfsc.org, you will see that the financial companies of JFSC in Jersey are divided into banks, funds, insurance, investment companies, trust companies, money service businesses, etc. For different categories of companies, their regulatory inquiries are under the corresponding "Regulated Entities". The following takes an investment company as an example to demonstrate how to conduct a regulatory inquiry.
Step 1 Directly open the page of the investment industry regulated entity, https://www.jerseyfsc.org/investment-business/regulated-entities/;
Or from Jersey JFSC's official website https://www.jerseyfsc.org/ to enter the regulated entity page of the investment industry, as shown below;
Step 2 Enter the regulatory entity page of the investment industry, and enter the company name or regulatory number in the search box on the right to search;
Step 3 After the search results come out, click "Details" to view the company's address, legal category (Law Section Classes), Investment Business (type of investment industry)
Note: Click on 'Details of Regulated Entities' Senior Management and Investment Employees' to view details of the regulated entity's executive and employee list.
When you are not satisfied with your investment, you can file a complaint in 3 steps:
Step 1: Contact the financial company directly
When you have a complaint, the best way is to contact the financial company directly to help resolve it.
Step 2: If you are not satisfied with the financial company's processing results, you can file a complaint with the Jersey JFSC or the Channel Islands Financial Ombudsman CIFO
If you are not satisfied with the dealer's response, you can contact the Jersey JFSC or the Channel Islands Financial Ombudsman CIFO to file a complaint. Complaints are recommended to the Channel Islands CIFO, which can handle compensation up to £150,000.
1. Complain to Jersey JFSC or CIFO:
Jersey JFSC only accepts written complaints, not oral or anonymous complaints. The email address for complaints is [email protected] and the following information must be provided:
1. The name of the relevant regulated financial services institution
2. Your full name, address, and third parties on your behalf
3. All information related to the complaint
4. Information on authorized third-party representatives
JFSC processing flow:
JFSC acknowledges receipt of the written appeal within 5 working days.
All complaints are strictly confidential, but in order to assist in resolving your complaint, JFSC may disclose some of the complaint information to the relevant financial services institution so as to obtain an investigation and response as soon as possible. In some special cases, it may also be possible to send a copy of the appeal you submitted to the other party for follow-up.
JFSC requires the company to contact you directly with a detailed explanation of the complaint.
2. To file a complaint with the Channel Islands CIFO, there are 4 ways to choose:
(1) File a complaint online with the Channel Islands CIFO.
Online Complaint Address: https://www.ci-fo.org/submit-a-complaint/
Online Complaint Form Translation Reference Template (please click the image below to view the template):
(2) Submit a complaint by mail to the Channel Islands CIFO.
Email Complaint Address: [email protected]
When filing a complaint by mail, the address of the complaint form to be downloaded:
Complaint form translation reference template (please click the image below to view the template):
(3) Letter to the Channel Islands CIFO to submit a complaint.
Mail complaint address:
Channel Islands Financial Ombudsman
P O Box 114 JERSEY, Channel Islands JE4 9QG
(4) Submit a complaint by fax to the Channel Islands CIFO.
Fax Complaint Address: +44 (0)1534 747629
Note: The Jersey JFSC can investigate complaints, but only the CIFO and the courts can deal with compensation. In addition, JFSC and CIFO have channels to share complaint information.
Step 3: File a complaint in court
If you are not satisfied with the response from the finance company or the Channel Islands CIFO, you can take a complaint to court.
Example of punishment
If I am not sure whether an activity related to an investment business requires authorization from the Commission, may I ask you for advice?
The investment business is regulated by the provisions of the Financial Services (Jersey) Act 1998. JFSC staff will be happy to provide general explanations on the activities covered by the law. However, JFSC staff cannot provide legal advice on specific circumstances and if you are in any doubt you should consult a lawyer qualified under Jersey law.
Jersey Citizens Advice Bureau: https://www.cab.org.je/
Jersey Consumer Council: http://www.jerseyconsumercouncil.org.je/
Jersey Law Society: http://www.jerseylawsociety.je/public/lawyer-search/
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