Chamber News Article

Jersey Chamber of Commerce

Latest News

Category: Financial  Local Business News

Pensions Consultation

Sep 06, 2021

Views Sought on Proposed Changes to Pension Sales Regulations

Islanders have until 30 September to share their views on proposed legislative changes which will provide better protection for people seeking advice on their pension arrangements.

Under the current law, advice given about financial services products must be accompanied by a Suitability Letter which sets out the consumer’s goals, which products have been discussed, and which the consumer has opted for. This gives the Jersey Financial Services Commission (JFSC) assurance that consumers have been provided with advice to make the most prudent financial choice for their situation and investment goals.

The requirement for a Suitability Letter already applies to advice given about the transfer of a customer’s defined benefit pension but, following feedback from industry representatives and the JFSC, the Government of Jersey is proposing two new pieces of legislation which will extend this condition to advice on pension arrangements and pension products.

In addition to Islanders providing feedback, industry representatives can provide feedback via Jersey Finance. Details of how these changes will work, and how to submit feedback, are available as part of the consultation, which is on the Government of Jersey website,

More Chamber News

  • Improvement Plan for Planning services published.

    A plan outlining actions for improvements in the Government of Jersey’s Planning services has been published...

  • Weekly Footfall Report for St Helier, King Street 2023

    Weekly Footfall Report for St Helier, King Street 2023

  • Scrutiny hearings coming up

    Scrutiny hearings coming up