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Jersey Chamber of Commerce

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Category: States of Jersey

Financial Stability Advice Takes Step Forward

Nov 30, 2022


The delivery of advice to Government on how Jersey can maintain financial stability is expected to be strengthened following a public consultation into proposals to strengthen Jersey’s Financial Stability Board (FSB).

The FSB, which advises the Government on how to minimise the risk of Jersey being affected by financial instability, has been operating in shadow form since 2019, with limited ability to access relevant data. The public consultation was run at the end of 2021 into legislative proposals designed to increase the FSB’s effectiveness by enabling it to access relevant information, setting out its duties, and enshrining its independence.

The results of the consultation, which have today (30 November) been published, show support for the proposals and objectives among the small number of people and organisations who responded, although there were some questions on the FSB’s role and whether there was overlap with the existing bodies.

The Chief Minister, Deputy Kristina Moore, said: “It is vitally important that Government receives effective independent advice on the decisions that have to be taken to ensure that Jersey’s economy and the finances of government, individuals and businesses remain stable and protected as much as they can be from financial instability. I am grateful to everyone who took time to carefully consider the proposals and respond to the consultation.

“We will look to ensure that there is clarity about the board’s role, particularly in relation to other advisory bodies, and to ensure that the legal powers are in place so that information that is needed to provide comprehensive advice can be obtained. This action is part of the commitment I made in my Ministerial Plans to ensure that governance arrangements are in place to support a culture of robust decision making, that is efficient, effective, value for money, transparent and accountable.”

The FSB’s role is to identify and assess risks that might destabilise Jersey’s financial system and affect Islanders’, organisations’ and businesses’ access to their money and their ability to invest it and borrow as required. The FSB advises the Chief Minister on how to reduce risks of financial instability and how to prepare and weather such crises were they to occur.

The consultation ran from 20 September to 15 November 2021 and Government received four responses and one set of informal comments. The consultation response paper is available on gov.je/consultations.


Government of Jersey News Release

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