The States of Jersey has published two consultation papers proposing to regulate consumer lending and pensions business within a financial services regulatory framework.
Despite the financial services industry in Jersey being recognised as well regulated, with high standards of consumer protection, lending and pension services are not regulated in their own right.
The States of Jersey proposes to expand protection by bringing pensions business and the provision of lending fully into the scope of regulation.
The Assistant Minister for External Relations, Connétable Richard Buchanan, commented: “These consultation papers are an important step towards protecting islanders in two of the most important financial services that we rely on – borrowing and pensions. I encourage all islanders with a view on this to put their opinions forward so that we can build the best possible protection in Jersey.”
Standards focus
According to the States, introducing minimum standards for those who carry out business associated with lending would help prevent mistreatment and further improve standards in the industry. Bringing pensions business into regulation would enhance protection and assurance for consumers.
Firms that provide services associated with lending to consumers and pensions are often regulated because of other activities they carry out. Consumers borrow for many reasons, from short-term loans to mortgages. Lending is vital to allow consumers to access goods and services, and in turn is integral to the Jersey economy.
The States of Jersey welcomes feedback from those who have an interest in the provision of consumer lending and pensions business within Jersey.
• Islanders can submit their views by following this link to the consultation page. The consultations close on Thursday 31 January 2019.