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On 1 March, the Jersey Financial Services Commission ("JFSC") published its new Outsourcing Policy and Guidance Notes, which will apply to all new outsourcing agreements from 1 June 2017.
within Accounting and Audit, Immigration and Insurance topic(s)
On 1 March, the Jersey Financial Services Commission
("JFSC") published its new Outsourcing Policy and
Guidance Notes, which will apply to all new outsourcing agreements
from 1 June 2017. Existing outsourcing agreements must adhere to
this new Policy as from 1 June 2018, but may elect to comply with
the new Policy as from 1 June 2017, by filing an Outsourcing
Notification form.
The new Policy is wider in scope than its 2011 predecessor, so
we would recommend that all arrangements be reviewed, where a
regulated entity is delegating activities. Policy and Procedure
Manuals will also need to be updated.
Whilst some delegated activities are clearly out of scope,
activities that are within scope, will need to be subject to a risk
assessment. It will also be necessary to wait to receive a 'no
objection' from the JFSC, before the delegation can go
live.
Walkers has been actively engaged with assisting local regulated
entities in Jersey, with complying with this new Policy. We would
be pleased to assist you with any queries you may have, with
regards to its implementation.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
