JFSC to regulate pensions business
Unlike in the Isle of Man, pension business is not regulated in Jersey as a separate category of financial service business. The retail side of pension business is instead regulated in part through other categories of regulated financial service or insurance business which overlap into pensions business and in the employer (non-retail) side of pension business, the JFSC has no direct oversight.
In recent years, Government, the Regulator and representatives of the JPA and JPF have been in discussions to introduce a comprehensive framework for pension regulation to the Island, incorporating both the retail and non-retail aspects of it. The Government issued two consultations on the topic in 2018 and 2019.
Following these consultations Government has pledged to introduce, with the assistance of the Regulator, a phased, proportionate approach to the introduction of pension regulation.
The Draft Amendments, which are the subject of this consultation represent Phase 1 of pension regulation, which covers the regulation of the provision of retail pensions advice. There will be further phases to follow which further regulate both the retail and non-retail aspects of pension provision on the Island.