JFSC wants to accelerate RegTech adoption

Wednesday 03 August 2022

The JFSC is intending to accelerate its internal capabilities and external support of RegTech adoption.

The regulator says this will consist of:

• Increasing investment in their Innovation Hub supporting FinTech, SupTech and RegTech.
• Providing greater clarity on our regulatory expectations through expanded outreach and
• engagement.
• Collaborating with other agencies on skills development to support enlarged capability for JFSC,
• government and Industry.
• Clarifying and simplifying the regulatory framework to enable the digitalisation of regulatory
• content.
• Developing regulatory submissions so that they are 100% 'digital by design' by January 2024.

RegTech was the centre of discussion at an event hosted by the regulator at the Royal Yacht last month.

It looked at the findings of an independent report commissioned by the JFSC, which found that financial services firms in Jersey are positive about RegTech, but found there were barriers to using it.

78% of firms surveyed agreed that RegTech tools are increasingly necessary for achieving compliance. However, the report highlighted that there is still room for growth with 42.2% of firms not yet using RegTech to address their compliance challenges.

JFSC Director General Jill Britton said the regulator's ambition was "for Jersey to reach a level of RegTech maturity by the end of 2024 that is evidenced by high adoption rates, and results in cost efficiencies, improved compliance, and management of regulatory complexity."

She continued: "As a regulator, we also believe that the adoption of RegTech and SupTech can facilitate high standards of business integrity, and upskilling our own team at JFSC will support our goal to be a high performing organisation. We look forward to working with Industry to ensure that Jersey maintains the highest standards."