On Thursday 23 June 2016, the British electorate voted to leave the European Union (EU). On Wednesday 29 March 2017, the British Government formally began the process of exiting the European Union (EU). The UK is currently set to cease being an EU Member State on 31 January 2020 and negotiations are underway to determine both how the separation will take place and what the new relationship between the UK and EU will be.
We are confident that Jersey's financial services industry will continue to be able to operate in both the UK and EU after Brexit as it did before. As a British Crown Dependency, Jersey is not part of the UK or EU. For financial services it has access to the EU market through its own bilateral agreements and arrangements, which are independent from the UK's relationship to the EU.
Jersey has made preparations to mitigate any adverse impacts of Brexit – notably on trade in goods and services and on immigration – and to pursue any opportunities that are created as a result of Brexit. As a result, any impact to Jersey’s finance sector will relate to the indirect consequences of a bad Brexit. In fact, Jersey has proven its resilience to weather financial storms over the years and sets itself apart from other IFCs by being well prepared for Brexit in all possible scenarios.
What is more, Jersey’s strong constitutional ties to the UK mean it is well-placed for access to UK investors and opportunities. This position was affirmed by the UK’s Financial Conduct Authority signing of a Memorandum of Understanding with the Island’s regulator, The Jersey Financial Services Commission (JFSC), back in March 2019.
The Government of Jersey and the JFSC have engaged with regulated firms in the run-up to Brexit to provide information and assistance to financial services businesses. A recent joint communication to chief executives outlined the expectations in relation to firms’ no-deal Brexit preparations.
We are confident that Jersey's financial services industry will continue to be able to operate in both the UK and EU. As a British Crown Dependency, Jersey is not part of the UK or EU. For financial services it has access to the EU market through its own bilateral agreements which are independent from the UK's relationship to the EU.
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