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WQ.308/2024
WRITTEN QUESTION TO THE MINISTER FOR EXTERNAL RELATIONS BY DEPUTY M.B. ANDREWS OF ST HELIER NORTH
QUESTION SUBMITTED ON MONDAY 23rd SEPTEMBER 2024 ANSWER TO BE TABLED ON MONDAY 30th SEPTEMBER 2024
Question
"Will the Minister advise what consideration, if any, he has given to introducing legislation relating to consumer lending, and whether he would seek to introduce such legislation during this term of office?"
Answer
A draft law is due to be lodged with the States Assembly by the end of Q4 2024 for debate in early 2025. The legislative proposals are by way of amendment to the Financial Services (Jersey) Law 1998 and the introduction of consumer credit business as a new category of business for regulation by the Jersey Financial Services Commission (JFSC).
The draft law is well advanced and has been the subject of considerable consultation with industry. A 3- month consultation on the draft legislative proposals took place in the summer of 2023. Following this, government undertook a programme of further engagement with industry in early 2024 and a response paper was published in May 2024 setting out amendments to be made to the legislative proposals post consultation and based on feedback received. A further 4-week consultation on the amended draft law proposals is scheduled to take place in the coming weeks, before lodging.
It has been noted that despite the active engagement of most industry that will be affected by the proposed legislation, some sectors, notably, the retail and motor finance sectors and private lenders, have been less willing to engage than others, despite tailored outreach to those sectors by Government officials. I encourage those sectors to engage with Government officials to ensure that their views are considered prior to the law being debated.