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The JFSC was set up as an independent body by law in 1998. [4] Its responsibilities include the regulation of the banking and finance sectors, the registration of companies in Jersey, and "promoting the Island as a centre for financial services". [4]
Jersey shares The International Stock Exchange (TISE) with Guernsey, where it is based. [11] It was established in 1998. [5] In 2015, Jersey (in conjunction with the Bailiwick of Guernsey) established the Channel Islands Financial Ombudsman (CIFO) to resolve consumer complaints about financial services provided in or from the Channel Islands.
The economy of Jersey is a highly developed social market [8] economy. It is largely driven by international financial services and legal services, which accounted for 39.5% of total GVA in 2019, a 4% increase on 2018. [9] Jersey is considered to be an offshore financial centre. [10]
The company was established as Jersey Trust Company in Jersey in 1987 to provide fund management services to clients. [3] After buying Merrill Lynch's international trust and wealth structuring business in May 2017, [3] the company was the subject of an initial public offering on the London Stock Exchange in March 2018. [4]
Geoffrey Colin Powell CBE (17 September 1937 – 13 May 2019) was a British economist who was influential in the development of the financial services industry in Jersey. Powell's Economic Survey of Jersey was published in 1971 and helped recommend the diversification of the economy of Jersey away from agriculture and tourism towards financial ...
[117] 53,460 people were employed in Jersey as of December 2010: 24% in financial and legal services; 16% in wholesale and retail trades; 16% in the public sector; 10% in education, health and other private sector services; 10% in construction and quarrying; 9% in hotels, restaurants and bars.
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NatWest Offshore Limited was an Isle of Man-incorporated bank formed in 1997, with branches in Jersey, Guernsey and Gibraltar.The business was transferred to RBS International through private members' legislation passed in each of the four jurisdictions in 2001, with RBS retaining NatWest as a trading name as well as continuing its existing business.