Today we have published a consultation in relation to our proposed standard for statements about the Jersey Bank Depositors Compensation Scheme (JDCS Disclosure Standard).  The consultation and draft JDCS Disclosure Standard can be found on our Consultations page and links are provided below:

Consultation Paper

Draft JDCS Disclosure Standard

The consultation is part of an on-going project to prepare the JRA for additional statutory responsibilities relating to the JDCS, which the Government of Jersey plans to transfer to the JRA on 1 January 2026.  

In October 2024 the Government of Jersey consulted on proposed amendments to the Resolution Law that will, amongst other things, transfer responsibility for the administration of the JDCS to the JRA.  Proposed amendments include granting the JRA the power to issue a standard for statements about the JDCS to be followed by banks in advertisements, account statements and other documents or publicity produced for depositors or potential depositors.  

The Government of Jersey is also making enhancements to make it easier for the JDCS to make timely payment of compensation in the unlikely event of a failure of a Jersey Bank.  The improvements necessitate amendments to the existing disclosure requirements applicable to banks.  Further details of the changes being made can be found on the Government of Jersey's website.

For more information about the JDCS and the protection it provides to eligible depositors, please visit the Jersey Bank Depositors Compensation Board's website.