Financial Services
Ombudsman (Exempt Business) (Jersey) Order 2014
1 Interpretation
In this Order, unless the context otherwise
requires –
“Law” means the Financial Services Ombudsman
(Jersey) Law 2014;
“main business” has the meaning given by Article 9(2)
of the Law.
2 Exempt
business
(1) Business (“exempt
business”) is exempted from being relevant financial services business
for the purposes of Article 9 of the Law, if it does not fall within any one
or more of the descriptions in the sub-paragraphs of paragraph (2).
(2) Those descriptions
are –
(a) deposit-taking
business, within the meaning of the Banking Business (Jersey)
Law 1991, for which the person carrying on the business must be registered
under that Law;
(b) business
for which the person carrying on the business would be required to be
registered under the Banking Business (Jersey)
Law 1991, but for the operation of Article 4 of, or Schedule 1 to,
the Banking Business (General
Provisions) (Jersey) Order 2002;
(c) money
service business, within the meaning of the Financial Services (Jersey)
Law 1998, for which the person carrying on the business must be a registered
person under that Law;
(d) business
for which the person carrying on the business would be required to be a
registered person under the Financial Services (Jersey)
Law 1998, but for the operation of either or both of Articles 4 and 5
of the Financial Services (Money
Service Business (Exemptions)) (Jersey) Order 2007;
(e) the
business of a functionary of a recognized fund, within the meaning of the Collective Investment Funds
(Jersey) Law 1988, for which the functionary must hold a permit under that Law;
(f) general
insurance mediation business, within the meaning of the Financial Services (Jersey)
Law 1998, for which the person carrying on the business must be a registered
person under that Law;
(g) insurance
business for the purposes of the Insurance Business (Jersey)
Law 1996, for which the person carrying on the business must be authorized
by a permit under that Law;
(h) business
for which the person carrying on the business would be required to be authorized
by a permit under the Insurance Business (Jersey)
Law 1996, but for Article 5(5)(d) of that Law;
(i) investment
business, within the meaning of the Financial Services (Jersey)
Law 1998, for which the person carrying on the business must be a registered
person under that Law;
(j) subject
to Articles 3 and 6, relevant pension business, within the meaning of
Schedule 3 to the Law;
(k) subject
to Articles 4, 5 and 6, relevant credit business, within the meaning of
Schedule 4 to the Law;
(l) subject
to Article 6, relevant ancillary business, within the meaning of Article 9(2)
of the Law, in respect of which the main business falls within any one or more
of sub-paragraphs (a) to (k).
3 Exempt
occupational pension business
(1) Relevant pension
business is exempt business if –
(a) it
does not fall within any of sub-paragraphs (a) to (i) of Article 2(2);
and
(b) it is
relevant occupational pension business.
(2) Business is relevant occupational
pension business if –
(a) the
business is relevant pension business in relation to an occupational pension scheme;
and
(b) both
of the conditions in paragraph (3) are met.[1]
(3) The conditions
are –
(a) that
the occupational pension scheme relates to persons who are or have been
employees of the person (the ‘employer’) who carries on the
business; and
(b) that
the employer does not carry on any other relevant pension business.[2]
(4) A pension scheme is an
occupational pension scheme if –
(a) it is
an occupational pension scheme approved under Article 131 or 131A of
the Income Tax (Jersey)
Law 1961;
(b) it
otherwise has effect so as to provide benefits primarily to or in respect of
persons who are or have been employees; or
(c) it is
held out by the employer as being, or as capable of being, a pension scheme
that falls within sub-paragraph (a) or (b).[3]
4 Exempt
store credit business
(1) Relevant credit
business is exempt business if –
(a) it
does not fall within any of sub-paragraphs (a) to (i) of Article 2(2);
and
(b) it is
relevant store credit business.
(2) Business is relevant
store credit business if –
(a) it is
carried on by a person in the course of, and as being incidental to, that
person’s principal business of acting as –
(i) a seller of
goods,
(ii) a
supplier of goods under hire-purchase agreements, or
(iii) a
supplier of services, other than services provided by way of relevant credit
business;
(b) it
mainly comprises the provision of credit under a credit agreement, within the
meaning of paragraph 1(a) of Schedule 4 to the Law;
(c) the
credit is provided to the person to whom the goods are sold or let or the
services supplied, with a view to facilitating that sale, letting or supply;
and
(d) it is
not specified Schedule 2 business, within the meaning of the Proceeds of Crime
(Supervisory Bodies) (Jersey) Law 2008 –
(i) by virtue of
falling within paragraph 7(1)(b) or (e) of Part B of Schedule 2
to the Proceeds of Crime (Jersey)
Law 1999, and
(ii) in
respect of which Article 10 of the Proceeds of Crime
(Supervisory Bodies) (Jersey) Law 2008 requires the person carrying
on the business to be a registered person within the meaning of that Law.
(3) In paragraph (2)
the expressions “goods”, “hire-purchase agreement”,
“seller”, “services”, “supplier”, and
related expressions, have the same meanings as in the Supply of Goods and Services
(Jersey) Law 2009.
5 Exempt
debt advice business
(1) Relevant credit
business is exempt business if –
(a) it
does not fall within any of sub-paragraphs (a) to (i) of Article 2(2);
and
(b) it is
relevant debt advice business.
(2) Business is relevant debt
advice business if –
(a) it
constitutes –
(i) debt-counselling,
as defined by paragraph 6 of Schedule 4 to the Law, or
(ii) debt-adjusting
that falls within paragraph 5(a) of that Schedule, or within
paragraph 5(c) of that Schedule in relation to paragraph 5(a);
(b) the
person carrying it on does not, in connection with the business or in relation
to the complainant –
(i) carry on any
business falling within paragraph 1(a) of Schedule 4 to the Law, or
(ii) carry
on any business that is relevant ancillary business, by virtue of Article 9(2)(b)
of the Law, in respect of which the main business falls within
paragraph 1(a) of Schedule 4 to the Law; and
(c) it is
carried on –
(i) without any
charge or fee, and in such a manner that no income is derived from it, or
(ii) by
a person whose income is exempt from income tax under Article 115(a), (aa)
or (ab) of the Income Tax (Jersey)
Law 1961, or
(iii) by a
person whose principal business does not fall within any of sub-paragraphs (a)
to (e), (h) and (i) of Article 9(1) of the Law, as wholly incidental to
that principal business.
6 Exempt
ancillary brokerage business
(1) Business is exempt
business if –
(a) it
does not fall within any of sub-paragraphs (a) to (i) of Article 2(2);
and
(b) it is
relevant brokerage business.
(2) Business is relevant
brokerage business if it –
(a) is
carried on, by a person whose principal business does not fall within any
sub-paragraph of Article 2(2), as wholly incidental to that principal
business; and
(b) is
relevant ancillary business, by virtue of Article 9(2)(b) of the Law, in
respect of which the main business –
(i) is carried on by
another person, and
(ii) falls
within any one or more of sub-paragraphs (a) to (k) of Article 2(2).
(3) Nothing in this Article
is to be read, without more, as exempting the business that is the main business
in relation to the exempt ancillary business.
7 Citation
This Order may be cited as
the Financial Services Ombudsman (Exempt Business) (Jersey) Order 2014.