Its a healthy step forwards and also encouraging to see that Channel Island Regulator, the Jersey Financial Services Commission (JFSC), last month released guidelines on Remediation Action Plans for their regulated entities.
Unlike many regulators who hold licence holders to account on delivering corrective action plans, the JFSC acknowledges consideration in the need to allow businesses to have the right and timely resources to be successful in undertaking positive change.
In previous years we have seen a wide number of regulatory bodies tell their licensees that having insufficient or conflicting workloads and therefore constrained resources can not be taken into account when providing a remediation plan.
This development in attitude should be seen as a positive and progressive step in engaging and working in partnership with regulated industries to achieve positive outcomes for all stakeholders including the consumer.
https://www.jerseyfsc.org/industry/guidance-and-policy/remediation-action-plans/