Banking in Jersey
Channel Islands Financial Ombudsman (CIFO)
The Channel Islands Financial Ombudsman (CIFO) covers financial services provided in/from Jersey, Guernsey, Alderney, and Sark.
In the UK
Problems arising in the UK can be directed to the Financial Ombudsman Service.
Jersey Financial Services Commission
The Financial Services Commission in Jersey looks after and regulates the Island’s finance industry.
Access to basic bank account
Almost everybody should be able to open a basic bank account. The bank may carry out a credit check to see if you have any outstanding judgements or have been made bankrupt. Anyone who has a record of fraud will be turned down.
Difficulties in opening a bank account due to lack of identification e.g.: passport or driving licence
Banks are required by the Jersey Financial Services Commission to operate very strict Know Your Customer account opening procedures. These are linked to International agreements. Situations do arise from time to time where a local person does for very good reasons not possess either a current passport or a driving licence.
If you are in that position and experiencing difficulty in opening an account, then you should insist on speaking to someone from the bank’s Compliance Department.
Banks do have arrangements in place to waive their requirements in special situations of this type. Normally a senior member of management can open the account using other means of identification, e.g. Social Security details or utility bill.
If all else fails, contact the Jersey Financial Services Commission.
Community Savings Limited
Community Savings Limited helps Jersey residents who are financially or socially disadvantaged. It operates in a similar way to a credit union.