The Jersey Bank Depositors Compensation Scheme (JDCS), which was established in 2009, forms a key part of the measures designed to safeguard depositors and maintain confidence in Jersey's financial system.
In the autumn of 2025, we agreed with the Minister for External Relations to commence a review of the JDCS in Q2 2026 to identify whether amendments to the scheme are appropriate, sustainable, and aligned with Jersey's long-term strategic and fiscal interests.
Today we publish the Terms of Reference we have set for this review.
In summary, the review will include consideration of:
- The existing compensation limit (of £50,000);
- The funding mechanisms for the scheme;
- The types of deposits and depositors that should be protected by the scheme; and
- Alignment with international standards.
We expect to issue a consultation paper in May, covering the above areas and seeking views from interested parties including banks and consumers. The consultation paper will be available on our website.
We expect to conclude our review and report our findings and recommendations for consideration by Government in the first half of 2027.
