Sustainable Finance Lunch and Learn: CSD and JFSC Consultation

Watch a recording of our lunch and learn session focussed on developments in sustainability disclosures and local regulatory consultations.

2 October 2025

Over the course of 2025, our sustainable finance lunch and learn events have covered the various elements of the Government of Jersey’s Sustainable Finance Action Plan.

Our third and final session of 2025 brought together key voices in sustainable finance to explore developments in sustainability disclosures and local regulatory consultations.

Guest speakers:

Dipak Vashi, Grant Thornton – Corporate Sustainability Disclosures (CSD)

Daniella Gingell and Matthew Clegg, Jersey Financial Services Commission (JFSC) – Feedback on the JFSC’s recent sustainable finance consultation

CSD Insights

Understanding sustainability disclosures

Dipak outlined the fundamentals of sustainability reporting, including risk identification, materiality analysis, and the importance of being assurance ready. Despite global variation in standards, the core pillars remain consistent: stakeholders, especially investors, want clear, decision-useful information on how organisations measure, monitor and manage sustainability-related risks and opportunities.

Global developments

Dipak also provided a global update:

International Sustainability Standards Board: Released standards S1 and S2, with more in development
EU: ESRS standards simplified (not softened)
UK: Key consultations closed; mandatory reporting is on the horizon
USA: Regulatory uncertainty as the SEC halts legal defence of climate rules
Guernsey and Jersey: Consultations held; awaiting next steps

Preparing for next steps

As sustainability reporting becomes more prominent and, in many cases, inevitable, businesses should:

Enhance systems and governance frameworks
Improve data collection and value chain mapping
Engage employees and ensure board-level oversight
Prepare for increasing assurance expectations

JFSC insights

Daniella and Matthew from the JFSC provided updates on the commission’s sustainable finance consultation and shared insights from their recent feedback paper, outlining regulatory expectations and future direction.

Industry engagement and feedback

The JFSC received 20 formal responses from a wide cross-section of stakeholders and hosted drop-in sessions attended by 23 participants.

Five core areas were explored: corporate governance, internal controls, de minimis thresholds, sustainability claims, and impact.

Key feedback themes included:

Policy support: Broad support for the initiative, with concerns over implementation costs and competitiveness.

Preference for guidance: Strong preference for guidance rather than new Code provisions on sustainability risks, citing duplication and a desire to maintain principles-based regulation.

Terminology clarity: Calls for clearer definitions of “sustainability risk,” “materiality,” and “proportionality.”

De minimis rule: Majority opposed a threshold-based exemption, preferring proportionate implementation across all firms.

Business integrity: Strong support for strengthening Principle 7 with alignment to international standards, including the FCA’s terminology.

JFSC response and policy direction

The JFSC reaffirmed its commitment to embedding sustainability within risk management frameworks while recognising industry’s call for clearer, practical guidance.

Key decisions include:

Sustainability risks: No immediate changes to the Codes; instead, new industry-informed guidance will be issued to support firms in managing these risks proportionately and effectively.

Business integrity (Principle 7): Code enhancements will proceed, requiring “robust evidence” (replacing “credible”) to support sustainability claims in line with UK and EU standards.

As noted in the JFSC’s policy response:

“If increased compliance costs pose a greater threat than the environmental or social risks themselves, we must accept that we have lost perspective.”

Next steps

A Sustainable Finance Guidance Note will be published in Q1 2026, covering both sustainability risks and business integrity.

Revised Code provisions on anti-greenwashing will follow a one-year transition period, with full implementation by Q1 2027.

Industry collaboration will continue throughout the development of the guidance to ensure it is practical and tailored to Jersey’s market.

This measured approach ensures Jersey remains aligned with global standards while supporting its finance industry to manage sustainability-related risks effectively and credibly.

Watch the full recording of the event below.

Speakers

Dipak VashiBusiness Advisory Senior Manager, Grant Thornton

Dipak Vashi joined Grant Thornton in 2022 and leads for ESG and Sustainability strategy and activities to advise clients at all stages of their ESG journey. He focuses on the importance and urgent need for businesses to bring sustainability into their strategy. He has over 11 years’ experience in the accounting profession, within industry and via a membership body in the ICAEW, having initially qualified in the audit practice of KPMG in London. He has been a frequent commentator in the media on Sustainability matters, as well as appearing on webinars, videos and at external events and panels to promote the importance and urgent need of recognising Sustainability within business models.

Daniella GingellNational & International Engagement Officer, Jersey Financial Services Commission

Daniella Gingell is the National & International Engagement Officer within the Policy team at the Jersey Financial Services Commission and has five years of experience in financial services regulation. She began her career at the JFSC as a graduate and has held various roles, including Policy Advisor, contributing to key initiatives such as the island’s MONEYVAL assessment. Daniella holds a Master of Science from the University of Bristol and an undergrad degree in International Relations. She has a keen interest in sustainable finance and is a member of the Future Sustainability Leaders group.

Matthew CleggSenior Manager, Jersey Financial Services Commission (JFSC)

Matthew Clegg is a Senior Manager in the Policy Division at the Jersey Financial Services Commission (JFSC), with eight years of service. His portfolio covers investment business, consumer credit business, pensions, sanctions monitoring, and sustainable finance. Matthew led the JFSC’s initial implementation of sustainable finance policies, introducing anti-greenwashing code requirements for funds and investment advice. He represents the JFSC at the Network for Greening the Financial System (NGFS). Holding a degree in biology, Matthew previously engaged in conservation endeavours, combining scientific expertise with regulatory acumen to advance sustainable finance practices.