From 1 April 2016, conditional fee agreements (CFA), after the event premiums and success fees will no longer be recoverable in insolvency cases.

The legislative change is set to have the biggest impact on lower-value insolvency cases (damages less than £500,000 and legal costs lower than £200,000).

The States of Jersey published a White Paper on a proposed statutory insolvency payments scheme (the "Scheme") on 3 December 2009, with a closing date for consultation responses of Friday 5 February 2010.

The White Paper states:

The Banking Business (Depositors Compensation) (Jersey) Regulations 2009 came into force on 6 November 2009, establishing a compensation scheme providing individual depositors with protection of up to £50,000 per person, per Jersey banking group, in the event of the bankruptcy of a Jersey bank.