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Less than half of company statements filed

Less than half of company statements filed

Friday 27 August 2021

Less than half of company statements filed

Less than half of company annual confirmation statements have been filed, with just over a month to go until the deadline.

The Jersey Financial Services Commission (JFSC) is reminding local businesses of their obligation ahead of 30 September so that they can avoid late charges.

This is the first year that companies have been required to submit a ‘confirmation statement’ – including the details of directors, beneficial owners, controllers and certain other key members of the business - instead of an annual return. 

The update is in line with requirements under the new Financial Services (Disclosure and Provision of Information Law) 2020. 

To give companies more time to comply with the new reporting obligations, this year’s deadline to submit a statement via MyRegistry was extended until 30 September. 

“We are mindful that this is the first time local businesses are using myRegistry, our new customer platform, and submitting their first annual confirmation statement. All confirmation statements are due by the end of September,” Registrar, Julian Lamb commented. 

“We do not want Islanders to incur unnecessary and incremental fees for late submissions, or risk breaking the law and potentially being struck off the register. We offered the extension as we recognised that covid restrictions made it difficult for us to offer face-to-face customer support as we normally would and we want to do all we can to help local businesses with our new system and this new annual requirement.” 

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Posted by John Henwood on
It’s not surprising that so many ‘annual confirmations’ are still be be filed with the JFSC. The on-line mechanism for doing this is positively the worst example I have ever come across. It is typical of software designed without reference to the people (JFSC’s customers) who have to complete it. Earlier this year after numerous failed attempts to navigate the user unfriendly form and umpteen emails with the department - none of which were helpful - in desperation I wrote at length to the chairman asking him to take a personal interest in the matter. I got a curt, dismissive response from a secretary. Arrogance is normally attributed to individuals, but it best describes the JFSC’s attitude to its customers.
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