At the start of this year, new registry reporting requirements from Jersey’s regulator, the Jersey Financial Services Commission (JFSC), came into force.
Designed to streamline and digitise the way the JFSC interacts with Jersey’s financial services sector, this new way of working has brought about some fundamental changes that impact all businesses within the sector.
One of the most significant changes is that the annual return has been replaced by an annual confirmation statement, with the first submission required by June 30 this year.
Dedicated JFSC reporting solution
Non-compliance isn’t an option, which has resulted in many organisations having to rethink their existing processes, especially when it comes to embracing more automated ways of working. For some, it’s been a real challenge, but for others, who are using our dedicated JFSC Regulatory Compliance Manager (RCM) software, the transition has been more straightforward. And it’s also enabled them to achieve wider operational benefits beyond maintaining compliance.
Among the RCM pioneers are industry-leading FTSE 250 global professional services company, JTC, who recognised the advantages of using RCM were two-fold.
Adam Jeffries, JTC’s Chief Information Officer, explains: “We saw the JFSC’s plans to go digital as an opportunity to implement a solution that would provide efficiencies and allow us to redefine our workflows and centralise a critical part of our administrative responsibilities. RCM is an innovative, integrated and practical solution that allows us to meet our regulatory reporting requirements while at the same time helping our people to work accurately and efficiently.”
Highly efficient and highly accurate
RCM interacts with JTC’s core administration systems, with all the built-in rules and logic to ensure data submissions to the JFSC are completed correctly. As a result, the entire process is highly efficient and highly accurate.
Not only is RCM pioneering due to the fact it’s been specifically developed to help Jersey financial services companies to maintain JFSC reporting compliance, it’s been refined in line with JFSC’s digital roadmap.
“We’ve been working with the JFSC’s APIs since 2017, which meant we were in a great position to adapt RCM as soon as the JFSC registry changes were first announced,” explains our Founder and Director, Simon Jackson.
RCM integrates quickly and simply with business systems
Users can automatically manage and file updates and compare their data with that held by the JFSC. Ultimately, we’ve provided a solution that’s futureproof and allows businesses to file their submissions accurately and on time, as well as unlock wider benefits, as JTC have done.
For more information about using RCM for your JFSC registry reporting or to arrange a free demo, get in touch with us today.
Written By: Zachery Walsh O'Brien
Zachery is a Web Developer with a great eye for front end web development. He has studied Graphic Design, received a Higher National Diploma in Visual Communications, and interned as a Graphic Designer upon leaving college in a digital design agency in Ireland. Zachery originally focused on WordPress web design but has now diversified his skillset towards a web development role being able to leverage many front end languages and frameworks.