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Industry update

Financial statements – help with online submissions

We want to remind businesses that the usual deadlines for submitting your financial statements apply this year. We will not be offering any extensions so we advise you to file on time to avoid being charged a late fee.

Since we moved to online submissions in May 2019, we have received more than 1,200 statements via myJFSC, of which only 4% were submitted after last year’s extended deadline.

Moving to online submissions has significantly reduced the time it takes for businesses to submit their statements and for our staff to review them. To help you with your submissions, here are some tips, which we hope will make the process simpler and quicker:

Supporting documentation

Make sure you know which documents you need to provide when you submit your statements. These will vary depending on your licence type. You may find it helpful to create an end-of-year checklist to help with this.

Your submission will be classified as ‘missing or incomplete’ if you don’t include all the correct and complete supporting documents. You need to upload your documents before you submit your form.

If you are submitting on behalf of a trust company businesses, remember to include consolidated directors’ reports and audit reports.

If you are unfamiliar with accounting terminology, we suggest you consult your accountant or auditor before submitting your statements.

Leave yourself enough time

Submissions we receive close to or on the day of the deadline can often be incomplete or incorrect, because submitters are rushing the process.

Rather than rush your submission and run the risk of not answering questions correctly, not including supporting documents, or not providing us with the final version of your financial statements, we recommend you leave yourself enough time before the deadline.

Correct information

You should answer all the questions on the form correctly and in good faith. For example, when selecting the audit opinion from the drop down list, make sure you are familiar with the different forms of audit opinion and that you have selected one that applies to your submission.

Breaches

We expect you to notify us, in accordance with the Codes of Practice, of any material breaches. Disclosing material breaches in the directors’ declarations is not considered a relevant notification, so make sure you notify us in line with the requirements and timelines set out in the Codes.

Licence types

Make sure you select the correct licence type when completing your submission. There are three options to choose from:

  • FSJL
  • GIMB
  • Insurance

If you select the wrong licence type, you will not complete the correct form and therefore will not be able to provide us with certain information that is relevant to your industry sector.

ANLA ratio

If you are completing the FSJL form, you will note that there is a field where businesses should enter their ANLA ratio. If your business is not required to comply with the ANLA requirements of the Codes of Practice, then you should leave this field blank. Entering ‘0’ will be interpreted as a breach of the ANLA Ratio requirement.

Notify us

By telling us about relevant matters with enough notice, you can avoid issues being escalated and/or possible late fees, while ensuring that we have accurate and up-to-date records.

If there’s a chance that delays in your audit might result in you not being able to meet the deadline, you should contact your supervisor to see whether an extension may be possible.

Further support

If you have a question about the documents you need to submit, contact your supervisor or Supervision team.

If you’re having difficulties using myJFSC or submitting your information, email regulatorymaintenance@jerseyfsc.org

For guidance on aspects of the accounts orders for FSB, GIMB, IB and TCB, see our Guidance Note. 

For guidance on the ANLA, view the ANLA calculations — Jersey Financial Services Commission (jerseyfsc.org)

For more information around the audit report and opinions visit:

Online submission of financial statements do not apply to businesses with a deposit-taking licence or regulated funds. Equally, it does not include Registry submissions.