JFSC say Jersey businesses' are not adhering to compliance monitoring guidance
The JFSC is reminding (today 17 Dec 2020) regulated businesses to make sure they have adequate and effective compliance monitoring in place after the JFSC identified several repeat findings during examinations.
The JFSC conducted a thematic examination on compliance monitoring, which resulted in 41 findings where businesses were not meeting their statutory obligations and regulatory requirements.
The JFSC assessed whether compliance monitoring plans and activities enabled firms to demonstrate that the effectively managed compliance risk.
Some of the key findings related to
- policies and procedures,
- corporate governance, and
- risk assessments.
Only one of the 11 regulated businesses the JFSC reviewed could demonstrate compliance with the regulatory framework; this included banks, fund services businesses, investment businesses and trust company businesses.
Many of the findings were similar to those the JFSC has identified in previous examinations on this subject. And the JFSC suggest that a number of the businesses are not adhering to the guidance the JFSC published in December 2013.
the JFSC say as part of its ongoing examination programmes for 2021, the JFSC will continue to review the adequacy and effectiveness of compliance monitoring plans and activities.
The JFSC is sharing its feedback and encouraging all businesses to review it to assess their compliance monitoring arrangements.
Feedback on compliance monitoring thematic examination
Meet the team of industry experts behind ComsureFind out more
Keep up to date with the very latest news from ComsureFind out more
View our latest imagery from our news and workFind out more
Think we can help you and your business? Chat to us todayGet In Touch
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email firstname.lastname@example.org.