Consultation No. 10 2023 - Trust Company Business Fees

Summary

This is a JFSC consultation paper proposing an increase to trust company business (TCB) registration and related fees, together with a draft Notice of Fees for 2024. It explains the funding rationale, sets out proposed fee levels and structures, and invites industry comment before the fees are finalised.

• Who it affects: Any person applying for, or already holding, a registration to carry on trust company business under the Financial Services (Jersey) Law 1998.
• Proposed increase: Fees would rise by 10.1 percent, matching September 2023 RPI, to help raise the JFSC's targeted 4 million pounds from the TCB sector.
• Draft fees notice (Appendix B): Sets out application fees, registration fees (calculated by employee count and number of licence classes), change of control fees, alteration fees, late payment fees, and late filing fees, effective 1 January to 31 December 2024.
• Consultation process: Comments can be sent to Jersey Finance Limited or directly to the JFSC; responses may be shared anonymised in JFL's archive unless otherwise requested.
• Next steps: The JFSC will publish feedback after the consultation, and the final fees notice is expected to take effect on or before 1 January 2024, issued via myJFSC with an email prompt for invoice payment.

This document is a draft consultation, not yet a binding rule; no fees are currently in force under it, though the draft notice indicates the fee amounts and deadlines the JFSC intends to apply once finalised.

Key obligations

• Interested parties wishing to comment must submit responses to Jersey Finance Limited or the JFSC by 15 December 2023.
• Under the draft notice, a registered person already registered on 1 January must pay the registration fee by 28 February; otherwise it is due on registration.
• Under the draft notice, a person registered after 1 July but before the following 1 January pays half the normal registration fee.
• Under the draft notice, late payment of any fee triggers a 5 percent late payment charge on the day after the due date and on the first day of each subsequent month.
• Under the draft notice, failure to supply information needed to calculate the registration fee by the due date incurs a 200 pound administration fee, repeated monthly until supplied.
• Under the draft notice, failure to file or deliver a required document by its due date incurs a 100 pound fee per complete month or part month the document remains unfiled, unless the JFSC agrees in writing to a later date.

Applies to

trust company business registrants, applicants for trust company business registration, affiliation leaders and participating members of trust company business affiliations

Deadlines

• 15 December 2023: Deadline for comments on the consultation to be received by Jersey Finance Limited or the JFSC.
• on or before 1 January: Expected effective date of the final TCB fees notice following the consultation.
• 1 January 2024 to 31 December 2024: Period for which the draft fees notice in Appendix B is stated to be effective.
• 28 February: Draft notice due date for registration fee payment by firms already registered on 1 January.