Consultation No. 14 2022 - Trust Company Business Fees

Summary

This is a JFSC consultation paper proposing changes to the fees charged to Trust Company Business (TCB) registrants under the Financial Services (Jersey) Law 1998. It sets out a proposed 15.4% increase in TCB fee rates and includes a draft Notice of Fees (Appendix B) that would take effect from 1 January 2023. The document is a draft consultation, not yet final law or binding notice; industry comment is invited before the fees are settled.

• Who is affected: Any person applying for, or already holding, a registration to carry on trust company business under the Financial Services (Jersey) Law 1998, including affiliation leaders and participating members of TCB affiliations.
• Proposed fee increase: A combined 15.4% increase, comprising 10.4% linked to Jersey RPI and a further 5% contribution toward the JFSC's financial resilience objectives.
• Penalty offset: Two civil financial penalties levied on TCB sector entities will reduce individual invoiced fees by approximately 20%.
• Draft fees notice contents: Appendix B sets out draft application fees, registration fees (calculated by class of business and average employee headcount), change of control fees, alteration fees, late payment fees, and late filing fees.
• Administration: Once finalised, fees will be administered through businesses' myJFSC accounts, with email prompts issued when an invoice is due.

Consultation responses were requested by 14 December 2022, via Jersey Finance Limited or directly to the JFSC Finance team. The JFSC indicated the final fees notice would take effect on or before 1 January, with the draft schedule specifying fees effective for the period 1 January to 31 December 2023.

Key obligations

• Under the draft notice, a registered TCB person must pay the annual registration fee by 28 February if already registered on 1 January, or otherwise on the date of registration.
• Under the draft notice, an applicant for registration to carry on trust company business must pay the specified application fee calculated under the Schedule.
• Under the draft notice, a registered person that changes control (e.g. a shareholder controller crossing 20%, 33% or 50% thresholds) must pay a pro-rated change of control fee.
• Under the draft notice, a registered person applying for an alteration (name change, licence condition change, or removal of a class of licence) must pay a £460 alteration fee.
• Under the draft notice, late payment of any fee incurs an additional 5% late payment fee, applied 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 administration fee, applied monthly until the information is provided.
• Under the draft notice, failure to file or deliver a required document by its due date incurs a £100 late filing fee for each complete month or part month the document remains outstanding.
• Interested parties wishing to comment on the proposed fee changes must submit responses to Jersey Finance Limited or the JFSC Finance team by 14 December 2022.

Applies to

Trust company business registrants, Applicants for TCB registration, Affiliation leaders, Participating members of TCB affiliations, Non-affiliated TCB persons

Deadlines

• 14 December 2022: Deadline for interested parties to submit comments on the consultation to Jersey Finance Limited or the JFSC Finance team.
• 1 January 2023: Proposed commencement date for the final TCB Fees Notice; draft fees schedule is stated to be effective for the period 1 January to 31 December 2023.
• 28 February: Due date for a TCB registered person already registered on 1 January to pay its registration fee (under the draft notice).