Consultation No. 8 2021 - Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008: Fees for registered persons

Summary

This is a JFSC consultation paper seeking views on proposed 2022 fee changes for Designated Non-Financial Businesses and Professions (DNFBPs) registered under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008. It sets out proposed fee increases, a higher fee cap, and removal of instalment payment options, and includes draft Fees Notices for accountants/lawyers and for other Schedule 2 businesses such as estate agents and lenders.

• Fee rate increase: Proposed 8.5% increase in fee rates (RPI plus 5%, rounded to nearest £5), intended to raise approximately £810,000 from the DNFBP sector in 2022.
• Fee cap increase: Proposed increase of the annual fee cap from £30,000 to £40,000.
• Instalments removed: Proposal to remove the option for businesses with an annual fee above £1,000 to pay quarterly instalments.
• Draft Fees Notices: Appendix B contains draft Fees Notices under the Supervisory Bodies Law: one for firms of accountants and lawyers, and one for other specified Schedule 2 businesses (e.g. estate agency services and lending), setting out annual fee calculation, application fees, amendment fees and late filing/late payment fees.
• Who is affected: All persons currently registered under the Law, and persons becoming registered on or after 1 January 2022.

The consultation invites feedback on the proposed fee rates and the removal of instalment payments; it is not itself a binding rule but signals the fee structure JFSC intends to finalise, with the fees notice expected to take effect on or before 1 January 2022.

Key obligations

• Interested parties wishing to comment via Jersey Finance's coordinated response should provide comments to Lisa Springate by 24 December 2021
• Interested parties may instead send responses directly to the JFSC Finance team by 24 December 2021
• Under the draft Fees Notices, registered persons (firms of accountants, lawyers, and other Schedule 2 businesses) must pay the annual fee in full on or before 31 March
• Firms must supply information required to calculate their fee by 31 March or incur a £100 administration fee, increasing monthly while outstanding
• Late payment of the annual fee (or instalment) triggers a 5% late payment fee on the unpaid principal, applied on the day after the due date and monthly thereafter
• Registered persons failing to file or deliver required documents by the due date are liable for a £100 fee per month or part month the document remains outstanding
• Application fees (£160 for sole traders, £435 for other persons) are payable at the time of application for registration and are non-refundable
• Amendment fees (£160 for sole traders, £435 for others) are payable when applying to alter registration details such as name changes or conditions

Applies to

Designated Non-Financial Businesses and Professions (DNFBPs), firms of accountants, firms of lawyers, estate agency services businesses, lending businesses, sole traders registered under the Supervisory Bodies Law

Deadlines

• 24 December 2021: Deadline for responses to the consultation, whether sent via Jersey Finance or directly to the JFSC
• 1 January 2022: Final fees notice expected to take effect on or before this date; new fees apply to persons registered on or after this date
• 31 March: Annual fee payment due in full, and deadline for firms to supply information needed to calculate their fee, under the draft Fees Notice (recurring annual deadline)