Consultation Paper No. 12 2016: Money Service Business Fees

Summary

This is a JFSC consultation paper proposing a 15% increase in fees for Money Service Business (MSB) registration under the Financial Services (Jersey) Law 1998. It sets out the JFSC's rationale (fees unchanged since 2008, inflation erosion, and the JFSC's need for sustainable funding) and includes a draft Fees Notice for 2017 as Appendix B. The paper invites comments before the JFSC finalises the fee rates.

• Who is affected: All persons registered under the Financial Services (Jersey) Law 1998 to conduct money service business, and persons issued a registration certificate on or after 1 January 2017.
• Proposed change: Standard annual MSB fee rises 15% from £2,000 to £2,300; application fee also rises to £2,300 (or £1,150 if applying after 30 June in a calendar year).
• Late payment fee: Draft notice proposes a 5% per complete month late payment fee on unpaid fees, due 30 days after invoice issue.
• Late filing fee: Draft notice proposes a £100 per complete month (or part) late filing fee for documents not filed or delivered on time, unless the JFSC agrees in writing to a later date.
• Fee commencement: Draft fees, if adopted, would apply for the period 1 January to 31 December 2017.

This is a consultation only; no fee change is yet in force. The JFSC states it will publish feedback and the final fees notice in Q1 2017, and firms should not pay until notified via the myJFSC portal.

Applies to

money service businesses (MSBs) registered under the Financial Services (Jersey) Law 1998, applicants for MSB registration

Deadlines

• 31 January 2017: Deadline for comments on the consultation to be sent to Jersey Finance Limited or directly to the JFSC.
• first quarter of 2017: JFSC will publish feedback and the final fees notice.
• 1 January - 31 December 2017: Period for which the proposed fees in the draft notice would be effective, if adopted.