Consultation Paper No. 9 2016: Trust Company Business Fees

Summary

This is a JFSC consultation paper proposing a 4% increase to the fee rates and fee cap applicable to trust company business (TCB) for the 2017 fee period, as part of a multi-year plan to rebuild the Commission's reserves. It applies to all persons registered under the Financial Services (Jersey) Law 1998 to carry on trust company business, including those registered on or after 1 January 2017.

• Fee increase: Application and registration fees, and the fee cap (rising from £60,000 to £62,400), would increase by 4% across all TCB categories from 2016 levels.
• Who is affected: Non-affiliated persons, affiliation leaders, participating members, and natural persons carrying on a single class of trust company business.
• Payment mechanics: Fees remain administered through the myJFSC portal; cheques are not accepted.
• Employee count basis: Annual registration fees are calculated using employee numbers as at 1 January 2017, so registered persons should retain this data.
• Consultation process: Comments on the proposed 4% increase may be sent to Jersey Finance Limited or directly to the JFSC by 28 October 2016.

If the proposal is adopted following consultation, the JFSC intends to publish feedback and a final fees notice, with fees payable by 31 January 2017 and a late payment penalty applying if fees are not paid with a value date by 28 February 2017. The paper also indicates likely further fee increases in 2018 and 2019 as part of the same rebalancing exercise.

Key obligations

• Registered TCBs should retain employee number data as at 1 January 2017, as this determines their annual registration fee calculation.
• If the proposed fees are adopted, registered TCBs must pay the annual registration fee by 31 January 2017.
• If fees are not paid with a value date by 28 February 2017, a late payment penalty becomes due.
• Interested parties wishing to comment on the proposal must submit responses to Jersey Finance Limited or the JFSC by 28 October 2016.

Applies to

trust company business (TCB) registered persons, non-affiliated persons, affiliation leaders, participating members, natural persons carrying on a single class of trust company business

Deadlines

• 28 October 2016: Deadline for comments on the proposed 4% fee increase to be sent to Jersey Finance Limited or the JFSC.
• 1 January 2017: Date on which employee numbers are counted for calculating 2017 annual registration fees.
• 31 January 2017: Proposed date by which annual registration fees for 2017 would be payable, if the fee increase is adopted.
• 28 February 2017: Date by which fees must be paid (value date) to avoid a late payment penalty.