Fee Consultation Paper No. 5 2024 - Feedback Paper (2024-12-06)

Summary

This feedback paper reports on the JFSC's Fee Consultation Paper No. 5 2024, which proposed a 2% increase to most fees for 2025 along with new Registry fees. Having reviewed ten responses, the JFSC confirms it will proceed with the fees as consulted, effective from 1 January 2025.

• Headline increase: A 2% increase applies to the vast majority of regulatory and Registry fees for 2025, with no objections raised by respondents.
• New Registry fees: New fees introduced from 1 January 2025 for filing a prospectus under the Companies (General Provisions) (Jersey) Order 2002 and for Article 4 or 8 Control of Borrowing (Jersey) Order 1958 applications.
• Fee cycle alignment: The annual fee-setting cycle is now aligned with the JFSC's calendar-year budget cycle, a change supported by industry.
• Future timing: The JFSC commits to consulting earlier in future years, aiming to finalise 2026 fees before the end of October 2025.
• Wider reform: A multi-year fees reform project will continue through 2025 and beyond, informed by a forthcoming KPMG review of fee competitiveness, aiming for simplification, transparency and sector proportionality.

Final fee notices reflecting these changes have been published on the JFSC website for Registry fees and regulatory fees separately; this paper itself does not set out the fee amounts.

Applies to

Registry fee payers, regulatory fee payers (all JFSC-regulated sectors)

Deadlines

• 1 January 2025: New and revised fees, including the 2% increase and new Registry fees, take effect from this date or the date otherwise advised on the relevant fee notices.
• before the end of October 2025: JFSC's target for finalising 2026 fees following earlier consultation.