Feedback on Consultation No. 8 2021 – Fees for DNFBP registered persons (Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008)

Summary

This is JFSC's feedback paper on Consultation No. 8 2021, confirming that proposed fee changes for Designated Non-Financial Businesses and Professions (DNFBPs) registered under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 will proceed as consulted, effective 1 January 2022. It attaches the final Notices of Fees (Appendix A for firms of accountants and lawyers; Appendix B for other Schedule 2 registered persons such as estate agency and lending businesses) setting out annual fees, application fees, amendment fees, and late payment/late filing fees for 2022.

• Annual fee: Payable in full by 31 March each year, based on a base fee plus £205 per average relevant employee, capped at £40,000; base fees differ for sole traders, accountant/lawyer firms (£1,845) and other Schedule 2 firms (£920).
• Late payment fee: 5% of unpaid principal applied the day after the due date and on the 1st of each subsequent month.
• Missing fee information: £100 administration fee charged from 1 April, and monthly thereafter, if a firm fails to supply information needed to calculate its fee.
• Application fee: £160 for a sole trader or £435 for any other applicant seeking to carry on relevant business, due at time of application and non-refundable.
• Amendment fee: £160 (sole trader) or £435 (other registered persons) for applications to change a registered person's name or vary conditions.
• Late filing fee: £100 for each complete month or part-month a required document remains un-filed, unless late filing has been agreed in writing in advance.
• Instalments removed: The option to pay fees over £1,000 by instalment has been removed, as proposed in the consultation.

The changes took effect from 1 January 2022 for the fee period 1 January to 31 December 2022; affected businesses are notified via myJFSC when an invoice is ready.

Key obligations

• Firms of accountants and firms of lawyers holding Level 2 registration, and other Schedule 2 registered persons holding Level 1 or Level 2 registration, must pay their annual fee in full on or before 31 March each year.
• Registered persons must supply the information needed to calculate their annual fee by 31 March or incur a £100 administration fee from 1 April, recurring monthly until supplied.
• Any unpaid annual fee (or instalment) not received by the due date incurs a 5% late payment fee, applied on the day after the due date and monthly thereafter.
• Applicants seeking to carry on business within scope of the fee notices must pay a non-refundable application fee (£160 sole trader / £435 other) at the time of application.
• A registered person applying to change its registered name or vary conditions must pay an amendment fee (£160 sole trader / £435 other).
• A registered person that fails to file or deliver a required document by its due date must pay a £100 late filing fee for each complete month or part-month it remains outstanding, unless late filing has been agreed with the JFSC in writing.
• Payment by instalment is no longer available for fees exceeding £1,000.

Applies to

firms of accountants, firms of lawyers, registered persons carrying on Schedule 2 business (including estate agency services and lending), sole traders, Designated Non-Financial Businesses and Professions (DNFBPs)

Deadlines

• 1 January 2022: Revised DNFBP fee rates take effect, applicable for the period 1 January to 31 December 2022.
• 31 March: Annual fee must be paid in full each year; also the deadline for firms to supply information needed to calculate their fee.
• 1 April: £100 administration fee begins to accrue (and monthly thereafter) if fee-calculation information has not been supplied by 31 March.