Feedback on Consultation No.9 2021 - Trust Company Business Fees

Summary

This is the JFSC's feedback paper on Consultation No. 9 2021, which proposed changes to the fee rates payable by Trust Company Business (TCB) registered persons under the Financial Services (Jersey) Law 1998. Following two responses, the JFSC confirmed it is proceeding with the fee changes as consulted on, effective 1 January 2022, and the paper includes the final Notice of Fees as Appendix A.

• Effective date: Revised TCB fees apply for the period 1 January to 31 December 2022.
• Fee categories set: Application fees, registration fees, change of control fees, alteration fees, late payment fees and late filing fees are all specified in the attached Notice of Fees and Schedule.
• Notification: Affected businesses will be notified via the myJFSC portal when an invoice is ready.
• Feedback outcome: One respondent raised concerns about the size of the increase and requested phasing or a multi-year cap; the JFSC responded that the increase has already been phased and further detail will appear in its Business Plan and Financial Resilience review.

Key mechanics carried over from the Notice of Fees include registration fee payment by 28 February for firms already registered on 1 January (or on registration if registered later), a half-fee for registration between 1 July and 31 December, a 5% monthly late payment surcharge, a £100 monthly administration fee for missing fee-calculation information, and a £100 per month late filing fee for undelivered documents.

Key obligations

• Registered TCB persons must pay the registration fee by 28 February if already registered on 1 January, or on registration if registered later in the year
• A person registered after 1 July but before 1 January must pay half the standard registration fee
• Registered persons must pay an application fee, calculated per the Schedule, when applying for registration to carry on trust company business
• Registered persons must pay a change of control fee when a person becomes, ceases being, or merges with an Affiliation Leader or Participating Member, or when a shareholder controller's interest reaches or exceeds 20%, 33% or 50% thresholds
• A £400 alteration fee is payable when applying for a name change, licence condition addition/alteration/removal, or removal of a class of licence (unless a change of control fee is also payable)
• If any fee is not paid by the due date, an additional 5% late payment fee applies on the day after the due date and on the first day of each subsequent month
• If required fee-calculation information is not supplied by the due date, a £100 administration fee is charged from the day after the due date and monthly thereafter until supplied
• A registered person that fails to file or deliver a required document by its due date must pay £100 for each complete month or part month it remains unfiled, unless the JFSC has agreed in writing to a later filing date

Applies to

Trust Company Business registered persons, applicants for registration to carry on trust company business, affiliation leaders, participating members, non-affiliated persons, natural persons carrying on a single class of trust company business

Deadlines

• 1 January 2022: Revised TCB fee rates take effect
• 1 January 2022 to 31 December 2022: Period for which the fees in the Notice and Schedule are effective
• 28 February: Deadline for payment of the registration fee for firms already registered on 1 January