Feedback on Consultation Paper No. 10 2019 - TCB, GIMB, MSB Fees

Summary

This is the JFSC's feedback paper on Consultation Paper No. 10 2019, which proposed increases to fee rates for Trust Company Business (TCB), General Insurance Mediation Business (GIMB) and Money Service Business (MSB). Having reviewed the (limited) responses received, the JFSC confirms it is proceeding with the fee increases as originally consulted on, effective 1 January 2020. The revised fees notices are set out in full in the appendices to this paper.

• TCB fees: Revised application, registration and late payment/administration fees for registered trust company businesses apply for the period 1 January to 31 December 2020.
• GIMB fees: Revised annual fee tables (based on classes/thresholds) apply for general insurance mediation businesses for the same 2020 fee year.
• MSB fees: Application fee and annual fee both set at £2,840 for money service businesses registered at any point during 2020, plus late payment and late filing fees.
• Rationale: The JFSC cites Jersey RPI, financial crime countering costs, reserve restoration and strategic investment (data analytics, portals) as drivers of the increases, and indicates further fee reviews and a four-year strategic roadmap are planned for 2020.

The paper also notes that firms in relevant sectors will receive a discount on their 2020 fee levy reflecting the proceeds of Civil Financial Penalties received during 2019, as detailed in the related feedback paper on Consultation Paper No. 11 2019.

Key obligations

• Registered TCB, GIMB and MSB firms must pay the revised fees set out in the respective 2020 fees notices, effective 1 January 2020.
• Annual/registration fees are due by 29 February 2020 for firms already registered on 1 January 2020, or on the date of registration otherwise.
• Firms registered after 1 July but before the following 1 January must pay half the standard registration fee.
• Late payment of registration or annual fees incurs an additional late payment fee of 5% of the unpaid principal, applied on the day after the due date and on the first day of each subsequent month.
• TCB firms that fail to supply the information needed to calculate their registration fee by the due date must pay a £200 administration fee, repeated monthly while outstanding.
• MSB registered persons who fail to file or deliver required documents by their due date must pay a late filing fee of £100 per complete month or part thereof the document remains outstanding, unless the JFSC has agreed in writing to a later date.

Applies to

Trust Company Business, General Insurance Mediation Business, Money Service Business

Deadlines

• 1 January 2020: Revised TCB, GIMB and MSB fee rates take effect (fee period runs 1 January to 31 December 2020).
• 29 February 2020: Due date for payment of annual/registration fees for firms already registered on 1 January 2020.
• on registration: Due date for registration fee payment for firms registering after 1 January 2020.