Feedback on Consultation Paper No.4 2023 - Recognized Auditor Fees

Summary

This is the JFSC's feedback paper on Consultation No.4 2023, which proposed changes to fees payable by Recognized Auditors under the Companies (Jersey) Law 1991. Only one direct response was received and it supported the proposed increases, so the JFSC is proceeding to implement the fee changes as consulted on. The revised Recognized Auditor Fees Notice is set out in Appendix A and takes effect from 1 January 2024.

• Application fee: £1,405 payable with an application for registration as a recognized auditor.
• Annual fee: £1,055 payable by each recognized auditor on 1 June every year.
• Responsible individual notification fee: £120 payable when notifying the JFSC of the designation of a responsible individual, except where this is done as part of the original registration application.
• Late payment fee: An additional 5% of the unpaid amount for each complete month a fee remains unpaid, unless otherwise agreed by the JFSC.
• Late filing fee: £100 for each complete month or part month that a required document remains unfiled or undelivered, unless the JFSC has agreed in writing to a later filing date.

Relevant firms will be notified via myJFSC when an invoice is ready for them during 2024. The headline fee rates reflect an inflationary increase capped at 20% as originally proposed in the consultation.

Key obligations

• A recognized auditor must pay an application fee of £1,405 when applying for registration.
• A recognized auditor must pay an annual fee of £1,055 on each 1 June.
• A recognized auditor must pay a £120 fee when notifying the JFSC of the designation of a responsible individual, unless this occurs as part of the initial registration application.
• A recognized auditor who fails to pay a fee by its due date must pay an additional late payment fee of 5% of the unpaid amount for each complete month it remains unpaid.
• A recognized auditor who fails to file or deliver a required document by its due date must pay £100 for each complete month or part month the document remains outstanding, unless the JFSC has agreed in writing to a later date.

Applies to

Recognized Auditors

Deadlines

• 1 January 2024: Revised Recognized Auditor Fees Notice takes effect.
• each 1 June: Annual fee of £1,055 becomes due from each recognized auditor.
• during 2024: Relevant firms will receive notification via myJFSC that an invoice is ready.