Feedback Paper on Consultation No. 15 2022 - Proceeds of Crime (Supervisory Bodies) fees (2022-12-30)

Summary

This is JFSC's feedback paper on Consultation No. 15 2022, confirming final fee levels for persons registered under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (DNFBPs). Only one response was received; the JFSC is proceeding with the fee increases as originally consulted on, effective from 1 January 2023. The paper attaches the final Notice of Fees for two groups: accountants and lawyers (Appendix A), and other specified Schedule 2 businesses including estate agency services and lending (Appendix B).

• Annual fee: Firms of accountants and lawyers (Level 2 registration) pay a base fee of £2,130 (sole traders £500) plus £235 per average relevant employee, capped at £46,160 per year.
• Annual fee (Schedule 2 businesses): Other registered persons under Schedule 2 (e.g. estate agency, lending) pay a base fee of £1,060 (sole traders £500) plus £235 per average relevant employee, capped at £46,160 per year.
• Payment deadline: The annual fee must be paid in full on or before 31 March each year.
• Late payment: Unpaid fees incur a 5% late payment charge on the day after the due date and on the first of each subsequent month.
• Missing information: If information needed to calculate the fee is not supplied by 31 March, a £100 administration fee applies from 1 April and monthly thereafter until supplied, in addition to any late payment fee.
• Application and amendment fees: New applicants pay £185 (sole traders) or £500 (other persons); amendments (e.g. name change, condition changes) attract the same fee scale.
• Late filing: Failure to file or deliver required documents by their due date incurs a £100 fee per complete month or part thereof the document remains outstanding, unless the JFSC has agreed in writing to a later date.

The revised fees took effect on 1 January 2023 for the period 1 January to 31 December 2023, and affected businesses are notified of invoices via the myJFSC portal.

Key obligations

• Pay the annual fee calculated under the Schedule (base fee plus £235 per average relevant employee, capped at £46,160) in full on or before 31 March each year
• Supply the information needed to calculate the annual fee by 31 March or incur a £100 monthly administration fee from 1 April
• Pay an application fee of £185 (sole trader) or £500 (other persons) at the time of application for registration
• Pay an amendment fee of £185 (sole trader) or £500 (other persons) when applying to change a registered name or vary conditions
• Pay a £100 fee for each complete month or part month that a required document remains unfiled after its due date, unless the JFSC has agreed in writing to a later filing date
• Pay an additional 5% late payment fee on any unpaid principal amount from the day after the due date, recurring monthly

Applies to

firms of accountants, firms of lawyers, registered persons under Schedule 2 of the Proceeds of Crime (Jersey) Law 1999 (including estate agency services and lending businesses), DNFBPs (designated non-financial businesses and professions) registered under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008

Deadlines

• 1 January 2023: Revised fees under the Notice of Fees take effect, for the period 1 January to 31 December 2023
• 31 March: Annual fee must be paid in full on or before this date each year
• 31 March: Information required to calculate the annual fee must be supplied by this date, or a £100 administration fee begins accruing from 1 April