CIF Fees Notice 2025

Summary

This notice sets out the fees payable to the JFSC in relation to Collective Investment Funds (recognized funds and certified funds) for the period 1 January to 31 December 2025. It covers application fees, annual fees, fees for adding pools of assets or fund service providers, fees for altering certificates or permits, and penalties for late payment or late filing.

• Functionary permit application: A fee of £3,719 accompanies an application for a permit to be a functionary of a collective investment fund.
• First permit (recognized funds): A new permit holder pays a fee under Schedule 1 based on the number of pools of assets, due one month after the date of the permit; pro rated if granted other than on 1 January.
• Annual fee (permit holders): Permit holders pay an annual fee under Schedule 1 based on pools of assets held on 1 January each year.
• New pool of assets: A fee of £1,671 is payable at the time of application for each new pool of assets added to a fund.
• Cell conversions: A fee of £4,368 applies where a permit holder company applies to become a cell company, incorporated cell company, protected cell company or cell (this replaces certain other fees under paragraphs 3.1 and 5.1).
• Certificate application (certified funds): Applicants pay £3,719 plus £3,719 per fund service provider, with special rules where multiple applicants or an existing certificate holder is involved.
• Grant of certificate fee: Payable within one month of certificate issue, based on Schedule 2 according to the number of pools of assets, pro rated if issued other than on 1 January.
• Annual fee (certificate holders): Payable by anyone who is a certificate holder on 1 January, capped at £152,973, based on Schedule 2 amounts summed across funds.
• Certificate alteration fees: £1,671 per pool of assets added; £4,368 for conversion to a cell structure; £541 for name changes, removal of a pool, or condition changes.
• Increase in fund service providers: £3,719 payable per additional fund service provider, with joint and several liability among multiple certificate holders.
• Late payment fee: An additional 5% of unpaid principal is charged the day after the due date, and again on the first day of each subsequent calendar month.
• Late filing fee: £100 is charged the day after a required document becomes due, and a further £100 on the first day of each subsequent month until filed, unless the JFSC agrees in writing to a later date.

Schedules 1 and 2 set out tiered fee tables by number of pools of assets for recognized funds and certified funds respectively. This notice has since been superseded by a later annual fees notice.

Key obligations

• A new permit holder must pay the applicable Schedule 1 fee within one month of the date of the permit.
• Permit holders must pay an annual fee each year based on pools of assets held on 1 January, per Schedule 1.
• A permit holder adding a new pool of assets must pay £1,671 at the time of application.
• A company converting to a cell company, incorporated cell company, protected cell company or cell must pay £4,368 with its permit variation application.
• An applicant for a certificate must pay £3,719 plus £3,719 per fund service provider at the time of application.
• A certificate holder must pay the grant-of-certificate fee under Schedule 2 no later than one month after the certificate is issued.
• A certificate holder on 1 January each year must pay the annual fee under Schedule 2, capped at £152,973.
• A certificate holder applying to alter a certificate to add pools of assets, convert to a cell structure, or change names/conditions must pay the corresponding fee (£1,671, £4,368, or £541) at the time of application.
• A certificate holder must pay £3,719 for each additional fund service provider at the time the number increases.
• Permit holders or certificate holders who miss a fee due date incur a 5% late payment fee on the unpaid amount, repeating monthly until paid.
• Permit holders or certificate holders who fail to file a required document on time incur a £100 late filing fee, repeating monthly, unless the JFSC has agreed in writing to a later filing date.

Applies to

permit holders (recognized funds), certificate holders (certified funds), fund service providers, collective investment funds, cell companies, incorporated cell companies, protected cell companies

Deadlines

• 1 January - 31 December 2025: Period for which the fees in this notice and schedules are effective.
• one month after the date of the permit: Deadline for payment of the first permit fee under paragraph 3.1.
• 1 January each year: Date on which the annual fee for permit holders and certificate holders is calculated based on pools of assets held.
• no later than one month after the day the certificate is issued: Deadline for payment of the fee for grant of a certificate under paragraph 9.2.
• day after the due date, and first day of each calendar month thereafter: When late payment fees (5% of unpaid principal) begin to accrue and continue accruing.
• day after the document falls due, and first day of each calendar month thereafter: When late filing fees (£100) begin to accrue and continue accruing until the document is filed or delivered.

Related documents

• This document replaces CIF Fees Notice 2024
• JFSC Fees Notice 2026 replaces this document