Deposit-Taking Business Fees Notice 2023

Summary

This notice, issued by the Jersey Financial Services Commission under the Banking Business (Jersey) Law 1991, sets out the fees payable by persons applying for or holding registration to carry on deposit-taking business in Jersey. It took effect from 30 November 2023 and has since been superseded by a later fees notice.

• Application fee: A person applying for registration must pay £31,400 on application, plus the annual fee once the application is granted.
• Annual fee components: The annual fee is the sum of components based on: overseas offices and subsidiaries where the JFSC acts as home supervisor (£31,400 each), and a Consolidated Income based component ranging from £89,400 to £149,500 depending on income band.
• Advanced approaches surcharge: The JFSC may add a further component for Jersey incorporated registered persons that have adopted advanced approaches to credit risk, to cover related costs.
• Partial year and business continuity reductions: Annual fees may be pro rata reduced for partial year applications, and application and annual fees are reduced by 50% for registrations held solely for business continuity purposes (subject to reinstatement if the continuity arrangement is actually used).
• Payment deadline: Registered persons must pay the annual fee by 31 October each year; applicants pay when their application is granted.
• Late payment fee: Unpaid fees attract a late payment fee of 5% of the unpaid principal, applied the day after the due date and on the first day of each subsequent calendar month.
• Late filing fee: Failure to file or deliver a required document by its due date incurs a fee of £100 per complete month or part month of delay, unless the JFSC has agreed in writing to a later filing date.

The notice also details how Consolidated Income, total income, Deemed Income, total assets and operating expenses are calculated for fee purposes, and clarifies what counts as a separate country for calculating overseas-office based fee components.

Key obligations

• Registered persons must pay the applicable annual fee by 31 October in each year.
• Applicants for registration must pay the £31,400 application fee on application, plus the annual fee once the application is granted.
• Registered persons whose relevant factors (e.g. new overseas operations) increase during the annual fee period must calculate a revised annual fee and notify the JFSC accordingly.
• Registered persons must pay a late payment fee of 5% of unpaid fee amounts if fees are not paid by the due date, recurring monthly until paid.
• Registered persons must pay a late filing fee of £100 per month or part month for documents not filed or delivered by their due date, unless the JFSC has agreed in writing to a later date.

Applies to

deposit-taking businesses, registered persons under the Banking Business (Jersey) Law 1991, applicants for registration to conduct deposit-taking business

Deadlines

• 30 November 2023: Commencement date from which the fees set out in this notice are effective.
• by 31 October in each year: Deadline for registered persons to pay the annual fee.
• 1 February to 31 January: Defines the annual fee period in respect of which the annual fee is payable.

Related documents

• Deposit-Taking Business Fees Notice 2025 replaces this document