FSB Fees Notice 2024

Summary

This notice sets out the fees payable by persons carrying on fund services business in Jersey, effective for the period 1 July 2024 to 31 December 2024. It has since been superseded by a later fees notice but remains relevant for that period's fee calculations and any outstanding late fee assessments.

• Application fee: A fee of £4,516 must accompany an application for registration to carry on fund services business.
• Registration certificate fee: A registered person must pay a fee (per the attached schedule, based on number of pools of assets) within one month of the date of the registration certificate; if issued other than on 1 July, the fee is pro rated at 1/6th per complete month to the following 1 January.
• Annual fee: A person registered on 1 July must pay an annual fee based on the number of pools of assets (excluding unregulated funds) they are registered to service, due by 31 July the same year; those acting only for unregulated funds pay the zero pools of assets fee.
• Alteration fee: A £530 fee applies for alterations such as a change of name, or addition, alteration or removal of a licence condition or class.
• Late payment fee: A 5% penalty on unpaid principal applies from the day after the annual fee due date, repeating on the first day of each subsequent month until paid.
• Late filing fee: A £100 fee applies from the day after any required document becomes overdue, with a further £100 added on the first day of each subsequent month while it remains unfiled, unless the JFSC has agreed in writing to a later filing date.

The fee schedule tiers annual fees from £3,752 (0-1 pools of assets) up to £35,452 (200 or more pools of assets).

Key obligations

• Pay an application fee of £4,516 when applying for registration to carry on fund services business
• Pay the registration certificate fee within one month of the date of the registration certificate (or pro rated 1/6th per month if issued other than 1 July)
• Pay the annual fee, determined by the number of pools of assets, by 31 July each year if registered on 1 July
• Pay a £530 alteration fee when applying to change name, or add, alter or remove a licence condition or class
• Pay a 5% late payment penalty on any unpaid annual fee, escalating monthly, if not paid by the due date
• Pay a £100 late filing fee, escalating monthly, for any document not filed or delivered by its due date unless the JFSC has agreed in writing to a later date

Applies to

Registered persons carrying on fund services business, Applicants for registration to carry on fund services business

Deadlines

• 1 July 2024 - 31 December 2024: Period for which the fees in this notice and schedule are effective
• one month after the date of the registration certificate: Deadline for payment of the registration certificate fee under Article 9(6)
• 31 July: Deadline for payment of the annual fee by a person registered on 1 July of that year
• day after fee due date, then first day of each subsequent calendar month: Late payment fee of 5% of unpaid principal applies if annual fee not received by due date
• day after document due date, then first day of each subsequent calendar month: Late filing fee of £100 applies for documents not filed or delivered by their due date

Related documents

• FSB Fees Notice 2025 replaces this document