GIMB Fees Notice 2024

Summary

This notice sets out the application and annual fees payable by persons registered to carry on general insurance mediation business (GIMB) in Jersey for the period 1 January to 31 December 2024. It is issued by the JFSC under the Financial Services (Jersey) Law 1998 and the Financial Services Commission (Jersey) Law 1998, and has since been superseded by a later fees notice.

• Application fees: Set out in Schedule 1 by class of GIMB activity: Class P £8,798, Class Q £4,399, Class R £4,399, Class S £148, payable on application for registration.
• Annual fees: Set out in Schedule 2, tiered by class (P, Q, R, S) and by brokerage income band for classes P, Q and R; Class S and certain exempted persons under Table 2 pay a flat £90 to £148 fee.
• Payment timing: Annual fee is due four weeks from receipt of the JFSC invoice.
• Late payment fee: 5% of the unpaid principal is added if the annual fee is not paid by the due date, reapplied on the 1st of each subsequent month while unpaid.
• Late information fee: A £200 administration fee applies if a firm fails to supply the information needed to calculate its annual fee by 24 May 2024, charged from the day after that date and on the 1st of each following month while outstanding.
• Late filing fee: A £100 fee per complete month (or part) applies where a registered person fails to file or deliver any required document (including supervisory risk data) by its due date, unless the JFSC has agreed in writing to a later date.

The fees apply to registered persons carrying on general insurance mediation business, including those carrying on incidental GIMB activity or exempted under related Orders on client assets or accounts, audits, reports and solvency.

Key obligations

• Registered persons must pay the prescribed application fee (Schedule 1) when applying for registration in a GIMB class.
• Registered persons must pay the prescribed annual fee (Schedule 2) for each year of registration after their first year, based on class and brokerage income band.
• The annual fee must be paid within four weeks of receipt of the JFSC invoice.
• Firms must supply the information needed to calculate their annual fee by 24 May 2024 or incur a £200 monthly administration fee.
• Registered persons must file or deliver required documents (including supervisory risk data) by their due date or incur a £100 fee per month of delay, unless the JFSC has agreed in writing to a later filing date.

Applies to

registered persons carrying on general insurance mediation business, persons within Class P, Q, R or S of general insurance mediation business, persons exempted under the General Insurance Mediation Business Orders

Deadlines

• 1 January 2024 to 31 December 2024: Period for which the fees in this notice are effective.
• four weeks from receipt of invoice: Due date for payment of the annual fee to the JFSC.
• 24 May 2024: Deadline for firms to supply information needed to calculate their annual fee, after which a £200 administration fee accrues monthly.

Related documents

• GIMB Fees Notice 2025 replaces this document