TCB Fees Notice 2024

Summary

This notice sets out the fees payable by persons registered, or applying to be registered, to carry on trust company business in Jersey for the period 1 January to 31 December 2024. It is superseded by later annual fee notices but reflects the fee structure and payment rules that applied during 2024.

• Application and registration fees: Set out in the attached Schedule, calculated by class(es) of trust company business, average number of employees, and whether the applicant is non-affiliated, an affiliation leader, or a participating member.
• Change of control fee: Payable when a registered person becomes, ceases to be, or merges with an affiliation leader or participating member, or when a shareholder controller crosses 20%, 33% or 50% thresholds; pro-rated by share/voting interest acquired, with an extra £1,224 for firms under heightened supervision or enforcement.
• Alteration fee: £488 for a name change, or addition/alteration/removal of a licence condition or class, unless a change of control fee is also payable.
• Late payment fee: 5% of unpaid principal added the day after the due date and on the 1st of each subsequent month.
• Late information administration fee: £200 charged if fee-calculation information is not supplied by 24 May 2024, repeating monthly while outstanding, in addition to any late payment fee.
• Late filing fee: £100 for each complete month or part month a required document remains unfiled or undelivered after its due date, unless the JFSC has agreed in writing to a later date.

The Schedule details the specific fee tables for standard classes, Class O, and natural persons carrying on a single class of trust company business, with per-employee sliding-scale rates used to compute registration fees.

Key obligations

• Pay the application fee calculated under the Schedule when applying for registration to carry on trust company business
• Pay the annual registration fee calculated under the Schedule (non-affiliated persons, affiliation leaders, or participating members) unless remitted by the JFSC under paragraph 3.5
• Pay the registration fee within four weeks of invoice if already registered on 1 January, or on registration otherwise
• Pay half the registration fee if registered after 1 July but before the following 1 January
• Include acquired persons' employees and classes of business in the fee calculation for a specified period after an acquisition
• Pay a change of control fee (per the Application fee column) when becoming, ceasing to be, or merging with an affiliation leader or participating member, or on shareholder control thresholds being reached
• Pay an additional £1,224 change of control fee if subject to heightened supervision or enforcement
• Pay a £488 alteration fee for changes of name or licence conditions/classes, unless a change of control fee applies
• Supply information required to calculate the registration fee by 24 May 2024 or incur a £200 administration fee, repeating monthly while outstanding
• Pay a 5% late payment fee on any unpaid fee from the day after its due date, repeating monthly
• Pay £100 per month or part month for any document not filed or delivered by its due date, unless the JFSC has agreed in writing to a later filing date

Applies to

registered persons carrying on trust company business, applicants for registration to carry on trust company business, affiliation leaders, participating members, non-affiliated persons, natural persons carrying on a single class of trust company business, managed trust companies

Deadlines

• 1 January to 31 December 2024: Period for which the fees in this notice and Schedule are effective
• four weeks from receipt of an invoice: Due date for registration fee payment if the firm is already registered on 1 January
• 24 May 2024: Deadline to supply information needed to calculate the registration fee, after which a £200 administration fee applies
• after 1 July but before the following 1 January: Period during which registration triggers a half registration fee

Related documents

• TCB Fees Notice 2025 replaces this document