TCB Fees Notice 2025

Summary

This notice sets out the fees payable to the JFSC in relation to trust company business (TCB) for the period 1 January to 31 December 2025. It covers application fees, annual registration fees, change of control fees, alteration fees, and late payment or late filing fees, with detailed calculation rules and a fee schedule. Note that this notice's status is superseded, meaning a later TCB Fees Notice now applies.

• Application fee: Payable when applying for registration to carry on trust company business, calculated per the Schedule (varies by whether the applicant is non-affiliated, an affiliation leader, or a participating member, and by class of business).
• Registration fee: Annual fee for registered persons, based on classes of business undertaken and average number of trust company business employees over relevant dates; pro-rated for in-year registrations at one twelfth per month.
• Change of control fee: Payable when a person becomes, ceases to be, or merges with an affiliation leader or participating member, or when a shareholder controller's interest reaches or exceeds 20%, 33% or 50% (or creates a subsidiary relationship); an additional £1,248 applies for firms under heightened supervision or enforcement.
• Alteration fee: A fee of £498 applies for a change of name, addition/alteration/removal of a licence condition, or removal of a class of licence, unless a change of control fee is also payable.
• Late payment fee: An additional 5% of the unpaid principal is charged if a fee is not received by its due date, reapplied on the first day of each subsequent calendar month.
• Late fee information penalty: A £200 administration fee is charged if required fee-calculation information is not supplied by the due date, repeating monthly until supplied, in addition to any late payment fee.
• Late filing fee: A £100 fee applies for each complete month or part thereof that a required document remains unfiled or undelivered, unless the JFSC has agreed in writing to a later due date.
• Registration fee remission: The JFSC may remit a registration fee for an affiliation member if the total fees payable by affiliation members are unreasonably high relative to the trust company business carried on.

The fee schedule differentiates rates for standard classes of trust company business, Class O business, and natural persons carrying on a single class of business, with per employee banded rates used to calculate registration fees for non-affiliated persons and affiliations.

Key obligations

• A person applying for registration to carry on trust company business must pay the application fee set out in the Schedule.
• A registered person must pay an annual registration fee calculated per the Schedule, due on the invoice due date if registered before 1 January, or on registration if registered in-year (pro-rated at one twelfth per month).
• A registered person acquiring another registered trust company business must include the acquired person's employees and classes of business in its fee calculation for each relevant date.
• A registered person applying to become, cease being, or merge with an affiliation leader or participating member must pay a change of control fee calculated using the Application fee column of the Schedule.
• A shareholder controller whose interest in a registered person reaches or exceeds 20%, 33% or 50%, or who causes the registered person to become its subsidiary, must pay a fee calculated using the Application fee column.
• A registered person applying for an alteration (name change, licence condition change, or removal of a class of licence) must pay a £498 alteration fee, unless a change of control fee is also due.
• Any fee not received by its due date incurs an additional 5% late payment fee, reapplied on the first day of each subsequent month until paid.
• Failure to supply required fee information by the due date incurs a £200 administration fee, reapplied monthly until the information is submitted.
• Failure to file or deliver a required document by its due date incurs a £100 fee per complete month or part thereof of delay, unless the JFSC has agreed in writing to a later due date.

Applies to

trust company business registered persons, applicants for registration to carry on trust company business, affiliation leaders, participating members, shareholder controllers, natural persons carrying on a single class of trust company business

Deadlines

• 1 January 2025 to 31 December 2025: Period for which the fees in this notice and Schedule are effective.
• due date specified on invoice: Registration fee is due by the date specified in the JFSC invoice if the firm is already registered on 1 January.
• on registration: Registration fee is due on registration for persons registering in-year, pro-rated at one twelfth per month to the next 1 January.
• day after due date, and 1st day of each calendar month thereafter: Late payment fee of 5% of unpaid principal applies if a fee is not paid by its due date.
• day after due date stated on form, and 1st day of each calendar month thereafter: £200 administration fee applies if required fee information is not supplied by its due date.
• each complete month or part thereof after the document becomes due: £100 late filing fee applies per month a required document remains unfiled or undelivered.

Related documents

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