Jersey Proceeds With Trust Company Fee Hike
by Jason Gorringe, Lowtax.net, London
05 January, 2017
Jersey's financial services regulator, the Jersey Financial Services Commission, has announced that it is proceeding with a proposed fee increase for trust company businesses under its supervision.
Fees will increase in 2017 by four percent over their 2016 levels, with a similar rise for the registration fee cap. Fees must be paid by January 31, 2017, and a late payment penalty will be due if annual registration fees are not paid by February 28, 2017. The annual fee charge will be based on employee numbers at January 1, 2017, so registered persons should retain this information.
As in 2016, fees are payable via trust company businesses' myJFSC portal accounts. Firms will receive an email prompt to either notify them that an invoice is awaiting payment, or that they need to submit data on employee numbers so that an invoice can be generated.
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