Jersey To Hike Regulatory Fees For Deposit Takers
by Jason Gorringe, Lowtax.net, London
12 September, 2016
Jersey will raise regulatory fees for deposit-taking businesses by 19 percent over three years, the financial services regulator has said.
The Jersey Financial Services Commission said the decision follows positive feedback from stakeholders. In a consultation earlier this year, it explained that the fee hike is necessary to meet the rising costs of regulating the sector, noting the unprecedented volume of international financial sector regulation since the financial crisis.
It noted that total regulatory fee income has increased by a compound rate of less than 2.5 percent per year since 2012 and regulatory fee income fell between 2013 and 2014.
2017 annual fees will be collected electronically by bank transfer and firms must establish a myJFSC account. All annual fees are payable by October 31, 2016.
See all of today's news