Jersey Regulator Consults On Fee Hikes
by Amanda Banks, Lowtax.net, London
03 November, 2017
Jersey's financial services regulator, the Jersey Financial Services Commission, is consulting on fee rises for regulated businesses under its supervision.
The Commission is proposing a 4.5 percent fee increase for trust company businesses in 2018, and the removal of the charging limit that sees no charge made for any "trust company business employees" beyond the first 200. It is also proposed to increase the rate at which the firm fee "cap" applies to the greater of the 2017 level plus 4.5 percent or 80 percent of the fee that would otherwise apply (currently 75 percent). Changes are also proposed to the definition of "trust company business employee."
Proposed fee increases for general insurance intermediary business (GIMB) will see the current GBP46 (USD61) fee rise to GBP51 in 2018, and fee rates for GIMBs in the lowest charging bands increase by five percent, and by 10 percent for other GIMBs.
Money service business fee rates (including application fees) are proposed to rise by 3.1 percent for 2018.
If the proposed fees become law, they will be payable by January 31, 2018, with interest accruing immediately if the amount due has not been paid in full.
The Commission is separately consulting on a 27.1 percent fee increase for entities regulated under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, including accountants, lawyers, and real estate agents, to take effect from January 1, 2018. The majority of the increase is linked to the phased withdrawal of the Jersey Government's current contribution to the Commission. The increase will take the sole trader fee from GBP227 to GBP289. The fee cap will increase from GBP11,360 to GBP14,440.
In addition to the 27.1 percent fee hike, a new GBP100 fee is proposed for registering with the Commission, and the ability to pay fees in installments will be removed where the fee due is less than GBP1,000. Interest charges will start to accrue when fees are not paid on time (including for installments), as well as for administration fees where firms do not supply information required to calculate their fees.
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