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Jersey Regulator Hikes Auditor Fees

by Jason Gorringe, Lowtax.net, London
22 August, 2017

Jersey's financial services regulator, the Jersey Financial Services Commission, is proposing fee increases for auditors registered under the island's recognized auditor regime.

The proposal is for an inflationary increase in the application and annual fees levied under the recognized auditor regime, as well as a new discrete fee for adding an additional "designated responsible individual" to an audit firm's entry on the Register of Recognized Auditors.

If the fee rises proceed, they will be the first increase since the recognized auditor regime was introduced in April 2010.

The current fee payable by a person applying to become a recognized auditor is GBP1,000 (USD1,285). The Commission is proposing to increase this, in line with inflation, to GBP1,170 (USD1,501). The current annual fee paid by a recognized auditor in June of each year is GBP750 (USD963). The Commission is proposing to increase this, in line with inflation, to GBP880 (USD1,130).

A new discrete fee of GBP100 (USD128) is also being proposed to cover the cost involved in adding a person to the list of responsible individuals in a firm's entry on the Register of Recognized Auditors. This new fee was the subject of consultation in Consultation Paper No. 10 - "Funding Review." No objections were raised.

Comments on the proposed fee increases are invited from interested parties by September 29, 2017. The Commission says that following this consultation, it will publish feedback and a final fees notice in the fourth quarter of 2017. The revised fees will take effect from January 1, 2018.


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