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Jersey Regulator To Hike Trust Company Fees

by Jason Gorringe, Lowtax.net, London
29 September, 2016

Jersey's financial services regulator, the Jersey Financial Services Commission, has proposed fee increases for trust company businesses under its supervision.

The proposal is for a four percent increase in all fees over their 2016 levels, with a similar rise for the registration fee cap. The Commission notes in its proposal that there were no fee increases on the sector for a number of years, followed by small increases in 2015 and 2016.

Interested parties are invited to comment on the Commission's proposal by October 28, 2016. Following this consultation, the Commission will publish feedback and a final fees notice. If agreed, the fees will be payable 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 will be 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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