Jersey Regulator To Proceed With Proposed Fee Hikes
by Amanda Banks, Lowtax.net, London
18 December, 2017
Jersey's financial services regulator, the Jersey Financial Services Commission, is proceeding with proposed fee rises for regulated businesses under its supervision.
Fees for trust company businesses will rise by 4.5 percent in 2018, and the charging limit that sees no charge made for any "trust company business employees" beyond the first 200 will be removed. 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) will also be removed.
Fees for general insurance intermediary business (GIMB) will rise from GBP46 (USD61) to GBP51, and fee rates for GIMBs in the lowest charging bands will increase by five percent, and by 10 percent for other GIMBs.
Money service business fee rates (including application fees) will rise by 3.1 percent for 2018.
The due date for payment of the new fees is January 31, 2018, with interest accruing immediately if the amount due has not been paid in full.
Fees for entities regulated under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, including accountants, lawyers, and real estate agents, will rise by 27.1 percent with 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 will be charged 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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