15.4% proposed fee increase for deposit taking business

We have published a consultation paper on a proposed fee increase of 15.4% to all deposit taking businesses. 

The proposal for this increase is based on Jersey RPI of 10.4% and a contribution of 5% towards our financial resilience objective.  

We need to raise £2.56m in fees from the banking sector in 2022 to meet our liabilities, cover our expenses, and to provide a reserve for the amount that we consider a necessity.  

The deadline for feedback is 22 November 2022.  

Next steps 

Following this consultation, we will publish feedback. The final fees notice will take effect on or before 30 November.  

Fees will be administered via businesses’ myJFSC accounts. Businesses will receive an email prompt to notify them that an invoice is awaiting payment. 

If you have, any questions contact our accounts team: fscaccountsteam@jerseyfsc.org

Consultation on banking fees no 11 2022 — Jersey Financial Services Commission (jerseyfsc.org)