Consultation on proposed increases to fees for trust company businesses
We are proposing to increase trust company business (TCB) fees by 10.1%, with effect from 1st January 2024.
This increase is in line with the latest published increase in the Jersey retail prices index (RPI) of 10.1%, as of September 2023.
The proposed amendments to fees will affect any person applying for, or having already been granted, a registration to undertake trust company business under the Financial Services (Jersey) Law 1998, as amended.
As outlined in our 2023 Business Plan, it was originally envisaged that the fee increases would be applied at 2% over RPI, but through cost management and the positive impact of operational efficiencies we are able to limit this to the stated RPI figure.
We will continue to closely monitor and manage our costs to deliver efficient and effective supervision of the TCB sector.
We have launched a consultation on the proposed increases and welcome comment and feedback from all interested parties.
Please submit responses by no later than 15 December 2023.