Fees update
Fee consultation feedback and new fee notices: TCB, GIMB, MSB and Schedule 2
Last year we consulted on proposals to increase our fees for TCB, GIMB, MSB and Schedule 2 businesses. Following feedback received, we will not be proceeding with the proposed increase in fees of 10.1% but instead will be increasing fees by 6%.
Feedback on Consultation No.10 2023 - Trust Company Business Fees
Feedback on Consultation No.12 2023 - Fees for Registered Persons
Proposal to increase fees: Insurance Business, Investment Business, Funds
We have today launched a consultation on the proposal to:
- move annual fee periods to align with the calendar year and
- increase fees by 6%.
We welcome comment and feedback from all interested parties no later than 31 May 2024.
Banking sector fees
Fee increases for deposit taking businesses for the period February 2024 to January 2025 were set in October 2023 using the September RPI of 10.1%. As a result, the Banking sector has seen a higher percentage increase in their fees for this year comparable with the fee increases being applied across other sectors. Our analysis shows that a fee increase of 10.1% is not disproportionate with supervising the sector given the systemic importance to the financial system. Further, over the course of 2024/2025 we will be committing substantial and new resource to the development and implementation of Basel III requirements in a proportionate and flexible manner. This will ensure we are meeting international standards and enhance the competitiveness of Jersey as a jurisdiction without impairing the overall reliance of our banking system.