Fund fees for 2021-22 published following consultation

In May, we asked for feedback on proposals for how we approach fees for fund services businesses (FSB). As part of this consultation, we asked for feedback on a 2% increase in addition to introducing two new fees:

• a fee for transactions where a FSB applies to acquire a business; and
• a fee for changes in the name, conditions or licence of an FSB.

We would like to thank Industry and the Jersey Funds Association (JFA) for providing us with their feedback on this consultation. These consultations and corresponding discussions allow us to have open dialogue with Industry, which is key to ensuring we get the balance right when making changes to our fees.

Fee increase and alteration fee

We are introducing the fee increase of 2% and the alteration fee for changes in the name, conditions or licence of an FSB.

These changes apply to all fund sectors which include FSBs, alternative investment funds (AIFS), collective investment funds (CIFs), Jersey private funds (JPFs), Control of Borrowing Order (CoBO) and qualifying segregated managed accounts (QSMA).

We have published the 2021-22 fees notice for fund services businesses and will notify businesses when their fee invoices are ready in their myJFSC account.

Transaction fee

We have listened to the comments received on this proposal and have held subsequent conversations with the JFA. We are going ahead with the transaction fee and are currently working through the practical details. We will confirm an effective date for this in due course.