In May 2022, Jersey’s Financial Services Commission (JFSC) issued a consultation paper asking Industry for feedback on proposed fee changes.
The proposed changes were to Alternative Investment Fund (AIF), Collective Investment Fund (CIF), Jersey Private Fund (JPF), Control of Borrowing (Jersey) Order 1958 (CoBO) and Qualifying Segregated Managed Account (QSMA) fees.
Following the consultation, the JFSC is now proceeding with an 11% increase in fee rates.
The Fund Services Business fees will also be increased by 11.1% however; the proposed change of control fees will not be implemented.
The JFSC say that the fee increases had to be implemented due to:
- headline fee rates being subject to an increase of 5% above Retail Prices Index (RPI) to compensate for changes they are seeing in the funds sector, specifically a reduction in the number of asset pools and a small reduction in the number of Funds Service Businesses.
- The Commission Law contemplating rising fees in line with RPI, which was recorded as 6% in March 2022. However, the cost of regulation continues to rise well over this number.
The revised fees will take effect from 1 July 2022.
Relevant businesses will receive notification via myJFSC that an invoice is ready for them. The due date for the payment of fees is 30 days from the date of the invoice.
The JFSC Fund fees feedback paper can be read here.
Main picture shows Lisa Springate, Head of Legal and Technical, Jersey Finance.
