The Jersey Financial Services Commission (JFSC) has 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 the JFSC’s financial resilience objective.
The JFSC needs to raise £2.56m in fees from the banking sector in 2022 to meet their liabilities, cover expenses, and to provide a reserve for the amount that they consider a necessity.
The deadline for feedback is 22nd November 2022.
Following this consultation, the JFSC will publish feedback. The final fees notice will take effect on or before 30th November.
Fees will be administered via businesses’ myJFSC accounts. Businesses will receive an email to notify them that an invoice is awaiting payment.
Main image shows Jersey Finance Centre.