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JFSC 10.1% FEE INCREASE on TCB, GIMB, MSB & Schedule 2 businesses


The JFSC says.

  • The Commission Law contemplates fee increases in line with RPI, which was recorded as 10.1% in September 2023.
  • Although the cost of regulation continues to rise well more than this metric, the JFSC's ongoing focus on cost control means that the proposed fee increase can be limited to this amount, below that proposed in the 2023 Business Plan of 2% above RPI.
  • While the effective date for any fee changes will remain 1 January, the due date for fees will be updated based on the invoice date.

Last year the JFSC consulted with the industry on proposals to increase fees, and the consultation feedback is shown below:-


Consultation on proposal to change trust company business fees


Consultation on proposal to increase general insurance mediation business (GIMB) and money services business (MSB) fees

Schedule 2 businesses. 

Consultation on Schedule 2 business fees



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