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JFSC increase Banking sector fees by 10%...4% more than other sectors.

28/04/2024

The JFSC has announced the following fee update for the Jersey banking sector.

  • Fee increases for deposit-taking businesses from 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 fees this year, comparable with the cost increases being applied across other sectors.
  • The JFSC analysis shows that a fee increases of 10.1% is equal to supervising the sector, given the systemic importance to the financial system. This is 4% more than other sectors, as seen below.
  • Further, throughout 2024/2025, the JFSC will commit substantial new resources to developing and implementing Basel III requirements proportionately and flexibly. This will ensure the JFSC meets international standards and enhance the competitiveness of Jersey as a jurisdiction without impairing the overall reliance on the JFSC banking system.

Fee consultation feedback and new fee notices increase fees by 6%: TCB, GIMB, MSB and Schedule 2

  • Last year, the JFSC consulted on proposals to increase the JFSC fees for TCB, GIMB, MSB and Schedule 2 businesses. 
  • Following the feedback received, the JFSC will not proceed with the proposed fee increase of 10.1% but will increase fees by 6%.

JFSC may increase fees by 6% for the Insurance Business, Investment Business, and Funds [Inc.AIF and AIF.SB/ CoBO / QSMA] - The JFSC issued Consultation No. 3 2024 on 26 April 2024 for the following reasons:-

  • The JFSC annual fee consultations have followed a cycle that differs from sector to sector. This discrepancy has complicated the JFSC's financial forecasting and, as per the feedback received, has made it more complex for the industry to budget fees and manage client billing cycles.
  • Considering this, the JFSC proposes a change that will bring significant benefits.
  • The JFSC,
    • Therefore, it suggests aligning the annual fee periods with the calendar year. Starting in 2024, this adjustment will result in fee notices being pro-rated to 31 December 2024, providing a more straightforward and predictable financial planning process for all.
    • Propose to raise fee rates by 6%. This is below the December 2023 RPI of 7.5%. Under Article 15(3)(ba) of the Commission Law, the JFSC confirms that no penalties have been received that would reduce these fees.
Source
JERSEY

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