JFSC Proposal to increase Registry fees by 22.3% in 2024.
The JFSC are proposing [subject to consultation] to increase Registry fees except for local businesses who will receive the same rate next year.
- It is proposed to increase all Registry fees by 22.3%, rounded to the nearest £5, except for annual confirmation or annual administration fees for ordinarily administered entities, which will have this fee set at £75.
- The Government of Jersey proposes to increase the levy to be paid on providing an annual confirmation statement by RPI (22.3%) to £175, with the exception of ordinarily administered entities, where the existing £145 levy will be retained.
THE JFSC SAYS:-
- Registry fees have remained unchanged for the past three years and
- The proposed increase is limited to the rise in the Retail Price Index (from the previous fee increase up to June 2023).
- Our Registry fee structure operates under a ‘user pays’ model, balanced with international expectations that certain data should be free to search and retrieve.
- Registry is required to keep pace with international standards and deliver service that meets current and future stakeholder expectations. This requires adequate resource and investment to deliver system and service enhancements.
- Fees enable future development and ensure essential funding reserves are in place (our reserve resilience).
- In some cases, fees will be increased to fund specific Registry deliverables which are outside the reserve resilience tolerance. For example, new system developments triggered by changes to the global transparency agenda.
- The JFSC has launched a consultation to explore this proposed Registry fee increase with stakeholders, creating an opportunity to gather feedback and noting the increase does not apply to local businesses.
- Any comments must be received by 24 November 2023 to Jersey Finance Limited or the JFSC using the contact details in the consultation paper. https://www.jerseyfsc.org/industry/consultations/consultation-on-proposals-to-change-fee-rates-no7-2023/
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