JFSC 10.1% FEE INCREASE on TCB, GIMB, MSB & Schedule 2 businesses
02/02/2024
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:-
TCB,
Consultation on proposal to change trust company business fees
- https://www.jerseyfsc.org/industry/consultations/consultation-on-proposal-to-change-trust-company-business-fees-no-10-2023/
- 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.
GIMB, MSB
- https://www.jerseyfsc.org/industry/consultations/consultation-on-proposal-to-increase-general-insurance-mediation-business-gimb-and-money-services-business-msb-fees/
- 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.
Schedule 2 businesses.
Consultation on Schedule 2 business fees
- https://www.jerseyfsc.org/industry/consultations/consultation-on-schedule-2-business-fees-no12-2023/
- 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.
SOURCE
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.