JFSC may increase fees by 6% for the Insurance Business, Investment Business, and Funds [Inc.AIF and AIF.SB/ CoBO / QSMA]
26/04/2024
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 for the fees and manage client billing cycles.
- Considering this, the JFSC proposes a change that will bring about significant benefits.
- The JFSC,
- Therefore, 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%. In accordance with Article 15(3)(ba) of the Commission Law, the JFSC confirms that no penalties have been received that would reduce these fees.
- Welcomes comments and feedback from all interested parties no later than 31 May 2024.
Consultation No. 3 2024 effects
- Financial Services (Jersey) Law 1998:
- Investment Business Fees
- Fund Services Business Fees
- Insurance Business (Jersey) Law 1996:
- Insurance Business Fees
- Financial Services (Jersey) Law 1998/Alternative Investment Funds (Jersey) Regulations 2012:
- AIF and AIF Services Business Fees
- Collective Investment Funds (Jersey) Law 1947/Control of Borrowing (Jersey) Order 1958:
- CoBO Fees
- Financial Services (Jersey) Law 1998/Financial Services (Investment Business (Qualifying Segregated Managed Accounts – Exemption)) (Jersey) Order 2014:
- QSMA Fees
SOURCE
https://www.jerseyfsc.org/industry/consultations/consultation-no-3-2024/
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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.