JFSC proposes fee changes for registry services

Monday 29 April 2019

The Jersey Financial Services Commission is seeking island-wide feedback on suggested changes to registry fees.

If agreed, they will come into effect next year.

The main changes being put forward are reductions to fees for certain record searches, a £30 increase on the annual return, and a 10% rise in the cost of a number of other registry services.

Pictured: If agreed, the search fee increases will come in next year.

The recommended fee increases are said to be broadly in line with inflation and the decreases will eventually lead to some registry services being offered free of charge.

For example, the cost of a general search would decrease from £4 to £2, while company, partnerships and foundation record searching and monitoring would still be free.

The JFSC last increased registry fees in 2017 and, prior to that, charges had not been increased for 13 years.

Julian Lamb, who is the JFSC’s Director of Registry and the Registrar, commented: "We believe these changes are fair and proportionate. They are also necessary to ensure the on- going accuracy of the data on our registers and to maintain significant benefits and security for organisations using the Registry.

"Our aim is to facilitate appropriate access to accurate, vetted information while managing the increasing costs of cyber-security and Anti-Money Laundering/Combatting the Financing of Terrorism, and developing our registry capacity.”

The full Consultation Paper on registry fees can be viewed online and local businesses as well as the general public are invited to share their views by 24 May 2019.

If agreed and, subject to changes in legislation where required, the new fees will be effective from 1 January 2020.