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Jersey's finance regulator is looking to put up fees for deposit-taking businesses by 15.4% to cover inflation and help the organisation meet its own financial objectives.
According to the Jersey Financial Services Commission, this proposed fee increase stems from a need to raise £2.56m in fees from the banking sector in 2022 to meet liabilities, cover expenses, and to provide a reserve.
The proposed figure of 15.4% is based on the Jersey RPI of 10.4% and a contribution of 5% towards Jersey's financial resilience objective.
A consultation paper has now been published and the deadline for feedback on the proposal is 22 November. Once feedback has been received, it will be published and the final fees notice will take effect on or before the 30 November, the JFSC said.
The fees themselves will be administered through businesses' myJFSC accounts and businesses will receive an email prompt to notify them that an invoice is awaiting payment.
For more information, or to offer comments on this proposal, click HERE.
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