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Regulatory fees for investment businesses are rising by 12.7% this month, which is the current rate of inflation in Jersey.
The Jersey Financial Service Commission said that its Business Plan for the year included an expectation of RPI plus 2%.
However, it added that after a period of consultation, it had “reassessed our cost and financial position, and as the result the increase has been limited to the latest published RPI.”
The fee increase will affect all persons registered under the Financial Services (Jersey) Law 1998 to conduct investment business, and persons that are issued with a registration certificate on or after 1 May 2023.
The JFSC said that because of changes in licensees and their business levels, it may end up collecting more or less than its budgeted level of fee income of around £1.8m this year.
An ‘investment employee’, which includes dealers, discretionary investment managers, adviser and supervisors, have to pay an annual fee, which ranges from around £1,500 to more than £4,000 depending on class of business, number of employees and other factors.
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