JFSC proposes fee changes for registry services

Posted: 08/04/2019

The Jersey Financial Services Commission (JFSC) is seeking island-wide feedback on its proposals to change fees for registry services.

The regulator is asking local businesses and the general public to share their views on suggested increases and decreases to registry fees which, if agreed, would come into effect on 1 January 2020.

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.

The recommended fee increases are 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. Compared with other jurisdictions, such as Guernsey, the Isle of Man and Cayman, the commission believes its annual return fee compares favourably.

Julian Lamb, 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 ongoing 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 here. The JFSC is requesting feedback by 24 May.

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