Jersey regulator proposes fee changes for registry services

Pedro Gonçalves
clock
Jersey regulator proposes fee changes for registry services

The Jersey Financial Services Commission (JFSC) is proposing a change to the registry fees including a price reduction 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.

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 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, local news outlet The Bailiwick Express reports.

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"

The JFSC last increased registry fees in 2017 and, prior to that, charges had not been increased for 13 years. The regulator is seeking  island-wide feedback on the proposal.  If agreed, they will come into effect next year.

"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," Julian Lamb,  JFSC's Director of Registry and the Registrar, said.

"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," he added.

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

 

Click here to subscribe to International Investment's free twice-daily newsletter