The Jersey Financial Services Commission has finally resolved to increase the annual fees it charges the firms it regulates by 19% over three years.

The results of a seemingly inconsequential consultative exercise, which had 12 August as its deadline for comments, have now been published. The original figure of 19% that the JFSC wanted to impose all along is now the final figure. Only three people sent in responses.

Annual fees for 2017 will be collected electronically by bank transfer and the regulator will only accept payments from firms that have established 'myJFSC' accounts. myJFSC is a web portal designed to facilitate, among other things, the collection of annual fees. In cases where firms do not yet hold accounts, the regulator will send out invitations to compliance officers (who for the purposes of this fee exercise will be addressed as 'fee contacts') by email in early October to set up myJFSC accounts. For security reasons, the invitations will expire after five days. Full banking details for the settlement of fees will be available on the myJFSC portal. All annual fees are payable by 31 October 2016.