Approval of Trust Company Fees Order 2006.

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A decision made (24/10/2006) regarding Approval of Trust Company Fees Order 2006.

Subject:	Approval of Trust Company Fees Order 2006
Decision Reference:	MD-E-2006-0184		Exempt clause(s):
Type of Report: (oral or written)	Written		Person Giving Report (if oral):
Telephone or e-mail Meeting?			Report File ref:
Written report – Title	Financial Services (Trust Company Business (Registration and Fees)) (Amendment) (Jersey) Order 2006
Written report – Author (name and job title)	Paul de Gruchy, Director, Finance Industry Development
Decision(s): To approve the Financial Services (Trust Company Business (Registration and Fees)) (Amendment) (Jersey) Order 2006, with a view to the Order coming into effect on 1 December 2006, and the proposed increase in fees taking effect from 1 January 2007.
Reason(s) for decision: The Order proposes an average increase in fees payable to the Commission by registered trust company businesses of 23%. This is the first such increase in 3 years, and is in excess of the rate of inflation during that period. The two main reasons for the need for such an increase are the trend for consolidation among trust companies that has reduced the number of registered entities and the relatively high regulatory risk that is associated with trust companies. Although the proposed fee increase is not welcomed by the finance industry, JATCo have confirmed that they understand the rationale for the increase and do not object to the Order being made. The proposed fee increase would enable the Commission to continue to supervise trust companies, using a risk-based approach, at a level the Commission considers appropriate.
Action required: Minister to sign, date and seal the Order and the Director, Finance Industry Development to notify the States Greffe, the Departmental liaison officer, the Commission and the law draftsman before forwarding the Order to the Greffe for archiving.
Signature: Senator P.F.C.Ozouf (Minister)		Date of Decision: 24 October 2006