Full details of the revised fees payable under the Banking Law (and other legislation administered by the Commission) appear in The Financial Services Commission (Fees) Regulations, 2016, but for ease of reference a summary is shown in the table below.
Sliding fees scale for licensed banks: The fees are chargeable from 01/01/17 and payable by 31/01/17. Fees are based on Assets Line E.9 as reported in the September 2016 quarterly BSL/2 return.
Fees Due 2017
TOTAL ASSETS AS AT SEPTEMBER 2015
Up to £499,999,999
£35,830
£500,000,000 to £999,999,999
Total assets multiplied by 0.000054361 with a minimum of £35,830
Above £1,000,000,000
£54,365
SUBSIDIARIES AND RETAIL BRANCHES
Additional fee
25% of the relevant annual fee
BRANCHES OUTSIDE THE BAILIWICK
Additional fee per branch outside the Bailiwick
£13,590
NEW BANKS APPLYING FOR A LICENCE
New Banks applying for a licence within the calendar year 2016 are required to pay an application fee of £35,830 and by the last day of the month in which the licence is granted, pay a further pro rata fee of £2,985.80 multiplied by the number of complete months between the licensing date and the end of that calendar year. Existing licensees establishing a branch outside the Bailiwick shall by the last day of the month in which the branch is established pay a fee of £1,132.50 multiplied by the number of complete months between the date of establishment and the end of the calendar year.
