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, 2020, but for ease of reference a summary is shown in the table below.
Sliding fees scale for licensed banks: The fees are chargeable from 01/01/21 and payable by 31/01/21. Fees are based on Assets Line E.9 as reported in the September 2020 quarterly BSL/2 return.
Fees Due 2021
TOTAL ASSETS AS AT SEPTEMBER 2020
| Up to £499,999,999 | £37,680 |
| £500,000,000 to £999,999,999 | Total assets multiplied by 0.000057171 with a minimum of £37,680 |
| Above £1,000,000,000 | £57,171 |
SUBSIDIARIES
| Additional fee | 25% of the relevant annual fee |
RETAIL OPERATIONS
| Additional fee | 50% of the relevant annual fee |
MULTIPLE BANKING OPERATIONS UNDER A SINGLE LICENCE
| Additional fee | 50% of the relevant annual fee |
BRANCHES OUTSIDE THE BAILIWICK
| Additional fee per branch outside the Bailiwick | £14,289 |
NEW BANKS APPLYING FOR A LICENCE
New Banks applying for a licence within the calendar year 2018 are required to pay an application fee of £37,680 and by the last day of the month in which the licence is granted, pay a further pro rata fee of one twelfth of the relevant annual fee 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 £1,190.75 multiplied by the number of complete months between the date of establishment and the end of the calendar year.