Fiduciary licences are currently valid for one year from 1 July and the licence renewal fees are due one month prior to the start of the licensing year. This means that the fees for the renewal of full and personal fiduciary licences are due by 31 May each year.
In order to move to calendar year fee invoicing full and personal fiduciary licensees will receive in May invoices for the remaining six months of 2006 rather than for an 18-month period. Invoices for the 2007 annual licence fees will then be sent to full and personal fiduciary licensees in December 2006 for payment by 31 January 2007 following the introduction, after the usual consultation with industry and the political committees, of The Regulation of Fiduciaries (Fees) Regulations, 2006 (“the Fees Regulations”).
The fiduciary licences issued with effect from 1 July 2006 will be open-ended and will no longer be issued with a fixed duration. This will mean that the licence issued on 1 July 2006 will not need to be renewed each year. However, amendments to a licence, for example to record changes of name or the addition or surrender of licences held by joint licensees of full fiduciary licensees will still need to be made when those changes take effect.
Both these developments will bring the issue of fiduciary licences and the payment of annual licence fees into line with the other regulatory Divisions of the Commission.
Full and personal fiduciary licensees should note that in accordance with the Fees Regulations their licence renewal fees should be paid by 31 May 2006. Invoices will be sent to all licensees during the first two weeks of May.