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In examining changes in fees and charges for a trading fund, it is important to look at the average change in overall terms, rather than to look selectively at one or two fees and charges. This is because adjustments to individual fees and charges are sometimes necessary to bring them more into line with the costs of the services they relate to, and thus reduce subsidies from one group of customers to another. This has led to significant changes (both increases and decreases) in particular fees.
Looking at the overall level of fees, the record of the trading funds speaks for itself of the three trading funds that have increased their fees since establishment, only the Land Registry has had an increase in real terms of 3.6% over three years. We explained at the time that this was because the fee revision incorporated increased depreciation charges relating to projects designed to improve service quality and enhance efficiency in response to customer demand.
The Companies Registry has decreased its fees in real terms by 1.3% over the same period.
After its first year of operation the Post Office reduced postal charges in real terms by 0.4%. All miscellaneous fee increases have been put on hold for another
year.
Service improvements
Turning to service improvements, the greater flexibility we have been able to offer to the management teams in trading funds has led to many tangible benefits for their customers, and I would like to give some examples of these.
It
The Land Registry has been able to reduce the time required for certification, registration and search of documents by 17%, 9% and 17% respectively. implemented the first phase of its Document Imaging System on 1 July, 1996 and from this point onwards, all registered land documents have been converted into electronic images which can be retrieved on-line through computer terminals. The Land Registry's Direct Access Service allow customers to make on-line searches for land records and to place orders of copies of land documents through their own computers.
For the Companies Registry, the Computerised Control Book and Document Index System provide customers with an up-to-date document index for reference and information on the movement of incoming documents. Its computerised index of directors of all listed companies and Company Name Index Search Facility enable customers to search company information more speedily and conveniently.
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