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GFSC launches consultation on 10% fee increase

GFSC launches consultation on 10% fee increase

Monday 19 July 2021

GFSC launches consultation on 10% fee increase

The Guernsey Financial Services Commission has launched a consultation paper on proposals for its licence fees.

It intends to increase the fees paid by firms by 10.1% in all sectors but is looking for feedback on this provisional decision first.

The consultation period will close on 8 September and any planned changes will come into effect on 1 Novembe. Any fee change will be implemented on 1 January 2022.

In addition to the increase there’ll also be a restructuring process, a cap for pension scheme fees, and numerous changes through the Revision of Laws project.

“The additional income provided by the proposed fee increase would be invested in increasing staffing numbers within key areas of the Commission,” said GFSC Chairman, Dr Cees Schrauwers.

“It will also allow us to invest in our internal systems and ensure the Commission remains effective and able to demonstrate that the Bailiwick meets the standard required for international financial services businesses to continue to prosper in the future.”

You can find the consultation paper HERE.

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