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Guernsey Regulator Keeps Financial Services Fees Low

by Jason Gorringe, Lowtax.net, London
15 August, 2014

The Guernsey Financial Services Commission (GFSC) has invited industry consultation on its proposals for a small increase in the 2015 licence fees paid by regulated firms.

Other than to correct anomalies, the Commission is proposing that fees for all sectors should be increased by an average of 1.33 percent – a below-inflation hike.

With regard to anomalies, the Consultation Paper proposes to continue with the second year of its two-year plan aimed at re-balancing where the cost of supervision of certain firms in the banking, insurance and fiduciary sectors, has moved materially out of line with their associated fees.

A spokesman for the Commission said: "The Commission's Chairman, Cees Schrauwers, has previously articulated the Commission's commitment to increase fees by no more than two percent per annum for three years. These proposals show that the Commission has delivered on that commitment while at the same time demonstrating a continued focus on cost control."

The consultation period will close on September 19, 2014.

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