Guernsey Regulator Raises Supervisory Fees
by Amanda Banks, Lowtax.net, London
03 November, 2017
Guernsey's financial services regulator, the Guernsey Financial Services Commission, has confirmed license fees will rise by three percent for all sectors in 2018.
In addition to this fee rise, a flat fee of GBP2,000 (USD2,650) will apply to change of controller applications, which the Commission says involve a similar level of work to that of new license applications.
At this stage the flat fee will only apply to sectors regulated under the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law 2002, and the Protection of Investors (Bailiwick of Guernsey) Law 1987. The Commission says a similar fee is planned for all remaining sectors to minimize cross-licensee subsidization in this area.
To address the fall in fees generated from banking licensees, and the increasing focus on conduct issues, the Commission has doubled the supplementary fees payable by retail banks to 50 percent of their base annual fee. The Commission is also imposing an additional supplement for brand names where the Commission is, in effect, supervising two businesses, such as private banking and retail banking, which require additional supervisory resourcing. The Commission envisages this fee will impact just one licensee.
The Commission has also announced a fixed fee of GBP400 will be imposed on lead licensees engaged in pension business plus a GBP1 fee per regulated scheme member.
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