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Guernsey To Freeze Financial Services Fees Until 2020

by Jason Gorringe, Lowtax.net, London
04 October, 2018

The Guernsey Financial Services Commission says it has decided not to hike license fees for financial services firms for the next two years.

The Commission said this is possible because of recent changes to the accounting treatment of the Commission's former pension liabilities, together with past operational surpluses.

Historically the Commission has consulted industry annually on proposed fee increases.

The Commission's chairperson, Cees Schrauwers, said: "We aim to maintain a balanced budget on a long-term basis but we think that our finances are robust enough at present to allow us to freeze fees at current rates for 2019 and 2020 and thus share with industry the benefit of our recently improved balance sheet position."

Lyndon Trott, Vice-President of the Policy & Resources Committee, added: "In July, the Policy and Resources Committee asked the Commission to consider how it might appropriately use its robust levels of reserves for the benefit of the jurisdiction. It is important to have good regulation delivered efficiently and I welcome the Commission's decision to use some of its reserves to keep costs down for industry. By putting in place a stable fee agreement for the remainder of the term for this States, the financial services sector will see regulatory fees fall in real terms over the next two years".

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