2023 Fees Consultation

Overview

The Guernsey Financial Services Commission (the “Commission”) is issuing this Consultation Paper on proposals for the fee rates and administrative penalties to apply from 1 January 2023, including:

• an overall proposed increase in fees of 9%, to maintain the real value of our income considering current inflation rates,
• proposals for application and annual fees in respect of our increased responsibilities for firms licensed under the Credit and Finance legislative framework,
• proposals to charge fees for consent requests to incorporate a non-regulated Protected Cell Company or Incorporated Cell Company,
• fast track fees for additional elements to open-ended fast track funds,
• to update the returns in scope of late filing penalties, and
• proposals to create an explicit administrative penalty regime for returns submitted to the Commission that are materially inaccurate.

The purpose of these changes is to ensure that the Commission continues to have sufficient financial resources to meet its statutory objectives, including by having the skilled staff needed to supervise firms in a proportionate manner and being able to make continued investment in our IT infrastructure.

Further details on the proposed fee rates and penalties that would apply in 2023 can be found in the Consultation Paper, which is provided below and on the Commission's website.