2024 Fee 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 2024, including:

• an overall proposed increase in fees of 7.3% (1% lower than current 
Guernsey inflation) for all fees except those introduced in 2023, to maintain 
the real value of our income considering current inflation rates,
• A rebalancing of fees within the insurance sector on request of the industry 
body with an aim to provide greater competition with other jurisdictions,
• An increase in the regulatory fee when operating an exchange within the 
Bailiwick, and
• An update to the fees for VASPs within an Actively Managed Certificate 
(‘AMC’) structure.

Our aim is to ensure that the Commission is able to meet it ongoing costs, which 
have been increasing in the recent inflationary environment, retain our skilled and 
experienced staff and have a prudent level of reserves to meet any future 
unexpected costs. 

These fees, being slightly under the rate of inflation for Guernsey in March 2023,
are proposed on the basis that the Commission aims through 2024 to use reserves to cover some portion of its ongoing costs, including our technology investment programme. 

We are conscious however, that there are a range of uncertainties in 2024 such as the possibility of a UK recession that could impact new business for Guernsey, 
possible actions required after the MoneyVal visit and the ongoing costs of a 
robust and reputable enforcement process.

Responses to this Consultation Paper are requested by 20 September 2023

Further details on the proposed fee rates and penalties that would apply in 2024 can be found in the Consultation Paper, which is provided below and on the Commission's website.