2025 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 2025, including:

• an overall proposed increase in fees of 5.3% (in line with current Guernsey inflation) for all fees,
• an increase in the fees for Retail General Insurers to recognise teh additional supervisory effort required to mitigate the risks, including reputational, they pose to the Bailiwick.
• the creation of a specific authorisation fee for an entity that is looking to apply to operate an Investment Exchange.

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. 

These fees are proposed on the basis that the Commission aims, through 2024, to utilise reserves to cover some portion of the additional staff required to meet our ongoing supervisory requirements and to develop its IT infrastructure and online portals. 

We are also taking this opportunity to rationalise our fee regulations to ensure consistency, across each regulatory sector, across fee types and for common fees or processes such as change in controller or the calculation of a pro-rata annual fee which is carried out when a firm is initially licensed. 

The goal for this Consultation Paper is to elicit feedback on the proposed 2025 fee rates. 

The deadline for comments is 4th October 2024.