The Guernsey Financial Services Commission has launched a consultation paper on proposals to increase the licence fees paid by firms. The consultation period will close on Wednesday 14 September.
The Commission is consulting on an overall fee increase of 9%. Other proposals include changes to application and annual fees in respect of firms to be licensed under the Lending, Credit and Finance legislative framework.
In prior years, the Commission has sought to contain its fee increases – over the past eight years they have averaged 2.25%.
This has been despite evolving and increasing regulatory standards that have led many other regulatory bodies to levy significantly higher fees.
Commission Chairman Julian Winser (pictured) said: “We are reluctant to ask for this increase at a time when we are fully aware that industry too is susceptible to inflation.
"However, the Commission is playing catch-up, particularly in respect of finance industry salaries, combined with a shortage of suitable candidates to fill our significant number of vacancies.
"Our focus continues to be on enabling the best possible outcome for the Moneyval inspection in early 2024.
"I ask industry to bear in mind that our costs, and therefore demands on industry fees, remain both below inflation and lower than other comparable financial services regulators.”
• The Commission’s consultation paper is available here