Guernsey finance regulator to increase fees

The Guernsey Financial Services Commission wants to raise fees by 8%

The body which regulates finance companies in Guernsey wants to increase its fees by 8% next year.

The Guernsey Financial Services Commission (GFSC) had initially planned to increase its fees by 9% in 2023.

It said it had brought in more money through fines, allowing the moderated increase of 8%.

The majority of those who responded to the GFSC's consultation were either against or raised concerns with the initial proposal.

GFSC chairman Julian Winser said the commission was dealing with "the worst inflationary environment for more than thirty years" and had to raise fees to keep skilled staff.

He said: "Skilled regulators applying our laws sensibly are vital if the Bailiwick is to ensure a good outcome from MoneyVal."

MoneyVal is the international finance body which examines jurisdictions' compliance with international laws.

Mr Winser said: "This means, as ever, we need to retain and recruit the talented staff necessary to authorise, supervise and investigate firms in a highly competitive market. This requires this fee increase."

In response to the GFSC's initial consultation those who were against the proposed increase in fees cited a number of issues.

These included cost pressures on the industry and other areas of their business, the level of the commission's existing reserves, and the rate of inflation within the Bailiwick.

The GFSC will issue invoices for annual fees on 3 January 2023.

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