The Guernsey Financial Services Commission is proposing to raise fees during 2018. It has begun consulting firms about its plans, with the comment period closing on Friday, 8th September.

An overall blended rate of increase of 3%, excluding anomalies, is proposed for 2018. For five years the GFSC has kept the average fee increase at about 2% overall per annum, while remaining satisfied that it still has the 'capabilities' it requires if the Bailiwick is to continue to be regarded as a first class jurisdiction for financial services. This year, burdened by the need to help the Government by supporting the Bailiwick’s Brexit strategy, it thinks that a 3% increase is necessary.

As a result of the introduction of pensions regulation to the Bailiwick, fees for pensions regulation are set out in the consultation paper for the first time. In it, the GFSC describes the additional resources that this will require as modest. The extra costs will be met by annual fees on licensees who are engaged in pension business.