Commission consults on Fees for 2021 (2020-08-04)

Summary

This is a consultation paper issued by the Guernsey Financial Services Commission proposing its fee rates for 2021. It sets out a proposed overall 2.1 percent increase across all sectors and invites industry feedback before the fees are finalised with the States of Guernsey.

• General increase: A 2.1 percent increase across all sectors (excluding fast track applications) is proposed for 2021, based on the mean of the last four quarters' Bailiwick inflation rate.
• Fast track applications: A new additional fee of 500 pounds is proposed for fast track Authorised, Registered or Private Investor Fund applications, previously provided at no extra cost.
• Change of control wording: The Commission plans to amend fee regulation wording so that change of control fees are charged only at the level and for the number of new controllers actually involved, reflecting current practice rather than allowing multiple charges across a group structure.
• Limited Partnership migration: No separate fee will be charged for consenting to migration of an overseas Limited Partnership into the Bailiwick, but a fee (equal to the Company migration out fee) will apply to Guernsey Limited Partnerships migrating out.
• Detailed fee schedules: Appendix B sets out current versus proposed 2021 application, annual licence and other fees for banking, insurance, fiduciary, investment (funds), non-regulated financial services businesses, and prescribed businesses.
• Future considerations: The Commission is considering, but not proposing for 2021, restructuring investment sector fees to encourage growth, following its Fund Omnibus consultation.

The consultation period runs from 4 August to 15 September 2020, with responses to be sent to the Director of Risk and Financial Stability. Any agreed fee changes require agreement between the Commission and the States of Guernsey and are intended to take effect on 1 January 2021.

Key obligations

• Interested parties wishing to comment must submit responses to the Commission by 15 September 2020, either by email to feeconsultationresponses@gfsc.gg or by post to the Commission's address.

Applies to

banks, insurers/reinsurers, insurance managers, insurance intermediaries, fiduciary licensees, collective investment schemes (open-ended and closed-ended), fund licensees (designated persons, managers, investment exchanges), non-regulated financial services businesses, prescribed businesses, registered individuals, applicants for licences or registration

Deadlines

• 15th September 2020: Deadline for comments on the consultation document to reach the Commission.
• 1st January 2021: Date the new agreed fees are intended to come into force, once agreed by the Commission and the States of Guernsey.