FAQ on Annual Fees

Summary

This FAQ from the Guernsey Financial Services Commission explains how annual fees for 2023 will be assessed, invoiced and paid. It applies to all firms licensed or registered with the Commission as at 1 January 2023.

• Liability trigger: Any firm licensed or registered on 1 January 2023 is liable for an annual fee, unless a valid surrender request was submitted via the Online Submissions Portal by close of business 30 December 2022 and accepted by the Commission.
• Invoicing: Invoices are intended to be sent on 3 January 2023 by email from quickbooks@notification.intuit.com, with a newsfeed item posted once sent; firms may receive one invoice per licence or registration held.
• Standing data: Firms are responsible for ensuring the Commission holds an up to date email address for invoicing; queries go to the normal supervisory contact or annualfees@gfsc.gg.
• Payment method: Payment must be made by bank transfer to the Commission's HSBC account, quoting the invoice number as reference, paid in one lump sum in Pounds Sterling, with bank charges borne by the payer.
• Payment deadline: Annual fees must be paid by 31 January 2023, or the firm may incur a late payment penalty under the Administrative Financial Penalties (Bailiwick of Guernsey) Regulations, 2022.

This is operational guidance on the mechanics of the 2023 annual fee cycle rather than a change to fee rates or scope; failure to follow the surrender, payment reference, or payment timing steps described can result in unwanted fee liability or penalties.

Key obligations

• Firms wishing to avoid a 2023 annual fee liability must submit a valid surrender request through the Online Submissions Portal by close of business on 30 December 2022, and it must be accepted by the Commission.
• Firms must keep their standing contact/email data with the Commission up to date to ensure receipt of fee invoices.
• Firms must pay their annual fee(s) by 31 January 2023 to avoid a late payment penalty.
• When paying, firms must quote the invoice number as payment reference and pay the full invoice value in one payment in Pounds Sterling, accepting any associated bank charges.
• Firms paying multiple invoices together should email annualfees@gfsc.gg quoting all invoice numbers and providing remittance advice where possible.

Applies to

firms licensed or registered with the Guernsey Financial Services Commission

Deadlines

• 30 December 2022: Deadline for submitting a surrender request (or similar) via the Online Submissions Portal for it to potentially avoid 2023 annual fee liability.
• 3 January 2023: Date the Commission intends to send annual fee invoices.
• 31 January 2023: Deadline for payment of annual fees, after which a late payment penalty may apply.