Fees for persons licensed under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020 with effect from 1 January 2023
Full details of the revised fees from 1 January 2023 payable under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020 ("the Law"), including the calculation of variable fees, (and other legislation administered by the Commission) appear in The Financial Services Commission (Fees) Regulations, 2022. For ease of reference, a summary is shown in the tables below.
| Application fees | |
|---|---|
| Personal fiduciary licence | £1,210 |
| Primary fiduciary licence | £2,755 |
| Secondary fiduciary licence | £670 |
| Discretionary exemption - individual | £570 |
| Discretionary exemption - company or partnership | £1,270 |
| Annual fees | |
|---|---|
| Personal fiduciary licence | £1,255 |
| Primary fiduciary licence - annual turnover from regulated fiduciary activities up to £249,999.99 | £6,115 |
| Primary fiduciary licence - annual turnover from regulated fiduciary activities from £250,000 to £499,999.99 | £12,220 |
| Primary fiduciary licence - annual turnover from regulated fiduciary activities from £500,000 to £999,999.99 | £18,335 |
| Primary fiduciary licence - annual turnover from regulated fiduciary activities from £1,000,000 to £1,999,999.99 | £24,440 |
| Primary fiduciary licence - annual turnover from regulated fiduciary activities from £2,000,000 to £3,999,999.99 | £30,555 |
| Primary fiduciary licence - annual turnover from regulated fiduciary activities from £4,000,000 to £7,999,999.99 | £36,660 |
| Primary fiduciary licence - annual turnover from regulated fiduciary activities from £8,000,000 to £15,999,999.99 | £48,880 |
| Primary fiduciary licence - annual turnover from regulated fiduciary activities £16,000,000 or over | £61,105 |
| Change of Controller fee | |
|---|---|
| Application Fee | £2,370 |
| Other fees | |
|---|---|
| Use of name under section 50 of The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 | £2,155 |
| Pension regulation annual fees (licensees engaged in pension business) | |
|---|---|
| Fixed fee | £550 |
| Fee per scheme member, up to a maximum per scheme of £7,500 | £1 |
Amalgamation of a company or migration out of a company
The following fees are payable under The Amalgamation and Migration of Companies (Fees payable to the Guernsey Financial Services Commission) (Amendment) Regulations, 2022:
| Amalgamation of a company or migration out of a company | |
|---|---|
|
An application for the Commission's consent for the amalgamation of two or more bodies corporate pursuant to the provisions of the Companies (Guernsey) Law, 2008 |
£2,635 |
| An application to the Commission for the consent of the Commission for the removal of a supervised company from the Register of Companies for the purposes of becoming registered as a company under the law of a district, territory, or place outside Guernsey in accordance with the provisions of the Companies (Guernsey) Law, 2008 | £2,635 |
Incorporation consent for an unregulated PCC / ICC
The following fee is payable where a request is made under The Companies (Guernsey) Law, 2008 for consent to incorporate a PCCs or ICCs structure that will not be regulated and / or does not form part of a licence application.
| An application to the Commission for consent to incorporate a PCC / ICC that will not become a regulated entity. | £500 |
Administrative Financial Penalties
LATE FILING PENALTIES
Where a licensee files a relevant document (such as its annual return and accounts) after the specified deadline date, a late filing penalty may apply. This will be calculated using the table below. Each subsequent month (or part of a month) that the relevant fee has not been paid will result in a further incremental penalty accruing.
| Late Filing Penalty | Penalty Increments |
|---|---|
| First Month | £125 |
| Second Month | £250 |
| Third Month | £375 |
| Each Subsequent Month | £375 |
The Commission may grant deadline extensions under extenuating circumstances. Where the Commission has done this, that date will be taken as the revised deadline date for the purposes of calculating any late filing penalties.
LATE PAYMENT PENALTIES
Where a licensee pays their annual fee subsequent to the due date, a penalty may apply. For the annual fee levied each calendar year, the due date is 31 January. For pro-rated annual fees, this is 30 days after the fee became payable. In both cases, the due date will be included on the invoice.
The fee will be calculated using the table below. Each subsequent month (or part of a month) that the relevant fee has not been paid will result in a further incremental penalty accruing.
| Late Payment Penalty | Penalty Increments |
|---|---|
| First Month | £125 |
| Second Month | £250 |
| Third Month | £375 |
| Each Subsequent Month | £375 |
INACCURATE FILING PENALTIES
As consulted on in 2022, where a licensee has submitted a relevant document that is materially inaccurate, a penalty will be calculated as per the table below.
|
Inaccurate Filing Penalty |
Error Identified by Firm | Error Identified by the Commission |
|---|---|---|
| On identification of the error and return of the submission for correction by the firm | £125 | £500 |
| Each subsequent month taken to correct the error | £125 | £500 |
Inaccurate filing penalties only apply to data within returns (such as data around capital or liquidity requirements, or attestation around whether a firm has received an emphasis of matter or qualified audit opinion), which is considered necessary for the Commission to carry out its statutory functions.
To ensure the regime is proportionate, inaccurate filing penalties only apply where the Commission has determined the error to be material. This will be considered on a case-by-case basis, and looks to ensure that such penalties are not issued for small discrepancies, single errors, or where guidance is unclear.
In considering whether an error was materially inaccurate, the Commission will consider:
- the quantum of the error and its implications for the licensee’s compliance with the minimum criteria for licensing,
- the length of time taken to detect the error and correct it on the part of the licensee, and
- the frequency with which a licensee submits incorrect information in returns.