Fees

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, but 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 fee
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 PCC or ICC 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 its 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 penalty.

LATE PAYMENT PENALTIES

Where a licensee pays its annual fee subsequent to its 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 would be 30 days after the fee became payable. In both cases, the due date will be included on the invoice.

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 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 considered necessary for the Commission to carry out its statutory functions (such as data around capital or liquidity requirements, or attestation around whether a firm has received an emphasis of matter or qualified audit opinion).

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, which looks to ensure 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.