Applications under The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 202213th April 2023
Thank you to everyone who took advantage of the early submission window and associated discounted fee structure. The Commission received a significant number of applications during this period which ran from 1 February to 31 March 2023. As we received a large number of applications at the same time, please note it may take us several weeks to get in contact with everyone who has submitted during this time.
In reviewing the payments received alongside these applications, we have noticed that a number of overpayments have been received as several firms appear to have misunderstood the LCF fee structure. Whilst different charges are attached to the different activities that are licensed under the LCF Law, where an applicant intends to carry out multiple activities, only the higher fee will be charged. We are reviewing all payments that have been received along with the relevant activities requested in each application and we will be in touch in due course with applicants who have overpaid to arrange for the return of the excess funds.
The Commission is now working through all the application submissions received by 31 March 2023 with the aim of having reviewed them all by 1 July 2023 when the new regime becomes effective.
The Commission is encouraging the submission of all outstanding applications as soon as possible. When the LCF Law comes into effect in full on 1 July 2023, all firms carrying on business regulated by the LCF Law will need to be licensed and to follow the rules set out by the Commission. If regulatory approval is not held on 1 July, all activities regulated under the LCF Law will need to cease until such time as approval is granted.