The Commission today launches a consultation paper (please click here for a copy) on its proposals for the 2018 licence fees paid by firms. The consultation period will close on Friday 8th of September.
An overall blended rate of increase of 3%, excluding anomalies, is proposed for 2018.
Commission Chairman, Drs Cees Schrauwers, said:
"For five years the Commission has kept the average fee increase at c.2% overall per annum. We have done this whilst maintaining or enhancing the capabilities we require if the Bailiwick is to continue to be regarded as a first class jurisdiction for financial services. This year, particularly considering the increase in inflation and our technical work supporting the Bailiwick’s Brexit strategy, we consider a 3% increase is necessary. We remain committed to operating effectively".
Following the introduction of pensions regulation to the Bailiwick, fees for pensions regulation are set out in the consultation paper for the first time. By adhering to the Commission’s now well established approach to setting fees by basing them on the principle that they should be fair, proportionate and broadly aligned to the costs of regulation, the modest additional resources required will be met by annual fees on those licensees engaged in pension business.
Mrs Gillian Browning, Director of the Fiduciary Supervision, Policy and Innovations Division, explains: "The Commission has worked closely with the States and industry to introduce new supervisory regulations for the pensions sector to enhance consumer protection whilst supporting the international competitiveness of the Bailiwick."