Industry fees to be increased by 2 per cent for all sectors

12th December 2012

Fee increases for 2013 proposed by the Guernsey Financial Services Commission are to be capped at two per cent across all sectors, following consultation.

Originally it was proposed that there would be a two per cent increase in the general fees tariff except in the case of insurance cells, where significant increases for applications and annual fees were proposed to compensate for the increasing use of cells for captive operations and away from captives for which higher fees are charged; motivated by the fact that supervising a cell uses almost as much resource as a corporate captive.

Following consultation with industry which ended on 15 November, it has been decided not to proceed at present with higher increases for cells.

The Commission will be writing to each respondent to its Consultation Paper accordingly.