Commission consults on Fees for 202216th July 2021
The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 8 September. The Commission’s consultation paper is available here. Feedback may be provided via the Consultation Hub section of the Commission’s website: https://consultationhub.gfsc.gg
Taking into account the Commission’s current and forecast financial position, changes to the regulatory laws being implemented on 1 November 2021 and feedback from industry, the Commission is consulting on the following proposed changes to its fees:
- an overall fee increase of 10.1% for all sectors;
- a restructuring of fees for the investment sector;
- changes arising from the update to most of the sectors’ laws following the Revision of Laws project; and
- creating a cap for pension scheme fees.
Speaking about the proposals, the Commission’s Chairman, Drs Cees Schrauwers, said: “Since 2013, the Commission has exercised considerable control over its costs as explained in the consultation paper. The additional income provided by the proposed fee increase would be invested in increasing staffing numbers within key areas of the Commission, such as the Authorisations Division where we are seeing an increase in applications. It will also allow us to invest in our internal systems and ensure that the Commission remains effective and able to demonstrate that the Bailiwick meets the standards required for international financial services businesses to continue to prosper in the future.”