Giba welcomes GFSC’s 0.3% fee rise
Thursday 31st October 2013, 9:00AM GMT.
THE industry body for financial services firms has welcomed the fact that regulatory fees will be subject to just marginal increases next year.
The Guernsey Financial Services Commission has announced a 0.3% increase in annual and, application fees for all sectors apart from investment business, where fees will be pegged at 2013 rates for next year.
The commission will also carry out a ‘tidying-up exercise’ in addressing anomalies in various sectors – some of which will come at considerable cost to a handful of businesses.
But the overall impact of the approach will mean that fee income in 2014 matches that collected this year.
Peter Mills, chairman of the Guernsey International Business Association, said: ‘Giba welcomes the Guernsey Financial Services Commission’s approach regarding the 2014 regulatory fees by maintaining the increase in fees to below 2% and avoiding significant increases in costs for financial service businesses.
‘We will be watching closely that the steadying of the regulatory fees results in efficiencies and the stabilising of the costs at the commission.’